SB45-SSA1,77,19
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.
SB45-SSA1,78,1321
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.
SB45-SSA1,79,2015
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.
SB45-SSA1,80,222
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.
SB45-SSA1, s. 150
3Section
150. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and
4amended to read:
SB45-SSA1,80,85
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
.:
SB45-SSA1, s. 151
9Section
151. 18.60 (5) (a) to (c) of the statutes are created to read:
SB45-SSA1,80,1010
18.60
(5) (a) Section 18.56.
SB45-SSA1,80,1111
(b) In the case of enterprise obligations, s. 18.561.
SB45-SSA1,80,1212
(c) In the case of special fund obligations, s. 18.562.
SB45-SSA1,80,2214
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.
SB45-SSA1,81,724
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.
SB45-SSA1, s. 154
8Section
154. 18.61 (3) (b) (intro.) of the statutes is amended to read:
SB45-SSA1,81,119
18.61
(3) (b) (intro.) The trustee may, and upon written request of the
holders 10owners of 25% in aggregate principal amount of the revenue obligations of the issue
11then outstanding shall, in the trustee's own name:
SB45-SSA1, s. 155
12Section
155. 18.61 (3) (b) 1. of the statutes is amended to read:
SB45-SSA1,81,1813
18.61
(3) (b) 1. By action or proceeding, enforce all rights of all
holders owners 14of the issue of revenue obligations, including the right to require the state to collect
15enterprise or program income
or special fund income adequate to carry out any
16agreement as to, or pledge of, such income and to require the state to carry out any
17other agreements with the
holders owners of the revenue obligations and to perform
18its duties under this subchapter;
SB45-SSA1, s. 156
19Section
156. 18.61 (3) (b) 3. of the statutes is amended to read:
SB45-SSA1,81,2120
18.61
(3) (b) 3. By action, require the state to account as if it were the trustee
21of an express trust for the
holders owners of the revenue obligations;
SB45-SSA1, s. 157
22Section
157. 18.61 (3) (b) 4. of the statutes is amended to read:
SB45-SSA1,81,2423
18.61
(3) (b) 4. By action, enjoin any acts or things which may be unlawful or
24in violation of the rights of the
holders owners of the revenue obligations; and
SB45-SSA1,82,4
118.61
(3) (c) The trustee shall have all of the powers necessary or appropriate
2for the exercise of any functions specifically set forth in this subchapter or incident
3to the general representation of the
holders owners of revenue obligations in the
4enforcement and protection of their rights.
SB45-SSA1,82,126
18.61
(4) Any public officer or public employe, as defined in s. 939.22 (30), and
7the surety on the person's official bond, or any other person participating in any
8direct or indirect impairment of any fund established under this subchapter, shall
9be liable in any action brought by the attorney general in the name of the state, or
10by any taxpayer of the state, or by the
holder of any evidence owner of revenue
11obligation payable in whole or in part, directly or indirectly, out of such fund, to
12restore to the fund all diversions from the fund.
SB45-SSA1,82,2214
18.61
(5) The legislature may provide, with respect to any specific issue of
15revenue obligations, prior to their issuance, that if the
special fund income or the 16enterprise or program income pledged to the payment of the principal and interest
17of the issue is insufficient for that purpose, it will consider supplying the deficiency
18by appropriation of funds, from time to time, out of the treasury. If the legislature
19so provides, the commission may make the necessary provisions therefor in the
20authorizing resolution and other proceedings of the issue. Thereafter, if the
21contingency occurs, recognizing its moral obligation to do so, the legislature hereby
22expresses its expectation and aspiration that it shall make such appropriation.
SB45-SSA1,83,924
19.32
(1) "Authority" means any of the following having custody of a record: a
25state or local office, elected official, agency, board, commission, committee, council,
1department or public body corporate and politic created by constitution, law,
2ordinance, rule or order; a governmental or quasi-governmental corporation except
3for the Bradley center sports and entertainment corporation; a local exposition
4district under subch. II of ch. 229;
a family care district under s. 46.2895; any court
5of law; the assembly or senate; a nonprofit corporation which receives more than 50%
6of its funds from a county or a municipality, as defined in s. 59.001 (3), and which
7provides services related to public health or safety to the county or municipality; a
8nonprofit corporation operating the Olympic ice training center under s. 42.11 (3);
9or a formally constituted subunit of any of the foregoing.
SB45-SSA1,83,1111
19.42
(13) (n) The members of the public broadcasting transitional board.
SB45-SSA1,83,2213
19.82
(1) "Governmental body" means a state or local agency, board,
14commission, committee, council, department or public body corporate and politic
15created by constitution, statute, ordinance, rule or order; a governmental or
16quasi-governmental corporation except for the Bradley center sports and
17entertainment corporation; a local exposition district under subch. II of ch. 229;
a
18family care district under s. 46.2895; a nonprofit corporation operating the Olympic
19ice training center under s. 42.11 (3); or a formally constituted subunit of any of the
20foregoing, but excludes any such body or committee or subunit of such body which
21is formed for or meeting for the purpose of collective bargaining under subch. I, IV
22or V of ch. 111.
SB45-SSA1, s. 166
23Section
166. 20.002 (11) (b) of the statutes is renumbered 20.002 (11) (b) 1. and
24amended to read:
SB45-SSA1,84,3
120.002
(11) (b) 1. The secretary of administration shall limit the total amount
2of any temporary reallocations to a fund other than the general fund to $400,000,000.
3The
SB45-SSA1,84,8
42. Except as provided in subd. 3, the secretary of administration shall limit the
5total amount of any temporary reallocations to the general fund at any one time
6during a fiscal year to an amount equal to 5% of the total amounts shown in the
7schedule under s. 20.005 (3) of appropriations of general purpose revenues,
8calculated by the secretary as of that time and for that fiscal year.
SB45-SSA1,84,10
94. This paragraph does not apply to reallocations from the budget stabilization
10fund to the general fund.
SB45-SSA1, s. 167
11Section
167. 20.002 (11) (b) 3. of the statutes is created to read:
SB45-SSA1,84,1812
20.002
(11) (b) 3. In addition to the amount permitted for temporary
13reallocations in subd. 2., the secretary may permit an additional 3% of the total
14amounts shown in the schedule under s. 20.005 (3) of appropriations of general
15purpose revenues, calculated by the secretary as of that time and for that fiscal year,
16to be used for temporary reallocations to the general fund but only if the reallocation
17is for a period not to exceed 30 days. Reallocations may not be made under this
18subdivision for consecutive periods.
SB45-SSA1, s. 168
19Section
168. 20.003 (4) of the statutes is renumbered 20.003 (4) (intro.) and
20amended to read:
SB45-SSA1,85,321
20.003
(4) Required general fund balance. (intro.) No bill directly or
22indirectly affecting general purpose revenues as defined in s. 20.001 (2) (a) may be
23enacted by the legislature if the bill would cause the estimated general fund balance
24on June 30 of any fiscal year
specified in this subsection, as projected under s. 20.005
25(1)
, to be an amount equal to less than
one percent the following percentage of the
1total general purpose revenue appropriations for that fiscal year plus any amount
2from general purpose revenue designated as "Compensation Reserves" for that fiscal
3year in the summary under s. 20.005 (1)
.:
SB45-SSA1, s. 169
4Section
169. 20.003 (4) (a) to (g) of the statutes are created to read:
SB45-SSA1,85,55
20.003
(4) (a) For fiscal year 1999-2000, 1%.
SB45-SSA1,85,66
(b) For fiscal year 2000-01, 1.1%.
SB45-SSA1,85,77
(c) For fiscal year 2001-02, 1.2%.
SB45-SSA1,85,88
(d) For fiscal year 2002-03, 1.4%.
SB45-SSA1,85,99
(e) For fiscal year 2003-04, 1.6%.
SB45-SSA1,85,1010
(f) For fiscal year 2004-05, 1.8%.
SB45-SSA1,85,1111
(g) For fiscal year 2005-06 and each fiscal year thereafter, 2%.
SB45-SSA1, s. 170
12Section
170. 20.005 (1) of the statutes is repealed and recreated to read:
SB45-SSA1,85,1513
20.005
(1) Summary of all funds. The budget governing fiscal operations for
14the state of Wisconsin for all funds beginning on July 1, 1999, and ending on June
1530, 2001, is summarized as follows: [See Figure 20.005 (1) following]
SB45-SSA1,85,1717
Figure: 20.005 (1)
SUMMARY OF APPROPRIATIONS — ALL FUNDS
-
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SUMMARY OF COMPENSATION RESERVES — ALL FUNDS
-
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SB45-SSA1, s. 171
2Section
171. 20.005 (2) of the statutes is repealed and recreated to read:
SB45-SSA1,87,53
20.005
(2) State borrowing program summary. The following schedule sets
4forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b)
5following]
SB45-SSA1,87,77
Figure: 20.005 (2) (a)
SB45-SSA1,87,88
SUMMARY OF BONDING AUTHORITY MODIFICATIONS
1999-01 FISCAL BIENNIUM
-
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SB45-SSA1,90,22
Figure: 20.005 (2) (b)
SB45-SSA1,90,33
GENERAL OBLIGATION AND
BUILDING CORPORATION DEBT SERVICE
FISCAL YEARS 1999-00 AND 2000-01
-
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-
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SB45-SSA1,97,34
20.005
(3) Appropriations. The following schedule sets forth all annual,
5biennial and sum certain continuing appropriations and anticipated expenditures
6from other appropriations for the programs and other purposes indicated. All
1appropriations are made from the general fund unless otherwise indicated. The
2letter abbreviations shown designating the type of appropriation apply to both fiscal
3years in the schedule unless otherwise indicated. [See Figure 20.005 (3) following]
SB45-SSA1,97,55
Figure: 20.005 (3)
SB45-SSA1,280,93
20.115
(1) (g)
Related services. The amounts in the schedule for the conduct of
4services related to food and trade regulation, including special and overtime meat
5inspection services under s. 97.42 (3), and investigative and audit services under ss.
693.06 (6) (b), 100.06 (1g) (c) and 100.07 (1)
. All, but excluding services financed under
7pars. (gf) and (h). Except as provided in pars. (gf) and (h), all moneys received from
8authorized service fees related to food and trade regulation shall be credited to this
9appropriation.
SB45-SSA1,280,1411
20.115
(1) (gf)
Fruit and vegetable inspection. The amounts in the schedule for
12fruit and vegetable inspection. All moneys received for the inspection of fruits and
13vegetables under ss. 93.06 (1m), 93.09 (10) and 100.03 (3) (a) 1. shall be credited to
14this appropriation account.
SB45-SSA1,281,6
120.115
(1) (gm)
Dairy trade regulation; dairy product and vegetable producer
2security and trade practices. The amounts in the schedule for the regulation of
3vegetable procurement under s. 100.03, of dairy plant financial condition under s.
4100.06 and of dairy trade practices under s. 100.201. All moneys received under ss.
5100.03 (3) (a)
2. and 3., 100.06 (9) and 100.201 (6) shall be credited to this
6appropriation.
SB45-SSA1,281,118
20.115
(1) (j)
Weights and measures inspection. The amounts in the schedule
9for weights and measures inspection, testing and enforcement under ch. 98. All
10moneys received under ss. 93.06 (1p),
94.64 (4) (a) 6., 94.72 (6) (a) 3., 97.30 (3) (am),
1198.04 (2), 98.05 (5), 98.16, 98.18 and 98.245 (7) shall be credited to this appropriation.