AB133-ASA1, s. 121g 3Section 121g. 18.04 (2) of the statutes is renumbered 18.04 (2) (a) and
4amended to read:
AB133-ASA1,64,135 18.04 (2) (a) The Except as provided in par. (b), commission shall authorize
6public debt to be contracted and evidences of indebtedness to be issued therefor up
7to the amounts specified by the legislature to acquire, construct, develop, extend,
8enlarge or improve land, waters, property, highways, buildings, equipment or
9facilities or to make funds available for veterans' housing loans for the classes of
10public purposes specified by the legislature as the funds are required. Said
11requirements for funds shall be established by that department or agency head
12having program responsibilities for which public debt has been authorized by the
13legislature.
AB133-ASA1, s. 121r 14Section 121r. 18.04 (2) (b) of the statutes is created to read:
AB133-ASA1,64,1615 18.04 (2) (b) 1. In this paragraph, "broadcasting corporation" has the meaning
16given in s. 39.81 (2).
AB133-ASA1,64,2517 2. If the secretary of administration determines that the federal
18communications commission has approved the transfer of all broadcasting licenses
19held by the educational communications board to the broadcasting corporation and
20if the board of regents of the University of Wisconsin System has not contracted with
21the broadcasting corporation for the operation of television stations and for the joint
22use of production and broadcast facilities owned by the board, the commission may
23not authorize public debt to be contracted to aid in the acquisition, construction,
24development, enlargement or improvement of facilities and equipment related to the
25conversion to digital television for the University of Wisconsin System.
AB133-ASA1,65,9
13. If the secretary of administration determines that the federal
2communications commission has approved the transfer of all broadcasting licenses
3held by the educational communications board to the broadcasting corporation and
4if the district board of the Milwaukee Area Technical College has not contracted with
5the broadcasting corporation for the operation of television stations and for the joint
6use of production and broadcast facilities owned by the board, the commission may
7not authorize public debt to be contracted to aid in the acquisition, construction,
8development, enlargement or improvement of facilities and equipment related to the
9conversion to digital television for the Milwaukee Area Technical College.
AB133-ASA1, s. 122 10Section 122. 18.51 of the statutes is amended to read:
AB133-ASA1,65,15 1118.51 Provisions applicable. The following sections apply to this
12subchapter, except that all references to "public debt" or "debt" are deemed shall be
13read
to refer to a "revenue obligation" and all references to "evidences of
14indebtedness" shall be read to refer to "evidences of revenue obligation"
: ss. 18.02,
1518.03, 18.06 (8), 18.07, 18.10 (1), (2), (4) to (9) and (11) and 18.17.
AB133-ASA1, s. 123 16Section 123. 18.52 (2m) (intro.) of the statutes is created to read:
AB133-ASA1,65,1817 18.52 (2m) (intro.) "Enterprise obligation" means every undertaking by the
18state to repay a certain amount of borrowed money that is all of the following:
AB133-ASA1, s. 124 19Section 124. 18.52 (5) (intro.) of the statutes is renumbered 18.52 (5) and
20amended to read:
AB133-ASA1,65,2421 18.52 (5) "Revenue obligation" means every undertaking by the state to repay
22a certain amount of borrowed money which is:
an enterprise obligation or a special
23fund obligation. A revenue obligation may be both an enterprise obligation and a
24special fund obligation
.
AB133-ASA1, s. 125
1Section 125. 18.52 (5) (a) of the statutes is renumbered 18.52 (2m) (a) and
2amended to read:
AB133-ASA1,66,53 18.52 (2m) (a) Created for the purpose of purchasing, acquiring, leasing,
4constructing, extending, expanding, adding to, improving, conducting, controlling,
5operating or managing a revenue-producing enterprise or program;.
AB133-ASA1, s. 126 6Section 126. 18.52 (5) (b) of the statutes is renumbered 18.52 (2m) (b) and
7amended to read:
AB133-ASA1,66,98 18.52 (2m) (b) Payable solely from and secured solely by the property or income
9or both of the enterprise or program; and.
AB133-ASA1, s. 127 10Section 127. 18.52 (5) (c) of the statutes is renumbered 18.52 (2m) (c).
AB133-ASA1, s. 128 11Section 128. 18.52 (7) of the statutes is created to read:
AB133-ASA1,66,1312 18.52 (7) "Special fund obligation" means every undertaking by the state to
13repay a certain amount of borrowed money that is all of the following:
AB133-ASA1,66,1414 (a) Payable from a special fund consisting of fees, penalties or excise taxes.
AB133-ASA1,66,1515 (b) Not public debt under s. 18.01 (4).
AB133-ASA1, s. 129 16Section 129. 18.52 (8) of the statutes is created to read:
AB133-ASA1,66,1917 18.52 (8) "Special fund program" means a state program or purpose with
18respect to which the legislature has determined that financing with special fund
19obligations is appropriate and will serve a public purpose.
AB133-ASA1, s. 130 20Section 130. 18.53 (3) of the statutes is renumbered 18.53 (3) (intro.) and
21amended to read:
AB133-ASA1,67,422 18.53 (3) (intro.) The commission shall authorize money to be borrowed and
23evidences of revenue obligation to be issued therefor up to the amounts specified by
24the legislature to purchase, acquire, lease, construct, extend, expand, add to,
25improve, conduct, control, operate or manage such revenue-producing enterprises

1or programs as are specified by the legislature as the funds are required
. The
2requirements for funds shall be established by the state department or agency head
3carrying out program responsibilities for which the revenue obligations have been
4authorized by the legislature., but shall not exceed the following:
AB133-ASA1, s. 131 5Section 131. 18.53 (3) (a) and (b) of the statutes are created to read:
AB133-ASA1,67,96 18.53 (3) (a) In the case of enterprise obligations, the amounts specified by the
7legislature to purchase, acquire, lease, construct, extend, expand, add to, improve,
8conduct, control, operate or manage such revenue-producing enterprises or
9programs as are specified by the legislature.
AB133-ASA1,67,1110 (b) In the case of special fund obligations, the amount specified by the
11legislature for such expenditures to be paid from special fund obligations.
AB133-ASA1, s. 131m 12Section 131m. 18.55 (3) of the statutes is amended to read:
AB133-ASA1,67,2013 18.55 (3) (title) Revenue-obligation bonds Revenue obligations.
14Revenue-obligation bonds Revenue obligations may be sold at either public or
15private sale. The commission may provide in the authorizing resolution for
16refunding bonds obligations that they be exchanged privately in payment and
17discharge of any of the outstanding bonds or notes being refunded. All
18revenue-obligation bonds revenue obligations sold at public sale shall be noticed as
19provided in the authorizing resolution. Any or all bids received at public sale may
20be rejected.
AB133-ASA1, s. 132 21Section 132. 18.56 (1) of the statutes is renumbered 18.56 and amended to
22read:
AB133-ASA1,68,9 2318.56 Revenue bonds obligations. The commission may authorize, for any
24of the purposes described in s. 18.53 (3), the issuance of revenue-obligation bonds
25revenue obligations. The bonds revenue obligations shall mature at any time not

1exceeding 50 years from the date thereof as the commission shall determine. The
2bonds revenue obligations shall be payable only out of the redemption fund provided
3under sub. s. 18.561 (5) or 18.562 (3) and each bond revenue obligation shall contain
4on its face a statement to that effect. Any such bonds A revenue obligation may
5contain a provision authorizing redemption, in whole or in part, at stipulated prices,
6at the option of the commission and shall provide the method of redeeming the bonds.
7The state and a contracting party may provide in any contract for purchasing or
8acquiring a revenue-producing enterprise or program, that payment shall be made
9in such bonds
revenue obligations.
AB133-ASA1, s. 133 10Section 133. 18.56 (2) to (6) of the statutes are renumbered 18.561 (2) to (6)
11and amended to read:
AB133-ASA1,69,1912 18.561 (2) Security interests of owners of enterprise obligations. There
13shall be is a mortgage lien upon or security interest in the income and property of
14each revenue-producing enterprise or program to for the benefit of the holders
15owners of the related bonds and to the holders of the coupons of the bonds. The note
16or other instrument evidencing the security interest of a bondholder in a loan made
17or purchased with revenue obligation bonds shall constitute a statutory lien on the
18revenue
enterprise obligations. No physical delivery, recordation or other action is
19required to perfect the security interest. The income and property of the
20revenue-producing enterprise or program shall remain subject to the lien until
21provision for payment in full of the principal and interest of the bonds enterprise
22obligations
has been made, as provided in the authorizing resolution. Any holder
23owner of such bonds or attached coupons enterprise obligations may either at law or
24in equity protect and enforce the lien and compel performance of all duties required
25by this section. If there is any default in the payment of the principal or interest of

1any of such bonds enterprise obligations, any court having jurisdiction of the action
2may appoint a receiver to administer the revenue-producing enterprise or program
3on behalf of the state and the bondholders owners of the enterprise obligations, with
4power to charge and collect rates sufficient to provide for the payment of the
5operating expenses and also to pay any bonds or enterprise obligations outstanding
6against the revenue-producing enterprise or program, and to apply the income and
7revenues thereof in conformity with this subchapter and the authorizing resolution,
8or the court may declare the whole amount of the bonds enterprise obligations due
9and payable, if such relief is requested, and may order and direct the sale of the
10revenue-producing enterprise or program. Under any sale so ordered, the purchaser
11shall be vested with an indeterminate permit to maintain and operate the
12revenue-producing enterprise or program. The legislature may provide for
13additions, extensions and improvements to a revenue-producing enterprise or
14program to be financed by additional issues of bonds enterprise obligations as
15provided by this section. Such additional issues of bonds enterprise obligations shall
16be subordinate to all prior related issues of bonds enterprise obligations which may
17have been made under this section, unless the legislature, in the statute authorizing
18the initial issue of bonds enterprise obligations, permits the issue of additional bonds
19enterprise obligations on a parity therewith.
AB133-ASA1,70,8 20(3) Dedication of revenues. As accurately as possible in advance, the
21commission and the state department or agency carrying out program
22responsibilities for which bonds enterprise obligations are to be issued shall
23determine, and the commission shall fix in the authorizing resolution for such bonds
24enterprise obligations: the proportion of the revenues of the revenue-producing
25enterprise or program which shall be necessary for the reasonable and proper

1operation and maintenance thereof; the proportion of the revenues which shall be set
2aside as a proper and adequate replacement and reserve fund; and the proportion of
3the revenues which shall be set aside and applied to the payment of the principal and
4interest of the bonds enterprise obligations, and shall provide that the revenues be
5set aside in separate funds. At any time after one year's operation, the state
6department or agency and the commission may recompute the proportion of the
7revenues which shall be assignable under this subsection based upon the experience
8of operation or upon the basis of further financing.
AB133-ASA1,70,20 9(4) Replacement and reserve fund. The proportion set aside to the
10replacement and reserve fund shall be available and shall be used, whenever
11necessary, to restore any deficiency in the redemption fund for the payment of the
12principal and interest due on bonds enterprise obligations and for the creation and
13maintenance of any reserves established by the authorizing resolution to secure such
14payments. At any time when the redemption fund is sufficient for said purposes,
15moneys in the replacement and reserve fund may, subject to available
16appropriations, be expended either in the revenue-producing enterprise or program
17or in new acquisitions, constructions, extensions or, additions, expansions or
18improvements
. Any accumulations of the replacement and reserve fund may be
19invested as provided in this subchapter, and if invested, the income from the
20investment shall be carried in the replacement and reserve fund.
AB133-ASA1,71,9 21(5) Redemption fund. The proportion which shall be set aside for the payment
22of the principal and interest of such bonds on the enterprise obligations shall from
23month to month as they accrue and are received, be set apart and paid into a separate
24fund in the treasury or in an account maintained by a trustee under sub. (9) (j)
25appointed for that purpose in the authorizing resolution to be identified as "the ...

1redemption fund". Each redemption fund shall be expended, and all moneys from
2time to time on hand therein are irrevocably appropriated, in sums sufficient, only
3for the payment of principal and interest on the revenue enterprise obligations giving
4rise to it and premium, if any, due upon refunding redemption of any such
5obligations. Moneys in the redemption funds may be commingled only for the
6purpose of investment with other public funds, but they shall be invested only in
7investment instruments permitted in s. 25.17 (3) (dr). All such investments shall be
8the exclusive property of the fund and all earnings on or income from such
9investments shall be credited to the fund.
AB133-ASA1,71,12 10(6) Redemption fund surplus. If any surplus is accumulated in any of the
11redemption funds, subject to any contract rights vested in holders owners of revenue
12enterprise obligations secured thereby, it shall be paid over to the treasury.
AB133-ASA1, s. 134 13Section 134. 18.56 (7) and (8) of the statutes are renumbered 18.561 (7) and
14(8).
AB133-ASA1, s. 135 15Section 135. 18.56 (9) (intro.) of the statutes is renumbered 18.561 (9) and
16amended to read:
AB133-ASA1,71,2517 18.561 (9) Authorizing resolution. The commission may provide in the
18authorizing resolution for bonds enterprise obligations or by subsequent action all
19things necessary to carry into effect this section. Any authorizing resolution shall
20constitute a contract with the holder owners of any bonds enterprise obligations
21issued pursuant to such the resolution. Any authorizing resolution may contain such
22provisions or covenants, without limiting the generality of the power to adopt the
23resolution, as is are deemed necessary or desirable for the security of bondholders
24the owners of enterprise obligations or the marketability of the bonds, including but
25not limited to provisions as to:
enterprise obligations.
AB133-ASA1, s. 136m
1Section 136m. 18.56 (9) (a) to (j) of the statutes are repealed.
AB133-ASA1, s. 137 2Section 137. 18.56 (10) of the statutes is renumbered 18.561 (10) and amended
3to read:
AB133-ASA1,73,44 18.561 (10) Sinking fund. The authorizing resolution may set apart bonds
5enterprise obligations the par value of which are equal to the principal amount of any
6secured obligation or charge subject to which a revenue-producing enterprise or
7program is to be purchased or acquired, and shall set aside in a sinking fund from
8the income of the revenue-producing enterprise or program, a sum sufficient to
9comply with the requirements of the instrument creating the security , or if interest.
10If
the instrument does not make any provision therefor for a sinking fund, the
11resolution shall fix and determine the amount which that shall be set aside into such
12the sinking fund from month to month for interest on the secured obligation or
13charge, and a fixed amount or proportion not exceeding a stated sum, which shall be
14not less than one percent of the principal, to be set aside into the fund to pay the
15principal of the secured obligation or charge. Any balance in the fund after satisfying
16the secured obligations or charge, shall be transferred to the redemption fund. Bonds
17Enterprise obligations set aside for the secured obligation or charge may, from time
18to time, be issued to an amount sufficient with the amount then in the sinking fund,
19to pay and retire the secured obligation or charge or any portion thereof. The bonds
20enterprise obligations may be issued in exchange for or satisfaction of the secured
21obligation or charge, or may be sold in the manner provided in this subchapter, and
22the proceeds applied in payment of the same at maturity or before maturity by
23agreement with the holder owner of the secured obligation or charge. The
24commission and the owners of any revenue-producing enterprise or program
25acquired or purchased may, upon such terms and conditions as are satisfactory,

1contract that bonds enterprise obligations to provide for the discharge of the secured
2obligation or charge, or for the whole purchase price shall be deposited with a trustee
3or depository and released from the deposit from time to time on such terms and
4conditions as are necessary to secure the payment of the secured obligation or charge.
AB133-ASA1, s. 138 5Section 138. 18.561 (title) of the statutes is created to read:
AB133-ASA1,73,6 618.561 (title) Enterprise obligations.
AB133-ASA1, s. 139 7Section 139. 18.561 (1) of the statutes is created to read:
AB133-ASA1,73,108 18.561 (1) Payment with revenue obligations. The state and a contracting
9party may provide, in any contract for purchasing or acquiring a revenue-producing
10enterprise or program, that payment shall be made in revenue obligations.
AB133-ASA1, s. 140 11Section 140. 18.561 (7) (title) of the statutes is created to read:
AB133-ASA1,73,1212 18.561 (7) (title) Payment for services.
AB133-ASA1, s. 141 13Section 141. 18.561 (8) (title) of the statutes is created to read:
AB133-ASA1,73,1414 18.561 (8) (title) Rates for services.
AB133-ASA1, s. 143 15Section 143. 18.562 of the statutes is created to read:
AB133-ASA1,74,2 1618.562 Special fund obligations. (1) Security interest in special fund.
17There is a security interest, for the benefit of the owners of the special fund
18obligations, in the amounts that arise after the creation of the special fund program
19in the special fund related to the special fund obligations. For this purpose, amounts
20in the special fund shall be accounted for on a first-in, first-out basis. No physical
21delivery, recordation or other action is required to perfect the security interest. The
22special fund shall remain subject to the security interest until provision for payment
23in full of the principal and interest of the special fund obligations has been made, as
24provided in the authorizing resolution. An owner of special fund obligations may

1either at law or in equity protect and enforce the security interest and compel
2performance of all duties required by this section.
AB133-ASA1,74,8 3(2) Use of special fund moneys. The commission and the state agency carrying
4out the special fund program responsibilities shall jointly determine, and the
5commission shall fix in the authorizing resolution for the obligations, the conditions
6under which money in the special fund shall be set aside and applied to the payment
7of the principal and interest of the obligations, deposited in funds established under
8the authorizing resolution or made available for other purposes.
AB133-ASA1,74,20 9(3) Redemption fund. The special fund revenues that are to be set aside for the
10payment of the principal and interest of the special fund obligations shall be paid into
11a separate fund in the treasury or in an account maintained by a trustee appointed
12for that purpose in the authorizing resolution to be identified as "the ... redemption
13fund". Each redemption fund shall be expended, and all moneys from time to time
14on hand therein are irrevocably appropriated, in sums sufficient, only for the
15payment of principal and interest on the special fund obligations giving rise to it and
16premium, if any, due upon redemption of any such obligations. Moneys in the
17redemption funds may be commingled only for the purpose of investment with other
18public funds, but they shall be invested only in investment instruments permitted
19in s. 25.17 (3) (dr). All such investments shall be the exclusive property of the fund
20and all earnings on or income from such investments shall be credited to the fund.
AB133-ASA1,74,23 21(4) Surplus. If any surplus is accumulated in any of the redemption funds,
22subject to contract rights vested in the owners of special fund obligations secured
23thereby, it shall be paid over to the treasury.
AB133-ASA1,75,6 24(5) Authorizing resolution. The commission may provide in the authorizing
25resolution for special fund obligations or by subsequent action all things necessary

1to carry into effect this section. Any authorizing resolution shall constitute a
2contract with the owners of any special fund obligations issued pursuant to the
3resolution. An authorizing resolution may contain such provisions or covenants,
4without limiting the generality of the power to adopt the resolution, as are deemed
5necessary or desirable for the security of owners of special fund obligations or the
6marketability of the special fund obligations.
AB133-ASA1, s. 144 7Section 144. 18.57 (title) of the statutes is repealed and recreated to read:
AB133-ASA1,75,8 818.57 (title) Funds established for revenue obligations.
AB133-ASA1, s. 145 9Section 145. 18.57 (1) of the statutes is amended to read:
AB133-ASA1,75,2210 18.57 (1) A separate and distinct fund shall be established in the state treasury
11or in an account maintained by a trustee under s. 18.56 appointed for that purpose
12by the authorizing resolution
with respect to each revenue-producing enterprise or
13program the income from which is to be applied to the payment of any revenue
14enterprise obligation. A separate and distinct fund shall be established in the state
15treasury or in an account maintained by a trustee appointed for that purpose by the
16authorizing resolution with respect to any special fund that is created by the

17imposition of fees, penalties or excise taxes and is applied to the payment of special
18fund obligations.
All moneys resulting from the issuance of evidences of revenue
19obligation shall be credited to the appropriate fund or applied for refunding or note
20renewal purposes, except that moneys which represent premium or accrued interest
21received on the issuance of evidences shall be credited to the appropriate redemption
22fund.
AB133-ASA1, s. 146 23Section 146. 18.57 (4) of the statutes is renumbered 18.57 (4) (intro.) and
24amended to read:
AB133-ASA1,76,3
118.57 (4) (intro.) If, after all outstanding related revenue obligations have been
2paid or payment provided for, moneys remain in any such a fund, they created under
3sub. (1), all of the following shall occur:
AB133-ASA1,76,6 4(a) If the fund created under sub. (1) is in an account maintained by a trustee
5appointed by an authorizing resolution, the moneys
shall be paid over to the treasury
6and the.
AB133-ASA1,76,7 7(b) The fund created under sub. (1) shall be closed.
AB133-ASA1, s. 147 8Section 147. 18.58 (1) of the statutes is amended to read:
AB133-ASA1,76,219 18.58 (1) Management of funds and records. All funds established under this
10subchapter which are deposited in the state treasury shall be managed as provided
11by law for other state funds, subject to any contract rights vested in holders owners
12of evidences of revenue obligation secured by such fund. The department of
13administration shall maintain full and correct records of each fund. The legislative
14audit bureau shall audit each fund as of January 1 of each year reconciling all
15transactions and showing the fair market value of all property on hand. All records
16and audits shall be public documents. All funds established under this subchapter
17which are deposited with a trustee under s. 18.56 (9) (j) appointed for that purpose
18by the authorizing resolution
shall be managed in accordance with resolutions
19authorizing the issuance of revenue obligations, agreements between the
20commission and the trustee and any contract rights vested in holders of evidence
21owners of revenue obligations secured by such fund.
AB133-ASA1, s. 147m 22Section 147m. 18.60 (title) of the statutes is amended to read:
AB133-ASA1,76,23 2318.60 (title) Refunding bonds obligations.
AB133-ASA1, s. 148 24Section 148. 18.60 (1) of the statutes is amended to read:
AB133-ASA1,77,19
118.60 (1) The commission may authorize, for any one or more of the purposes
2described in s. 18.53 (1), the issuance of revenue-obligation refunding bonds
3obligations. Refunding bonds obligations may be issued, subject to any contract
4rights vested in holders owners of bonds obligations or notes being refinanced, to
5refinance more than one issue of bonds obligations or notes notwithstanding that the
6bonds obligations or notes may have been issued at different times for different
7purposes and may be secured by the property or income of more than one enterprise
8or program or special fund or may be public debt or building-corporation
9indebtedness. The principal amount of refunding bonds obligations shall not exceed
10the sum of: the principal amount of the bonds obligations or notes being refinanced;
11applicable redemption premiums; unpaid interest on the bonds obligations or notes
12to the date of delivery or exchange of the refunding bonds obligations; in the event
13the proceeds are to be deposited in trust as provided in sub. (3), interest to accrue on
14the bonds obligations or notes from the date of delivery to the date of maturity or to
15the redemption date selected by the commission, whichever is earlier; and the
16expenses incurred in the issuance of the refunding bonds obligations and the
17payment of the bonds obligations or notes. A determination by the commission that
18a refinancing is advantageous or that any of the amounts provided in the preceding
19sentence should be included in the refinancing shall be conclusive.
AB133-ASA1, s. 149 20Section 149. 18.60 (2) of the statutes is amended to read:
AB133-ASA1,78,1321 18.60 (2) If the commission determines to exchange refunding bonds
22obligations, they may be exchanged privately for and in payment and discharge of
23any of the outstanding bonds obligations or notes being refinanced. Refunding
24bonds obligations may be exchanged for a like or greater principal amount of the
25bonds obligations or notes being exchanged therefor except that the principal

1amount of the refunding bonds obligations may exceed the principal amount of the
2bonds obligations or notes being exchanged therefor only to the extent determined
3by the commission to be necessary or advisable to pay redemption premiums and
4unpaid interest to the date of exchange not otherwise provided for. The holders
5owners of the bonds obligations or notes being refunded who elect to exchange need
6not pay accrued interest on the refunding bonds obligations if and to the extent that
7interest is accrued and unpaid on the bonds obligations or notes being refunded and
8to be surrendered. If any of the bonds obligations or notes to be refinanced are to
9be called for redemption, the commission shall determine which redemption dates
10shall be used, if more than one date is applicable and shall, prior to the issuance of
11the refunding bonds obligations, provide for notice of redemption to be given in the
12manner and at the times required by the proceedings authorizing the outstanding
13bonds obligations or notes.
AB133-ASA1, s. 149g 14Section 149g. 18.60 (3) of the statutes is amended to read:
AB133-ASA1,79,2015 18.60 (3) The principal proceeds from the sale of any refunding bonds
16obligations shall be applied either to the immediate payment and retirement of the
17bonds obligations or notes being refinanced or, if the bonds obligations or notes have
18not matured and are not presently redeemable, to the creation of a trust for and shall
19be pledged to the payment of the bonds obligations or notes being refinanced. If a
20trust is created, a separate deposit shall be made for each issue of bonds obligations
21or notes being refinanced. Each deposit shall be with the state treasurer or a bank
22or trust company that is then a member of the federal deposit insurance corporation.
23If the total amount of any deposit, including money other than sale proceeds but
24legally available for such purpose, is less than the principal amount of the bonds
25obligations or notes being refinanced and for the payment of which the deposit has

1been created and pledged, together with applicable redemption premiums and
2interest accrued and to accrue to maturity or to the date of redemption, then the
3application of the sale proceeds shall be legally sufficient only if the money deposited
4is invested in securities issued by the United States or one of its agencies, or
5securities fully guaranteed by the United States, and only if the principal amount
6of the securities at maturity and the income therefrom to maturity will be sufficient
7and available, without the need for any further investment or reinvestment, to pay
8at maturity or upon redemption the principal amount of the bonds obligations or
9notes being refinanced together with applicable redemption premiums and interest
10accrued and to accrue to maturity or to the date of redemption. The income from the
11principal proceeds of the securities shall be applied solely to the payment of the
12principal of and interest and redemption premiums on the bonds obligations or notes
13being refinanced, but provision may be made for the pledging and disposition of any
14surplus. Nothing in this subsection shall be construed as a limitation on the duration
15of any deposit in trust for the retirement of bonds obligations or notes being
16refinanced, but which have not matured and which are not presently redeemable.
17Nothing in this subsection shall be construed to prohibit reinvestment of the income
18of a trust if the reinvestments will mature at such times that sufficient cash will be
19available to pay interest, applicable premiums and principal on the bonds
20obligations or notes being refinanced.
AB133-ASA1, s. 149r 21Section 149r. 18.60 (4) of the statutes is amended to read:
AB133-ASA1,80,222 18.60 (4) The commission may in addition to the other powers conferred by this
23subchapter, include a provision in any authorizing resolution for refunding bonds
24obligations pledging all or any part of the special fund or income of any enterprise
25or program originally financed from the proceeds of any of the bonds obligations or

1notes being refinanced, or pledging all or any part of the surplus income derived from
2the investment of any trust created under sub. (3), or both.
AB133-ASA1, s. 150 3Section 150. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and
4amended to read:
AB133-ASA1,80,85 18.60 (5) (intro.) All of the following provisions of s. 18.56 that are not
6inconsistent with the express provisions of this section shall apply to refunding
7bonds obligations, except that the maximum permissible term shall be 50 years from
8the date of original issue of the oldest note or bond obligation issue being refunded.:
AB133-ASA1, s. 151 9Section 151. 18.60 (5) (a) to (c) of the statutes are created to read:
AB133-ASA1,80,1010 18.60 (5) (a) Section 18.56.
AB133-ASA1,80,1111 (b) In the case of enterprise obligations, s. 18.561.
AB133-ASA1,80,1212 (c) In the case of special fund obligations, s. 18.562.
AB133-ASA1, s. 152 13Section 152. 18.61 (2) of the statutes is amended to read:
AB133-ASA1,80,2214 18.61 (2) The state pledges and agrees with the holders owners of any evidences
15of
revenue obligation obligations that the state will not limit or alter its powers to
16fulfill the terms of any agreements made with the holders owners or in any way
17impair the rights and remedies of the holders owners until the revenue obligations,
18together with interest including interest on any unpaid instalments of interest, and
19all costs and expenses in connection with any action or proceeding by or on behalf of
20the holders owners, are fully met and discharged. The commission may include this
21pledge and agreement of the state in any agreement with the holders of notes or
22bonds and in any evidence
owners of revenue obligation.
AB133-ASA1, s. 153 23Section 153. 18.61 (3) (a) of the statutes is amended to read:
AB133-ASA1,81,724 18.61 (3) (a) If the state fails to pay any revenue obligation in accordance with
25its terms, and default continues for a period of 30 days or if the state fails or refuses

1to comply with this subchapter or defaults in any agreement made with the holders
2owners of any issue of revenue obligations, the holders owners of 25% in aggregate
3principal amount of the revenue obligations of the issue then outstanding by
4instrument recorded in the office of the register of deeds of Dane county and approved
5or acknowledged in the same manner as a deed to be recorded may appoint a trustee
6to represent the holders owners of the notes or bonds revenue obligations for the
7purposes specifically provided in the instrument.
AB133-ASA1, s. 154 8Section 154. 18.61 (3) (b) (intro.) of the statutes is amended to read:
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