AB892-ASA2,31,1717
(a) To pay issuance costs of the bonds.
AB892-ASA2,31,1818
(b) To pay any original issue discount.
AB892-ASA2,31,20
19(5) Date of issuance. All bonds, other than refunding bonds, that are issued
20by a district shall be issued no later than December 31, 2004.
AB892-ASA2,32,2
21229.830 Special debt service reserve funds for moral obligation pledge. 22(1) Designation of special debt service reserve funds. A district may designate one
23or more accounts in funds created under s. 66.066 (2) (e) as special debt service
24reserve funds, if, prior to each issuance of bonds to be secured by each special debt
1service reserve fund, the secretary of administration determines that all of the
2following conditions are met with respect to the bonds:
AB892-ASA2,32,43
(a)
Purpose. The proceeds of the bonds, other than refunding bonds, will be
4used for purposes related to football stadium facilities.
AB892-ASA2,32,105
(b)
Feasibility. The proceeds of bonds, other than refunding bonds, will be used
6for feasible projects and there is a reasonable likelihood that the bonds will be repaid
7without the necessity of drawing on funds in the special debt service reserve fund
8that secures the bonds. The secretary of administration may make the
9determinations required under this paragraph only after considering all of the
10following:
AB892-ASA2,32,1211
1. Whether a pledge of the tax revenues of the district is made under the bond
12resolution.
AB892-ASA2,32,1313
2. How the tax revenues of the district are pledged to the payment of the bonds.
AB892-ASA2,32,1614
3. Revenue projections for the project to be financed by the bonds, including tax
15revenues, and the reasonableness of the assumptions on which these revenue
16projections are based.
AB892-ASA2,32,1817
4. The proposed interest rates of the bonds and the resulting cash-flow
18requirements.
AB892-ASA2,32,2019
5. The projected ratio of annual tax revenues to annual debt service of the
20district, taking into account capitalized interest.
AB892-ASA2,32,2321
6. Whether an understanding exists providing for repayment by the district to
22the state of all amounts appropriated to the special debt service reserve fund
23pursuant to sub. (7).
AB892-ASA2,33,3
17. Whether the district has agreed that the department of administration will
2have direct and immediate access, at any time and without notice, to all records of
3the district.
AB892-ASA2,33,104
(c)
Limit on bonds issued backed by moral obligation pledge. The principal
5amount of all bonds, other than refunding bonds, that would be secured by all special
6debt service reserve funds of the district will not exceed $160,000,000 at any one time
7outstanding. In determining compliance with the limitation under this paragraph,
8the secretary of administration need not include bonds that are secured by a special
9debt service reserve fund to the extent that proceeds of the bonds are for the following
10purposes:
AB892-ASA2,33,1111
1. To pay issuance costs of bonds secured by a special debt service reserve fund.
AB892-ASA2,33,1212
2. To pay any original issue discount.
AB892-ASA2,33,1413
(d)
Date of issuance. The bonds, other than refunding bonds, will be issued no
14later than December 31, 2004.
AB892-ASA2,33,1615
(e)
Refunding bonds. All refunding bonds to be secured by the special debt
16service reserve fund meet all of the following conditions:
AB892-ASA2,33,1817
1. The refunding bonds are to be issued to fund, refund or advance refund bonds
18secured by a special debt service reserve fund.
AB892-ASA2,33,2019
2. The refunding of bonds by the refunding bonds will not adversely affect the
20risk that the state will be called on to make a payment under sub. (7).
AB892-ASA2,34,221
(f)
Approval of outstanding debt. All outstanding debt of the district has been
22reviewed and approved by the secretary of administration. In determining whether
23to approve outstanding debt under this paragraph, the secretary may consider any
24factor which the secretary determines to have a bearing on whether the state moral
1obligation pledge under sub. (7) should be granted with respect to an issuance of
2bonds.
AB892-ASA2,34,63
(g)
Financial reports. The district has agreed to provide to the department of
4administration, the legislative fiscal bureau and the legislative audit bureau all
5financial reports of the district and all regular monthly statements of any trustee of
6the bonds on a direct and ongoing basis.
AB892-ASA2,34,13
7(2) Payment of funds into a special debt service reserve fund. A district shall
8pay into any special debt service reserve fund of the district any moneys appropriated
9and made available by the state under sub. (7) for the purposes of the special debt
10service reserve fund, any proceeds of a sale of bonds to the extent provided in the bond
11resolution authorizing the issuance of the bonds and any other moneys that are made
12available to the district for the purpose of the special debt service reserve fund from
13any other source.
AB892-ASA2,35,4
14(3) Use of moneys in the special debt service reserve fund. All moneys held
15in any special debt service reserve fund of a district, except as otherwise specifically
16provided, shall be used, as required, solely for the payment of the principal of bonds
17secured in whole or in part by the special debt service reserve fund, the making of
18sinking fund payments with respect to these bonds, the purchase or redemption of
19these bonds, the payment of interest on these bonds or the payment of any
20redemption premium required to be paid when these bonds are redeemed prior to
21maturity. If moneys in a special debt service reserve fund at any time are less than
22the special debt service reserve fund requirement under sub. (5) for the special debt
23service reserve fund, the district may not use these moneys for any optional purchase
24or optional redemption of the bonds. Any income or interest earned by, or increment
25to, any special debt service reserve fund due to the investment of moneys in the
1special debt service reserve fund may be transferred by the district to other funds or
2accounts of the district to the extent that the transfer does not reduce the amount of
3the special debt service reserve fund below the special debt service reserve fund
4requirement under sub. (5) for the special debt service reserve fund.
AB892-ASA2,35,12
5(4) Limitation on bonds secured by a special debt service reserve fund. A
6district shall accumulate in each special debt service reserve fund an amount equal
7to the special debt service reserve fund requirement under sub. (5) for the special
8debt service reserve fund. A district may not at any time issue bonds secured in whole
9or in part by a special debt service reserve fund if upon the issuance of these bonds
10the amount in the special debt service reserve fund will be less than the special debt
11service reserve fund requirement under sub. (5) for the special debt service reserve
12fund.
AB892-ASA2,36,4
13(5) Special debt service reserve fund requirement. The special debt service
14reserve fund requirement for a special debt service reserve fund, as of any particular
15date of computation, is equal to an amount of money, as provided in the bond
16resolution authorizing the bonds with respect to which the special debt service
17reserve fund is established, that may not exceed the maximum annual debt service
18on the bonds of the district for the fiscal year in which the computation is made or
19any future fiscal year of the district secured in whole or in part by that special debt
20service reserve fund. In computing the annual debt service for any fiscal year, bonds
21deemed to have been paid in accordance with the defeasance provisions of the bond
22resolution authorizing the issuance of the bonds shall not be included in bonds
23outstanding on the date of computation. The annual debt service for any fiscal year
24is the amount of money equal to the aggregate of all of the following calculated on the
25assumption that the bonds will, after the date of computation, cease to be
1outstanding by reason, but only by reason, of the payment of bonds when due, and
2the payment when due, and application in accordance with the bond resolution
3authorizing those bonds, of all of the sinking fund payments payable at or after the
4date of computation:
AB892-ASA2,36,75
(a) All interest payable during the fiscal year on all bonds that are secured in
6whole or in part by the special debt service reserve fund and that are outstanding on
7the date of computation.
AB892-ASA2,36,108
(b) The principal amount of all of the bonds that are secured in whole or in part
9by the special debt service reserve fund, are outstanding on the date of computation
10and mature during the fiscal year.
AB892-ASA2,36,1411
(c) All amounts specified in bond resolutions of the district authorizing any of
12the bonds that are secured in whole or in part by the special debt service reserve fund
13to be payable during the fiscal year as a sinking fund payment with respect to any
14of the bonds that mature after the fiscal year.
AB892-ASA2,36,18
15(6) Valuation of securities. In computing the amount of a special debt service
16reserve fund for the purposes of this section, securities in which all or a portion of the
17special debt service reserve fund is invested shall be valued at par, or, if purchased
18at less than par, at their cost to the district.
AB892-ASA2,37,8
19(7) State moral obligation pledge. If at any time of valuation the special debt
20service reserve fund requirement under sub. (5) for a special debt service reserve
21fund exceeds the amount of moneys in the special debt service reserve fund, the
22district board shall certify to the secretary of administration, the governor, the joint
23committee on finance and the governing body of the county in the district the amount
24necessary to restore the special debt service reserve fund to an amount equal to the
25special debt service reserve fund requirement under sub. (5) for the special debt
1service reserve fund. If this certification is received by the secretary of
2administration in an even-numbered year prior to the completion of the budget
3compilation under s. 16.43, the secretary shall include the certified amount in the
4budget compilation. In any case, the joint committee on finance shall introduce in
5either house, in bill form, an appropriation of the amount so certified to the
6appropriate special debt service reserve fund of the district. Recognizing its moral
7obligation to do so, the legislature hereby expresses its expectation and aspiration
8that, if ever called upon to do so, it shall make this appropriation.
AB892-ASA2,37,12
9(8) Information to joint committee on finance. The district shall provide to
10the cochairpersons of the joint committee on finance information concerning the
11district's projected cashflows and security features underlying each issuance of
12bonds under this subchapter.
AB892-ASA2,37,19
13229.831 Bonds not public debt. (1) The state and the county and
14municipalities located wholly or partly within the district's jurisdiction are not liable
15on bonds and the bonds are not a debt of the state or the county or any municipality
16located wholly or partly within the district. All bonds shall contain a statement to
17this effect on the face of the bond. A bond issue does not, directly or indirectly or
18contingently, obligate the state or a political subdivision of the state to levy any tax
19or make any appropriation for payment of the bonds.
AB892-ASA2,38,6
20(2) Nothing in this subchapter authorizes a district to create a debt of the state
21or the county or any municipality located wholly or partly within the district's
22jurisdiction, and all bonds issued by a district are payable, and shall state that they
23are payable, solely from the funds pledged for their payment in accordance with the
24bond resolution authorizing their issuance or in any trust indenture or mortgage or
25deed of trust executed as security for the bonds. Neither the state nor the county or
1any such municipality is liable for the payment of the principal of or interest on a
2bond or for the performance of any pledge, mortgage, obligation or agreement that
3may be undertaken by a district. The breach of any pledge, mortgage, obligation or
4agreement undertaken by a district does not impose pecuniary liability upon the
5state or the county or any such municipality in the district's jurisdiction or a charge
6upon its general credit or against its taxing power.
AB892-ASA2,38,12
7(3) Bonds issued by the district may be secured only by the district's interest
8in any football stadium facilities, by income from these facilities, by proceeds of bonds
9issued by the district and by other amounts placed in a special redemption fund and
10investment earnings on such amounts, including any taxes imposed by the district
11under subch. V of ch. 77. The district may not pledge its full faith and credit on the
12bonds and the bonds are not a general obligation liability of the district.
AB892-ASA2,38,19
13229.832 State pledge. The state pledges to and agrees with the bondholders,
14and persons that enter into contracts with a district under this subchapter, that the
15state will not limit or alter the rights and powers vested in a district by this
16subchapter, including the rights and powers under s. 229.824 (15), before the district
17has fully met and discharged the bonds, and any interest due on the bonds, and has
18fully performed its contracts, unless adequate provision is made by law for the
19protection of the bondholders or those entering into contracts with a district.
AB892-ASA2,39,2
20229.833 Trust funds. All moneys received under this subchapter, whether as
21proceeds from the sale of bonds or from any other source, are trust funds to be held
22and applied solely as provided in this subchapter. Any officer with whom, or any
23bank or trust company with which, those moneys are deposited shall act as trustee
24of those moneys and shall hold and apply the moneys for the purposes of this
1subchapter, subject to this subchapter and the bond resolution authorizing issuance
2of the bonds.
AB892-ASA2,39,10
3229.834 Budgets; rates and charges; audit. A district shall adopt a
4calendar year as its fiscal year for accounting purposes. The district board shall
5annually prepare a budget for the district. Rates and other charges received by the
6district shall be used for the general expenses and capital expenditures of the district
7and to pay interest, amortization, and retirement charges on bonds. A district shall
8maintain an accounting system in accordance with generally accepted accounting
9principles and shall have its financial statements and debt covenants audited
10annually by an independent certified public accountant.
AB892-ASA2, s. 41
11Section
41. 779.14 (1m) (d) 2. b. of the statutes is amended to read:
AB892-ASA2,39,2312
779.14
(1m) (d) 2. b.
The Except as provided in sub. (4), the contract shall
13require the prime contractor to provide a payment and performance bond meeting
14the requirements of par. (e), unless the public body authorized to enter into the
15contract allows the prime contractor to substitute a different payment assurance for
16the payment and performance bond. The public body may allow a prime contractor
17to substitute a different payment and performance assurance for the payment and
18performance bond only if the substituted payment and performance assurance is for
19an amount at least equal to the contract price and is in the form of a bond, an
20irrevocable letter of credit or an escrow account acceptable to the public body. The
21public body shall establish written standards under this subd. 2. b. governing when
22a different payment and performance assurance may be substituted for a payment
23and performance bond under par. (e).
AB892-ASA2, s. 42
24Section
42. 779.14 (1m) (d) 3. of the statutes is amended to read:
AB892-ASA2,40,4
1779.14
(1m) (d) 3.
In Except as provided in sub. (4), in the case of a contract with
2a contract price exceeding $100,000, as indexed under sub. (1s), the contract shall
3require the prime contractor to obtain a payment and performance bond meeting the
4requirements under par. (e).
AB892-ASA2,40,96
779.14
(4) Bonding exemption. A contract with a local professional football
7stadium district under subch. IV of ch. 229 is not required under sub. (1m) (d) 2. b.
8or 3. to include a provision requiring the prime contractor to provide or obtain a
9payment and performance bond or other payment assurance.
AB892-ASA2,40,25
11946.15 Public construction contracts at less than full rate. (1) Any
12employer, or any agent or employe of an employer, who induces any person who seeks
13to be or is employed pursuant to a public contract as defined in s. 66.29 (1) (c) or who
14seeks to be or is employed on a project on which a prevailing wage rate determination
15has been issued by the department of workforce development under s. 66.293 (3),
16103.49 (3)
or, 103.50 (3)
or 229.8275 (3) or by a local governmental unit, as defined
17in s. 66.293 (1) (d), under s. 66.293 (6) to give up, waive or return any part of the
18compensation to which that person is entitled under his or her contract of
19employment or under the prevailing wage rate determination issued by the
20department or local governmental unit, or who reduces the hourly basic rate of pay
21normally paid to an employe for work on a project on which a prevailing wage rate
22determination has not been issued under s. 66.293 (3) or (6), 103.49 (3)
or, 103.50 (3)
23or 229.8275 (3) during a week in which the employe works both on a project on which
24a prevailing wage rate determination has been issued and on a project on which a
25prevailing wage rate determination has not been issued, is guilty of a Class E felony.
AB892-ASA2,41,14
1(2) Any person employed pursuant to a public contract as defined in s. 66.29
2(1) (c) or employed on a project on which a prevailing wage rate determination has
3been issued by the department of workforce development under s. 66.293 (3), 103.49
4(3)
or, 103.50 (3)
or 229.8275 (3) or by a local governmental unit, as defined in s.
566.293 (1) (d), under s. 66.293 (6) who gives up, waives or returns to the employer or
6agent of the employer any part of the compensation to which the employe is entitled
7under his or her contract of employment or under the prevailing wage determination
8issued by the department or local governmental unit, or who gives up any part of the
9compensation to which he or she is normally entitled for work on a project on which
10a prevailing wage rate determination has not been issued under s. 66.293 (3) or (6),
11103.49 (3)
or, 103.50 (3)
or 229.8275 (3) during a week in which the person works
12part-time on a project on which a prevailing wage rate determination has been
13issued and part-time on a project on which a prevailing wage rate determination has
14not been issued, is guilty of a Class C misdemeanor.
AB892-ASA2,41,24
15(3) Any employer or labor organization, or any agent or employe of an employer
16or labor organization, who induces any person who seeks to be or is employed on a
17project on which a prevailing wage rate determination has been issued by the
18department of workforce development under s. 66.293 (3), 103.49 (3)
or, 103.50 (3)
19or 229.8275 (3) or by a local governmental unit, as defined in s. 66.293 (1) (d), under
20s. 66.293 (6) to permit any part of the wages to which that person is entitled under
21the prevailing wage rate determination issued by the department or local
22governmental unit to be deducted from the person's pay is guilty of a Class E felony,
23unless the deduction would be permitted under
29 CFR 3.5 or
3.6 from a person who
24is working on a project that is subject to
40 USC 276c.
AB892-ASA2,42,9
1(4) Any person employed on a project on which a prevailing wage rate
2determination has been issued by the department of workforce development under
3s. 66.293 (3), 103.49 (3)
or, 103.50 (3)
or 229.8275 (3) or by a local governmental unit,
4as defined in s. 66.293 (1) (d), under s. 66.293 (6) who permits any part of the wages
5to which that person is entitled under the prevailing wage rate determination issued
6by the department or local governmental unit to be deducted from his or her pay is
7guilty of a Class C misdemeanor, unless the deduction would be permitted under
29
8CFR 3.5 or
3.6 from a person who is working on a project that is subject to
40 USC
9276c.
AB892-ASA2,42,1311
(1)
Taxation. The treatment of sections 71.05 (1) (c) 5., 71.26 (1) (bm) and (1m)
12(g), 71.36 (1m) and 71.45 (1t) (g) of the statutes first applies to taxable years
13beginning on January 1, 2000.
AB892-ASA2,42,22
14(2c) Prevailing wage. The treatment of sections 103.49 (3) (ar), 109.09 (1),
15111.322 (2m) (c), 227.01 (13) (t), 229.8275 and 946.15 of the statutes first applies to
16a contract under section 229.827 of the statutes, as created by this act, between a
17local professional football stadium district and a professional football team, as
18described in section 229.823 of the statutes, as created by this act, or a related party,
19as defined in section 229.821 (12) of the statutes, as created by this act, that requires
20the team or related party to acquire and construct football stadium facilities that are
21part of any facilities that are leased by the district to the team or to a related party
22entered, or extended, modified or renewed, on the effective date of this subsection.
AB892-ASA2, s. 45
23Section
45.
Effective dates. This act takes effect on the day after publication,
24except as follows:
AB892-ASA2,43,2
1(1)
The treatment of section 77.54 (45) of the statutes takes effect on the first
2day of the 2nd month beginning after publication.