Wisconsin Legislature: 150,388

(b) The bonds may be sold at public or private sale as the authority may provide provides. The bonds may be sold at such any price or prices as determined by the authority shall determine.

(d) The authority shall have power out of any funds available therefor to may purchase, out of available funds, any bonds issued by it at a price not more than the principal amount thereof of the bonds and the accrued interest; provided, however, that bonds. Bonds payable exclusively from the revenues of a designated project or projects shall be purchased only out of any such revenues available therefor for that purpose. All bonds so purchased shall be canceled. This paragraph shall does not apply to the redemption of bonds.

(e) Any provision of any law to the contrary notwithstanding, any bonds, interim certificates, or other obligations issued pursuant to ss. 66.40 66.1201 to 66.404 shall be 66.1211 are fully negotiable.

(15) Provisions of bonds, trust indentures, and mortgages. (intro.) In connection with the issuance of bonds or the incurring of any obligation under a lease and in order to secure the payment of such bonds or obligations, the authority shall have power may:

(a) To pledge Pledge by resolution, trust indenture, mortgage (, subject to the limitations hereinafter imposed in this subsection), or other contract all or any part of its rents, fees, or revenues.

(b) To covenant Covenant against mortgaging all or any part of its property, real or personal, then owned or thereafter acquired, or against permitting or suffering any lien thereon on its property.

(c) To covenant Covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project or any part thereof of a housing project, or with respect to limitations on its right to undertake additional housing projects.

(d) To covenant Covenant against pledging all or any part of its rents, fees and revenues to which its right then exists or the right to which may thereafter come into existence or against permitting or suffering any lien thereon on its rents, fees and revenues.

(e) To provide Provide for the release of property, rents, fees and revenues from any pledge or mortgage, and to reserve rights and powers in, or the right to dispose of, property which is subject to a pledge or mortgage.

(f) To covenant Covenant as to the bonds to be issued pursuant to any resolution, trust indenture, mortgage or other instrument and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof of the bonds.

(g) To provide Provide for the terms, form, registration, exchange, execution and authentication of bonds.

(h) To provide Provide for the replacement of lost, destroyed or mutilated bonds.

(i) To covenant Covenant that the authority warrants the title to the premises.

(j) To covenant Covenant as to the rents and fees to be charged, the amount to be raised each year or other period of time by rents, fees and other revenues and as to the use and disposition to be made thereof of the revenues.

(k) To covenant Covenant as to the use of any or all of its property, real or personal.

(L) (intro.) To create or to authorize the creation of Create special funds in which there shall be segregated segregate all of the following:

2. All of the The rents, fees and revenues of any a housing project or projects or parts thereof.

3. Any moneys held for the payment of the costs of operations and maintenance of any such housing projects or as a reserve for the meeting of contingencies in the operation and maintenance thereof of housing projects.

4. Any moneys held for the payment of the principal and interest on its bonds or the sums due under its leases or as a reserve for such the payments ; and.

(Lm) To covenant Covenant as to the use and disposal of the moneys held in funds created under par. (L).

(m) To redeem Redeem the bonds, and to covenant for their redemption and to provide the terms and conditions thereof of the bonds.

(n) To covenant Covenant against extending the time for the payment of its bonds or interest thereon, directly or indirectly, on the bonds by any means or in any manner.

(o) To prescribe Prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto to a contract amendment or abrogation and the manner in which such consent may be given.

(p) To covenant Covenant as to the property maintenance of its property, the, replacement thereof, the and insurance to be carried thereon and the use and disposition of insurance moneys.

(q) To vest Vest in an obligee of the authority the right, in the event of the failure of the authority, if the authority fails to observe or perform any covenant on its part to be kept or performed, the right to cure any such default and to advance any moneys necessary for such that purpose, and the. The moneys so advanced may be made an additional obligation of the authority with such interest, security and priority as may be provided in any trust indenture, mortgage, lease or contract of the authority with reference thereto.

(r) To covenant Covenant and prescribe as to the events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such the declaration and its consequences may be waived.

(s) To covenant Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation.

(t) To covenant Covenant to surrender possession of all or any part of any housing project or projects upon the happening of an event of a default, as defined in the contract, and to vest in an obligee the right to take possession and to use, operate, manage and control such housing projects or any part thereof, and to collect and receive all rents, fees and revenues arising therefrom from the housing projects in the same manner as the authority itself might do and to dispose of the moneys collected in accordance with the agreement of the authority with such the obligee.

(u) To vest Vest in a trust or trustees the right to enforce any covenant made to secure, to pay, or in relation to the bonds, to provide for the powers and duties of such a trustee or trustees, to limit liabilities thereof of a trustee and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds bondholders or any proportion of them may enforce any such covenant.

(v) To make Make covenants other than and in addition to the covenants herein expressly authorized, of like or different character that are authorized in this subsection.

(w) To execute Execute all instruments that are necessary or convenient in the exercise of the its powers herein granted or in the performance of its covenants or duties, which may contain such covenants and provisions, in addition to those above specified as the government or any purchaser of the bonds of the authority may reasonably require.

(x) To make such Make covenants and to do any and all such acts and things as may be act necessary or convenient or desirable in order to secure its bonds, or, in the absolute discretion of the authority, that tend to make the bonds more marketable; notwithstanding that such covenants, acts or things may not be enumerated herein; it being the intention hereof to give the authority power to do all things in the issuance of bonds, in the provisions for their security that are not inconsistent with the constitution of the state and no consent or approval of any judge or court shall be required thereof; provided, however, that the authority shall have no power to. An authority may not mortgage all or any part of its property, real or personal, except as provided in sub. (16).

(16) (b) (intro.) In connection with any project financed in whole or in part, or otherwise aided by a government, whether through a donation of money or property, a loan, the insurance or guarantee of a loan, or otherwise, the authority shall also have power to may do any of the following:

1. Mortgage all or any part of its property, real or personal, then owned or thereafter acquired.

2. Grant security interests in its property, real or personal, then owned or thereafter acquired.

(17) Remedies of an obligee of authority. An obligee of the authority shall have the right in addition to all other rights which may be conferred on such obligee subject only to any contractual restrictions binding upon such obligee, subject to its contract, may do any of the following:

(a) By mandamus, suit, action or proceeding in law or equity, all of which may be joined in one action, to compel the authority, and the its commissioners, officers, agents or employes thereof to perform each and every term, provision and covenant contained in any contract of the authority, and to require the carrying out of any or all covenants and agreements of the authority and the fulfillment of all duties imposed upon the authority by ss. 66.40 66.1201 to 66.404 66.1211.

(b) By suit, action or proceeding in equity to enjoin any unlawful acts or things which may be unlawful, or the violation of any of the rights of such the obligee of the authority.

(c) By suit, action or proceeding in any court of competent jurisdiction to cause possession of any housing project or any part thereof of a housing project to be surrendered to any obligee having the right to such possession pursuant to any contract of the authority.

(18) Additional remedies conferrable by mortgage or trust indenture. Any authority shall have power may by its trust indenture, mortgage, lease or other contract to confer upon any obligee holding or representing a specified amount in bonds, lease or other obligations, the right upon the happening of an "event of default" as defined in such the instrument:

(a) By suit, action or proceeding in any court of competent jurisdiction to obtain the appointment of a receiver of any housing project of the authority or any part or parts thereof of a housing project. Upon appointment, a receiver may enter and take possession of such the housing project or any part or parts thereof of the housing project and operate and maintain same it, and collect and receive all fees, rents, revenues or other charges thereafter arising therefrom in the same manner as the authority itself might do and. The receiver shall keep such the moneys in a separate account or accounts and apply the same moneys in accordance with the obligations of the authority as the a court shall direct directs.

(b) By suit, action or proceeding in any court of competent jurisdiction to require the authority and the its commissioners thereof to account as if it and they were the trustees of an express trust.

(19) Remedies cumulative. All the rights and remedies hereinabove conferred shall be cumulative and in this section are in addition to all other rights and remedies that may be conferred upon such an obligee of the authority by law or by any contract with the authority.

(20) Subordination of mortgage to agreement with government. The authority may agree in any mortgage made by it that such the mortgage shall be is subordinate to a contract for the supervision by a government of the operation and maintenance of the mortgaged property and the construction of improvements thereon; in such event, any purchaser or purchasers on the mortgaged property. A purchaser at a sale of the property of an authority pursuant to a foreclosure of such a mortgage or any other remedy in connection therewith with the foreclosure shall obtain title subject to such the contract.

(21) Contracts with federal government. In addition to the powers conferred upon the authority by other provisions of ss. 66.40 66.1201 to 66.404 66.1211, the authority is empowered to may borrow money or accept grants from the federal government for or in aid of any housing project which such that the authority is authorized to may undertake, to take over any land acquired by the federal government for the construction or operation of a housing project, to take over or lease or manage any housing project constructed or owned by the federal government, and to these ends, to enter into such any contracts, mortgages, trust indentures, leases or other agreements as that the federal government may require including agreements that the federal government shall have the right to may supervise and approve the construction, maintenance and operation of such the housing project. It is the purpose and intent of this section to authorize every council to do any and all things A council may take any action necessary to secure the financial aid and the cooperation of the federal government in the undertaking, construction, maintenance and operation of any housing project which the authority is empowered to may undertake.

(22) Tax exemption and payments in lieu of taxes. The property of an authority is declared to be public property used for essential public and governmental purposes and such the property and an authority shall be are exempt from all taxes of the state or any state public body; provided, however,, except that the city in which a project or projects are located may fix a sum to be paid annually in lieu of such taxes by the authority for the services, improvements or facilities furnished to such project or projects the property of the authority by such the city, but in no event shall such sum. The amount paid in lieu of taxes may not exceed the amount that would be levied as the annual tax of such the city upon such the project or projects.

(24) (a) When a housing authority has the approval of the council for any project authorized under sub. (9) (a) or (b), the authority shall complete and approve plans, specifications and conditions in connection therewith for carrying out such the project, and shall then advertise by publishing a class 2 notice, under ch. 985, for bids for all work which the authority must do by contract. The authority is not required to submit for bidding any contract in an amount of $25,000 or less, but if the estimated cost of the contract is between $10,000 and $25,000, the authority shall give a class 2 notice, under ch. 985, of the proposed work before the contract is entered into. A contract subject to bidding shall be awarded to the lowest qualified and competent bidder. Section 66.29 shall apply 66.0901 applies to such the bidding.

(b) (intro.) An authority may contract for the acquisition of a housing project without submitting the contract for bids as required by par. (a) if all of the following apply:

1. The contract provides for undertaking of the housing project on land not owned at the time of the contract by the authority except the contract may provide for undertaking of the housing project on land acquired and owned by a community development authority for the purpose of ss. 66.405 to 66.425, 66.43, 66.431 or 66.46 66.1105, 66.1301 to 66.1329, 66.1331 or 66.1333 if the community development authority is proceeding under this paragraph as provided by s. 66.4325 66.1335 (4);.

2. The contract provides for conveyance or lease of the project to the authority after completion of the project; and.

(25) (a) In any city or village the city council or village board by resolution or ordinance, or the electors by referendum under s. 9.20, may provide that require the authority shall to liquidate and dispose of a particular project or projects held and operated under ss. 66.40 66.1201 to 66.404 66.1211 or 66.43 66.1331.

(b) Whenever If liquidation and disposal of a project is provided for under par. (a) the housing authority or other designated agency shall sell such the project to the highest bidder after public advertisement, or transfer it to any state public body authorized by law to acquire such the project. No such project shall may be sold for less than its fair market value as determined by a board of 3 licensed appraisers appointed by the city council or village board.

(c) The arrangements for the liquidation and disposal of a project shall provide for the payment and retirement of all outstanding obligations in connection with the project, together with interest thereon on the obligations and any premiums prescribed for the redemption of any bonds, notes or other obligations before maturity.

(d) Any proceeds remaining after payment of such the obligations under par. (c) shall be distributed in accordance with the federal law applicable at the time of the liquidation and disposal of the project. If no federal law is applicable to the liquidation and disposal of the project all of such remaining proceeds shall be paid to the city or village.

(e) If the highest bid received is insufficient for the payment of all obligations set forth in par. (c) the project shall not be sold unless the city or village provides sufficient additional funds to discharge such the obligations.

(f) In order to carry out this subsection an authority or other designated agency shall exercise any option available to it for the payment and redemption of outstanding obligations set forth in par. (c) before maturity, if the city or village provides funds for such payment and redemption.

(h) The term In this subsection, "outstanding obligations" or "obligations" as used herein includes bonds, notes or evidences of indebtedness, as well as aids, grants, contributions or loans made by or received from any federal, state or local political government or agency.

(26) Dissolution of housing authority. Any housing authority may be dissolved upon adoption of an ordinance or resolution by the council or village board concerned declaring that the need therefor for the authority no longer exists, that all projects under such the authority's jurisdiction have been disposed of, that there are no outstanding obligations or contracts and that no further business remains to be transacted by such the authority.

150,389 Section 389. 66.401 of the statutes is renumbered 66.1203 and amended to read:

66.1203 Housing authorities; operation not for profit. (1) It is declared to be the policy of this state that each housing authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals for dwelling accommodations at the lowest possible rates consistent with its providing decent, safe and sanitary dwelling accommodations, and that no housing authority shall construct or operate any such project for profit, or as a source of revenue to the city.

(2) To this end an An authority shall fix the rentals for dwellings in its projects at no higher rates than it shall find to be finds necessary in order to produce revenues which (, together with all other available moneys, revenues, income and receipts of the authority from whatever sources derived), will be sufficient to accomplish all of the following:

(a) To pay Pay, as the same rentals become due, the principal and interest on the bonds of the authority; .

(b) To meet Meet the cost of, and to provide for, maintaining and operating the projects (, including the cost of any insurance), and the administrative expenses of the authority;.

(c) To create (Create, during not less than the 6 years immediately succeeding its issuance of any bonds), a reserve sufficient to meet the largest principal and interest payments which will be due on such the bonds in any one year thereafter after the creation of the reserve and to maintain such the reserve.

150,390 Section 390. 66.402 of the statutes is renumbered 66.1205, and 66.1205 (1) (a) and (b) and (2), as renumbered, are amended to read:

66.1205 (1) (a) It may rent or lease the dwelling accommodations therein in a housing project only to persons of low income and at rentals within the financial reach of such persons of low income.

(b) It may rent or lease to a tenant dwelling accommodations consisting of the number of rooms, but no greater number, which that it considers necessary to provide safe and sanitary accommodations to the proposed occupants thereof, without overcrowding.

(2) Nothing contained in the housing authorities law, as hereby amended, shall be construed as limiting Sections 66.1201 to 66.1211 do not limit the power of an authority to do any of the following:

(a) To invest Invest in an obligee the right, in the event of a default by if the authority defaults, to take possession of a housing project or cause the appointment of a receiver thereof of the housing project, free from all the restrictions imposed by said law, as amended under ss. 66.1201 to 66.1211, with respect to rentals, tenant selection, manner of operation, or otherwise; or.

(b) Pursuant to s. 66.40 66.1201 (16) to vest in obligees the right, in the event of a default by if the authority defaults, to acquire title to a housing project or the property mortgaged by the housing authority, free from all the restrictions imposed by ss. 66.401 and 66.402 s. 66.1203 and this section.

150,391 Section 391. 66.4025 (title) and (1) (a) of the statutes are renumbered 66.1207 (title) and (1) (a), and 66.1207 (1) (a), as renumbered, is amended to read:

66.1207 (1) (a) Any person who secures or assists in securing dwelling accommodations under s. 66.402 66.1205 by intentionally making false representations in order to receive more than $1,000 and but less than $2,500 in financial assistance for which the person would not otherwise be entitled shall be fined not more than $10,000 or imprisoned for not more than 9 months or both.

150,392 Section 392. 66.4025 (1) (b) and (c) of the statutes, as affected by 1997 Wisconsin Act 283, are renumbered 66.1207 (1) (b) and (c) and amended to read:

66.1207 (1) (b) Any person who secures or assists in securing dwelling accommodations under s. 66.402 66.1205 by intentionally making false representations in order to receive at least $2,500 but not more than $25,000 in financial assistance for which the person would not otherwise be entitled shall be fined not more than $10,000 or imprisoned for not more than 3 years or both.

(c) Any person who secures or assists in securing dwelling accommodations under s. 66.402 66.1205 by intentionally making false representations in order to receive more than $25,000 in financial assistance for which the person would not otherwise be entitled shall be fined not more than $10,000 or imprisoned for not more than 7 years and 6 months or both.

150,393 Section 393. 66.4025 (2) and (3) of the statutes are renumbered 66.1207 (2) and (3), and 66.1207 (2) and (3) (intro.), as renumbered, are amended to read:

66.1207 (2) Any administrator or employe of an authority under s. 66.402 66.1205 who receives or solicits any commission or derives or seeks to obtain any personal financial gain through any contract for the rental or lease of dwelling accommodations under s. 66.402 66.1205 shall be punished under s. 946.13.

(3) (intro.) Any person who receives assistance for dwelling accommodations under s. 66.402 66.1205, who has been notified by the authority of the obligation to report an increase in income or assets that would reduce the amount of that assistance and who intentionally fails to notify the authority of the receipt of such income or assets is subject to one of the following:

150,394 Section 394. 66.403 (title) of the statutes is renumbered 66.1209 (title).

150,395 Section 395. 66.403 (intro.) and (1) to (7) of the statutes are renumbered 66.1209 (1) (intro.) and (a) to (g) and amended to read:

66.1209 (1) (intro.) For the purpose of aiding and cooperating in the planning, undertaking, construction or operation of housing projects located within the area in which it is authorized to may act, any state public body may upon such terms, with or without consideration, as it may determine do any of the following:

(a) Dedicate, sell, convey or lease any of its property to a housing authority or the federal government;.

(b) Cause parks, playgrounds, recreational, community, educational, water, sewer or drainage facilities, or any other works which it is otherwise empowered to may undertake, to be furnished adjacent to or in connection with housing projects;.

(d) Subject to the approval of the council, furnish, dedicate, close, pave, install, grade, regrade, plan or replan streets, roads, roadways, alleys, sidewalks or other places which it is otherwise empowered to may undertake;.

(e) Enter into agreements with a housing authority or the federal government respecting action to be taken by the state public body pursuant to any of the powers granted by ss. 66.40 66.1201 to 66.404 66.1211. The agreements may extend over any period, notwithstanding any provision or rule of law to the contrary;.

(f) Do any Any and all things, necessary or convenient to aid and cooperate in the planning, undertaking, construction or operation of such housing projects ;.

(g) Purchase or legally invest in any of the bonds of a housing authority and exercise all of the rights of any holder of such the bonds; .

150,396 Section 396. 66.403 (8) and (9) of the statutes are renumbered 66.1209 (2) and (3) and amended to read: