SB86-SSA2, s. 26
13Section
26. 18.57 (4) of the statutes is renumbered 18.57 (4) (intro.) and
14amended to read:
SB86-SSA2,13,1715
18.57
(4) (intro.) If, after all outstanding related revenue obligations have been
16paid or payment provided for, moneys remain in
any such a fund
, they created under
17sub. (1), all of the following shall occur:
SB86-SSA2,13,20
18(a) If the fund created under sub. (1) is in an account maintained by a trustee
19under s. 18.561 (9) (j) or 18.562 (5) (e), the moneys shall be paid over to the treasury
20and the.
SB86-SSA2,13,21
21(b) The fund
created under sub. (1) shall be closed.
SB86-SSA2,14,1023
18.58
(1) Management of funds and records. All funds established under this
24subchapter which are deposited in the state treasury shall be managed as provided
25by law for other state funds, subject to any contract rights vested in
holders owners
1of evidences of revenue obligation secured by such fund. The department of
2administration shall maintain full and correct records of each fund. The legislative
3audit bureau shall audit each fund as of January 1 of each year reconciling all
4transactions and showing the fair market value of all property on hand. All records
5and audits shall be public documents. All funds established under this subchapter
6which are deposited with a trustee under s.
18.56
18.561 (9) (j)
or 18.562 (5) (e) shall
7be managed in accordance with resolutions authorizing the issuance of revenue
8obligations, agreements between the commission and the trustee and any contract
9rights vested in
holders of evidence owners of revenue obligations secured by such
10fund.
SB86-SSA2,15,312
18.60
(1) The commission may authorize, for any one or more of the purposes
13described in s. 18.53 (1), the issuance of revenue-obligation refunding bonds.
14Refunding bonds may be issued, subject to any contract rights vested in
holders 15owners of bonds or notes being refinanced, to refinance more than one issue of bonds
16or notes notwithstanding that the bonds or notes may have been issued at different
17times for different purposes and may be secured by the property or income of more
18than one enterprise or program or may be public debt or building-corporation
19indebtedness. The principal amount of refunding bonds shall not exceed the sum of:
20the principal amount of the bonds or notes being refinanced; applicable redemption
21premiums; unpaid interest on the bonds or notes to the date of delivery or exchange
22of the refunding bonds; in the event the proceeds are to be deposited in trust as
23provided in sub. (3), interest to accrue on the bonds or notes from the date of delivery
24to the date of maturity or to the redemption date selected by the commission,
25whichever is earlier; and the expenses incurred in the issuance of the refunding
1bonds and the payment of the bonds or notes. A determination by the commission
2that a refinancing is advantageous or that any of the amounts provided in the
3preceding sentence should be included in the refinancing shall be conclusive.
SB86-SSA2,15,205
18.60
(2) If the commission determines to exchange refunding bonds, they may
6be exchanged privately for and in payment and discharge of any of the outstanding
7bonds or notes being refinanced. Refunding bonds may be exchanged for a like or
8greater principal amount of the bonds or notes being exchanged therefor except that
9the principal amount of the refunding bonds may exceed the principal amount of the
10bonds or notes being exchanged therefor only to the extent determined by the
11commission to be necessary or advisable to pay redemption premiums and unpaid
12interest to the date of exchange not otherwise provided for. The
holders owners of
13the bonds or notes being refunded who elect to exchange need not pay accrued
14interest on the refunding bonds if and to the extent that interest is accrued and
15unpaid on the bonds or notes being refunded and to be surrendered. If any of the
16bonds or notes to be refinanced are to be called for redemption, the commission shall
17determine which redemption dates shall be used, if more than one date is applicable
18and shall, prior to the issuance of the refunding bonds, provide for notice of
19redemption to be given in the manner and at the times required by the proceedings
20authorizing the outstanding bonds or notes.
SB86-SSA2, s. 30
21Section
30. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and
22amended to read:
SB86-SSA2,16,223
18.60
(5) (intro.) All
of the following provisions
of s. 18.56 that are not
24inconsistent with the express provisions of this section shall apply to refunding
1bonds
, except that the maximum permissible term shall be 50 years from the date
2of original issue of the oldest note or bond issue being refunded
.:
SB86-SSA2, s. 31
3Section
31. 18.60 (5) (a) to (c) of the statutes are created to read:
SB86-SSA2,16,44
18.60
(5) (a) Section 18.56.
SB86-SSA2,16,55
(b) In the case of enterprise obligations, s. 18.561.
SB86-SSA2,16,66
(c) In the case of special fund obligations, s. 18.562.
SB86-SSA2,16,168
18.61
(2) The state pledges and agrees with the
holders owners of
any evidences
9of revenue
obligation obligations that the state will not limit or alter its powers to
10fulfill the terms of any agreements made with the
holders owners or in any way
11impair the rights and remedies of the
holders owners until the revenue obligations,
12together with interest including interest on any unpaid instalments of interest, and
13all costs and expenses in connection with any action or proceeding by or on behalf of
14the
holders owners, are fully met and discharged. The commission may include this
15pledge and agreement of the state in any agreement with the
holders of notes or
16bonds and in any evidence owners of revenue obligation.
SB86-SSA2, s. 33
17Section
33. 18.61 (3) (a) of the statutes is amended to read:
SB86-SSA2,17,218
18.61
(3) (a) If the state fails to pay any revenue obligation in accordance with
19its terms, and default continues for a period of 30 days or if the state fails or refuses
20to comply with this subchapter or defaults in any agreement made with the
holders 21owners of any issue of revenue obligations, the
holders owners of 25% in aggregate
22principal amount of the revenue obligations of the issue then outstanding by
23instrument recorded in the office of the register of deeds of Dane county and approved
24or acknowledged in the same manner as a deed to be recorded may appoint a trustee
1to represent the
holders owners of the
notes or bonds revenue obligations for the
2purposes specifically provided in the instrument.
SB86-SSA2, s. 34
3Section
34. 18.61 (3) (b) (intro.) of the statutes is amended to read:
SB86-SSA2,17,64
18.61
(3) (b) (intro.) The trustee may, and upon written request of the
holders 5owners of 25% in aggregate principal amount of the revenue obligations of the issue
6then outstanding shall, in the trustee's own name:
SB86-SSA2, s. 35
7Section
35. 18.61 (3) (b) 1. of the statutes is amended to read:
SB86-SSA2,17,138
18.61
(3) (b) 1. By action or proceeding, enforce all rights of all
holders owners 9of the issue of revenue obligations, including the right to require the state to collect
10enterprise or program income adequate to carry out any agreement as to, or pledge
11of, such income and to require the state to carry out any other agreements with the
12holders owners of the revenue obligations and to perform its duties under this
13subchapter;
SB86-SSA2, s. 36
14Section
36. 18.61 (3) (b) 3. of the statutes is amended to read:
SB86-SSA2,17,1615
18.61
(3) (b) 3. By action, require the state to account as if it were the trustee
16of an express trust for the
holders owners of the revenue obligations;
SB86-SSA2, s. 37
17Section
37. 18.61 (3) (b) 4. of the statutes is amended to read:
SB86-SSA2,17,1918
18.61
(3) (b) 4. By action, enjoin any acts or things which may be unlawful or
19in violation of the rights of the
holders owners of the revenue obligations; and
SB86-SSA2, s. 38
20Section
38. 18.61 (3) (c) of the statutes is amended to read:
SB86-SSA2,17,2421
18.61
(3) (c) The trustee shall have all of the powers necessary or appropriate
22for the exercise of any functions specifically set forth in this subchapter or incident
23to the general representation of the
holders owners of revenue obligations in the
24enforcement and protection of their rights.
SB86-SSA2,18,7
118.61
(4) Any public officer or public employe, as defined in s. 939.22 (30), and
2the surety on the person's official bond, or any other person participating in any
3direct or indirect impairment of any fund established under this subchapter, shall
4be liable in any action brought by the attorney general in the name of the state, or
5by any taxpayer of the state, or by the
holder of any evidence owner of revenue
6obligation payable in whole or in part, directly or indirectly, out of such fund, to
7restore to the fund all diversions from the fund.
SB86-SSA2, s. 40
8Section
40. 20.005 (3) (schedule) of the statutes: at the appropriate place,
9insert the following amounts for the purposes indicated:
-
See PDF for table SB86-SSA2, s. 41
10Section
41. 20.143 (3) (Lm) of the statutes is created to read:
SB86-SSA2,18,1311
20.143
(3) (Lm)
Petroleum storage remedial action fees. The amounts in the
12schedule for the administration of ss. 101.143 and 101.144. All moneys received
13under s. 101.143 (2) (L) shall be credited to this appropriation account.
SB86-SSA2, s. 42
14Section
42. 20.143 (3) (s) of the statutes is created to read:
SB86-SSA2,19,315
20.143
(3) (s)
Petroleum inspection fund — revenue obligation proceeds. As a
16continuing appropriation, all proceeds from revenue obligations that are issued
17under subch. II or IV of ch. 18, authorized under s. 101.143 (9m) and deposited in a
18fund in the state treasury created under s. 18.57 (1), to provide for reserves and for
19expenses of issuance and management of the revenue obligations, and the remainder
1to be transferred to the petroleum inspection fund for the purposes of the petroleum
2storage remedial action program under s. 101.143. Estimated disbursements under
3this paragraph shall not be included in the schedule under s. 20.005.
SB86-SSA2, s. 43
4Section
43. 20.143 (3) (t) of the statutes is created to read:
SB86-SSA2,19,95
20.143
(3) (t)
Petroleum inspection fund -- revenue obligation repayment. From
6the petroleum inspection fund, a sum sufficient to repay the fund in the state
7treasury created under s. 18.57 (1), or the separate and distinct fund outside the state
8treasury under s. 18.562 (3) and (5) (e), the amount needed to retire revenue
9obligations issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m).
SB86-SSA2, s. 44
10Section
44. 20.143 (3) (u) of the statutes is created to read:
SB86-SSA2,19,2011
20.143
(3) (u)
Revenue obligation debt service -- petroleum inspection fund. 12From the fund in the state treasury created under s. 18.57 (1), all moneys received
13by the fund for the purpose of the retirement of revenue obligations, providing for
14reserves and for operations relating to the management and retirement of revenue
15obligations issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m).
16All moneys received by the fund are irrevocably appropriated in accordance with
17subch. II of ch. 18 and further established in resolutions authorizing the issuance of
18the revenue obligations and setting forth the distribution of funds to be received
19thereafter. Estimated disbursements under this paragraph shall not be included in
20the schedule under s. 20.005.
SB86-SSA2, s. 45
21Section
45. 20.143 (3) (v) of the statutes is amended to read:
SB86-SSA2,20,322
20.143
(3) (v)
Petroleum storage environmental remedial action; awards. 23Biennially, from the petroleum inspection fund, the amounts in the schedule to pay
24awards under s. 101.143
and, legal costs incurred under s. 101.143 (7m)
, amounts
25to reduce principal of outstanding revenue obligations issued pursuant to s. 101.143
1(9m) and, if the department promulgates rules under s. 101.143 (2) (em) 1., to
2purchase, or provide funding to purchase, insurance described in s. 101.143 (2) (em)
32.
SB86-SSA2, s. 46
4Section
46. 20.143 (3) (vb) of the statutes is created to read:
SB86-SSA2,20,105
20.143
(3) (vb)
Petroleum storage environmental remedial action revenue
6bonding; awards. From the petroleum inspection fund, a sum sufficient not to exceed
7the net proceeds of special fund obligations issued pursuant to s. 101.143 (9m) to pay
8awards under s. 101.143 (4) and legal costs incurred under s. 101.143 (7m).
9Estimated disbursements under this paragraph shall not be included in the schedule
10under s. 20.005.
SB86-SSA2, s. 47
11Section
47. 25.47 of the statutes is renumbered 25.47 (intro.) and amended
12to read:
SB86-SSA2,20,14
1325.47 Petroleum inspection fund. (intro.) There is established a separate
14nonlapsible trust fund designated as the petroleum inspection fund, to consist of
the:
SB86-SSA2,20,15
15(1) The fees imposed under s. 168.12 (1)
, the.
SB86-SSA2,20,16
16(2) The payments under s. 101.143 (4) (h) 1m.
, the
SB86-SSA2,20,17
17(3) The payments under s. 101.143 (5) (a)
and the.
SB86-SSA2,20,18
18(4) The net recoveries under s. 101.143 (5) (c).
SB86-SSA2,20,2020
25.47
(1m) Any fees imposed under s. 101.143 (2) (em) 1.
SB86-SSA2,20,2322
25.47
(5) The moneys transferred from the appropriation account under s.
2320.143 (3) (s).
SB86-SSA2,21,3
125.47
(6) The net proceeds of revenue obligations issued under s. 101.143 (9m)
2that are transferred from a separate and distinct fund outside the state treasury, in
3an account maintained by a trustee, under s. 18.562 (3) and (5) (e).
SB86-SSA2,21,155
45.79
(9) (a) All moneys received from any source for repayment of loans,
6mortgages or mortgage loan notes funded with proceeds of revenue obligations
7issued under sub. (6) (c) shall be deposited into one or more separate nonlapsible
8trust funds in the state treasury or with a trustee as provided in s.
18.56 18.561 (9)
9(j)
or 18.562 (5) (e). The board may pledge revenues received by the funds to secure
10revenue obligations issued under sub. (6) (c) and shall have all other powers
11necessary and convenient to distribute the proceeds of the revenue obligations and
12loan repayments in accordance with subch. II of ch. 18. Unrestricted balances in the
13funds may be used to fund additional loans issued under sub. (6) (c) and pay the
14balances owing on loans after the assumptions of the loans or the closings of the sales
15of residences under sub. (10) (c).
SB86-SSA2,21,2217
84.59
(2) The department may, under s.
18.56 18.561 (5) and (9) (j)
or 18.562
18(3) and (5) (e), deposit in a separate and distinct fund outside the state treasury, in
19an account maintained by a trustee, revenues derived under s. 341.25. The revenues
20deposited are the trustee's revenues in accordance with the agreement between this
21state and the trustee or in accordance with the resolution pledging the revenues to
22the repayment of revenue obligations issued under this section.
SB86-SSA2, s. 53
23Section
53. 85.52 (5) (c) of the statutes is amended to read:
SB86-SSA2,22,624
85.52
(5) (c) The department of administration may, under s.
18.56 18.561 (5)
25and (9) (j)
or 18.562 (3) and (5) (e), deposit in a separate and distinct fund in the state
1treasury or in an account maintained by a trustee outside the state treasury, any
2portion of the revenues derived under s. 25.405 (2). The revenues deposited with a
3trustee outside the state treasury are the trustee's revenues in accordance with the
4agreement between this state and the trustee or in accordance with the resolution
5pledging the revenues to the repayment of revenue obligations issued under this
6subsection.
SB86-SSA2, s. 54
7Section
54. 101.143 (1) (bm) of the statutes is created to read:
SB86-SSA2,22,98
101.143
(1) (bm) "Enforcement standard" has the meaning given in s. 160.01
9(2).
SB86-SSA2, s. 55
10Section
55. 101.143 (1) (cq) of the statutes is created to read:
SB86-SSA2,22,1311
101.143
(1) (cq) "Natural attenuation" means the reduction in the
12concentration and mass of a substance, and the products into which the substance
13breaks down, due to naturally occurring physical, chemical and biological processes.
SB86-SSA2, s. 56
14Section
56. 101.143 (2) (em) of the statutes is created to read:
SB86-SSA2,22,1915
101.143
(2) (em) 1. The department may promulgate rules that specify a fee
16that must be paid by a service provider as a condition of submitting a bid to conduct
17an activity under sub. (3) (c) for which a claim for reimbursement under this section
18will be submitted. Any fees collected under the rules shall be deposited into the
19petroleum inspection fund.
SB86-SSA2,22,2320
2. If the department promulgates rules under subd. 1., the department may
21purchase, or provide funding for the purchase of, insurance to cover the amount by
22which the costs of conducting activities under sub. (3) (c) exceed the amount bid to
23conduct those activities.
SB86-SSA2, s. 57
24Section
57. 101.143 (2) (h) of the statutes is created to read:
SB86-SSA2,23,4
1101.143
(2) (h) The department of commerce and the department of natural
2resources, jointly, shall promulgate rules designed to facilitate effective and
3cost-efficient administration of the program under this section that specify all of the
4following:
SB86-SSA2,23,75
1. Information that must be submitted under this section, including quarterly
6summaries of costs incurred with respect to a discharge for which a claim is intended
7to be submitted under sub. (3) but for which a final claim has not been submitted.
SB86-SSA2,23,88
2. Formats for submitting the information under subd. 1.
SB86-SSA2,23,119
3. Review procedures that must be followed by employes of the department of
10natural resources and the department of commerce in reviewing the information
11submitted under subd. 1.
SB86-SSA2, s. 58
12Section
58. 101.143 (2) (i) of the statutes is created to read:
SB86-SSA2,23,1813
101.143
(2) (i) The department of commerce and the department of natural
14resources, jointly, shall promulgate rules specifying procedures for evaluating
15remedial action plans and procedures to be used by employes of the department of
16commerce and the department of natural resources while remedial actions are being
17conducted. The departments shall specify procedures that include all of the
18following:
SB86-SSA2,23,2119
1. Annual reviews that include application of the method in the rules
20promulgated under sub. (2e) (b) to determine the risk posed by discharges that are
21the subject of the remedial actions.
SB86-SSA2,23,2322
2. Annual reports by consultants estimating the additional costs that must be
23incurred to comply with sub. (3) (c) 3. and with enforcement standards.
SB86-SSA2,23,2524
3. A definition of "reasonable time" for the purpose of determining whether
25natural attenuation may be used to achieve enforcement standards.
SB86-SSA2,24,1
14. Procedures to be used to measure concentrations of contaminants.
SB86-SSA2, s. 59
2Section
59. 101.143 (2) (j) of the statutes is created to read:
SB86-SSA2,24,43
101.143
(2) (j) The department of commerce and the department of natural
4resources, jointly, shall promulgate rules specifying all of the following:
SB86-SSA2,24,65
1. The conditions under which employes of the department of commerce and
6the department of natural resources must issue approvals under sub. (3) (c) 4.
SB86-SSA2,24,87
2. Training and management procedures to ensure that employes comply with
8the requirements under subd. 1.
SB86-SSA2, s. 60
9Section
60. 101.143 (2) (k) of the statutes is created to read:
SB86-SSA2,24,2110
101.143
(2) (k) In promulgating rules under pars. (h) to (j), the department of
11commerce and the department of natural resources shall attempt to reach an
12agreement that is consistent with those provisions. If the department of commerce
13and the department of natural resources are unable to reach an agreement, they
14shall refer the matters on which they are unable to agree to the secretary of
15administration for resolution. The secretary of administration shall resolve any
16matters on which the departments disagree in a manner that is consistent with pars.
17(h) to (j). The department of commerce and the department of natural resources,
18jointly, shall promulgate rules incorporating any agreement between the
19department of commerce and the department of natural resources under this
20paragraph and any resolution of disagreements between the departments by the
21secretary of administration under this paragraph.
SB86-SSA2, s. 61
22Section
61. 101.143 (2) (L) of the statutes is created to read:
SB86-SSA2,25,223
101.143
(2) (L) The department may promulgate rules for the assessment
24and collection of fees to recover its costs for providing approval under sub. (3) (c)
254. and for providing other assistance requested by applicants under this section.
1Any moneys collected under this paragraph shall be credited to the appropriation
2account under s. 20.143 (3) (Lm).