AB710, s. 161
17Section
161. 66.0585 of the statutes is renumbered 66.0435 (9) and amended
18to read:
AB710,118,2519
66.0435
(9) Municipalities; parking fees on mobile homes. Any municipality 20A licensing authority may assess parking fees at the rates under
s. 66.058 this
21section on mobile homes, as defined in s. 70.111 (19) except mobile homes which are
22located in campgrounds licensed under s. 254.47 and mobile homes which are located
23on land where the principal residence of the owner of the mobile home is located,
24regardless of whether
or not the mobile home is occupied during all or part of any
25calendar year.
AB710, s. 162
1Section
162. 66.059 of the statutes is renumbered 66.0619, and 66.0619 (1)
2(intro.), (b) and (c), (2), (2m) (a) and (d), (4) (a) and (c) and (5) to (7), as renumbered,
3are amended to read:
AB710,119,104
66.0619
(1) (intro.)
Any county, town, sanitary district, public inland lake
5protection and rehabilitation district, city or village A municipality, in addition to
6any other authority to borrow money and issue its municipal obligations, may
also 7borrow money and issue its public improvement bonds to finance the cost of
8construction or acquisition, including site acquisition, of any revenue-producing
9public improvement of
such the municipality. In this section, unless the context or
10subject matter otherwise requires:
AB710,119,1611
(b) "Deficiency" means the amount by which debt service required to be paid
12in
any a calendar year exceeds the amount of revenues estimated to be derived from
13the ownership and operation of the public improvement for
such the calendar year,
14after first subtracting from the estimated revenues the estimated cost of paying the
15expenses of operating and maintaining the public improvement for
such the calendar
16year.
AB710,119,1817
(c) "Municipality" means
a county, sanitary district, public inland lake
18protection and rehabilitation district, town, city or village.
AB710,120,9
19(2) The governing body of the municipality proposing to issue public
20improvement bonds shall adopt a resolution authorizing their issuance. The
21resolution shall set forth the amount of bonds authorized, or a sum not to exceed a
22stated amount, and the purpose for which the bonds are to be issued. The resolution
23shall prescribe the terms, form and contents of the bonds and
such other matters
as 24that the governing body
deems considers necessary or advisable. The bonds may be
25in any denomination of not less than $1,000, shall bear interest payable annually or
1semiannually, shall be payable not later than 20 years from the date of the bonds, at
2such times and places
as that the governing body determines, and may be subject to
3redemption prior to maturity on
such terms and conditions
as that the governing
4body determines. The bonds may be issued either payable to bearer with interest
5coupons attached
thereto to the bonds or may be registered under s. 67.09. The bonds
6may be sold at public competitive sale or by private negotiation
at the discretion of
7the governing body. Sections 67.08 and 67.10 apply to public improvement bonds,
8except insofar as they are in conflict
herewith with this section, in which case this
9section controls.
AB710,120,18
10(2m) (a) A resolution, adopted under sub. (2) by the governing body of a
11municipality, need not be submitted to the electors of the municipality for approval,
12unless within 30 days after the resolution is adopted there is filed with the clerk of
13the municipality a petition
, conforming to the requirements of s. 8.40
and requesting
14a referendum
thereon on the resolution, signed by electors numbering at least 10%
15of the votes cast in the municipality for governor at the last general election.
Any 16A resolution, adopted under sub. (2)
at the discretion of the municipal governing
17body, may be submitted
by the governing body of the municipality to the electors
18without waiting for the filing of a petition.
AB710,120,2219
(d) The
election referendum shall be held and conducted and the votes cast
20thereat shall be canvassed as at regular municipal elections and the results certified
21to the municipal clerk. A majority of all votes cast in the municipality
shall decide 22decides the question.
AB710,121,2
23(4) (a) Gross revenues derived from the ownership and operation of the public
24improvement shall be first pledged to debt service on issued public improvement
25bonds. When in excess of
such obligation debt service, the revenues
shall be are
1subject to
all of the following requirements set by resolution or ordinance of the
2governing body fixing:
AB710,121,53
1. The proportion of revenues of the public improvement necessary for the
4reasonable and proper operation and maintenance
thereof; and of the public
5improvement.
AB710,121,86
2. The proportion of revenues necessary for the payment of debt service on the
7public improvement bonds.
Such The revenues shall be paid into a special fund in
8the treasury of the municipality known as the "Public Improvement Bond Account".
AB710,121,119
(c) All funds on deposit in a public improvement bond account, which are not
10immediately required for the purposes specified in this section, shall be invested in
11accordance with s.
66.04 66.0605.
AB710,121,19
12(5) Annually, on or before August 1 the officer or department of the
13municipality responsible for the operation of the public improvement shall file with
14the governing body, or its designated representative, a detailed statement setting
15forth the amount of the debt service on the public improvement bonds issued for the
16public improvement for the succeeding calendar year and an estimate for
such that 17year of the total revenues to be derived from the ownership and operation of the
18public improvement and the total cost of operating and maintaining the public
19improvement.
AB710,122,2
20(6) (a) If it is determined that there will be a deficiency for the ensuing calendar
21year, the municipality shall make up the deficiency, but the obligation to do so
shall
22be is limited to a sum which
shall does not cause the municipality to exceed its
23municipal debt limits. The deficiency may be made up by the municipality from any
24revenues available
therefor revenues, including a tax levy. The amount contributed
25by the municipality shall be deposited in the public improvement bond account and
1applied to the payment of debt service. Taxes levied under this paragraph
shall are 2not
be subject to statutory limitations of rate or amount.
AB710,122,63
(b) The amount of any deficiency determined under par. (a) for the ensuing
4calendar year shall be related to the total debt service for
such that year.
Such The 5ratio
shall determine determines the outstanding indebtedness of the issue to be
6reflected as part of the municipality's indebtedness for the year.
AB710,122,19
7(7) Whenever If revenue bonds have been issued by a municipality pursuant
8to law and an ordinance authorizing their issuance without limitation as to amount
9has been enacted by the governing body of the municipality, public improvement
10bonds may be issued under the ordinance with the same effect as though they were
11revenue bonds.
Such The bonds
shall be are public improvement bonds and this
12section
shall apply t
hereto applies to the bonds, except that nothing contained in this
13subsection shall
in any way impair the contract between the municipality and the
14holders of
any outstanding revenue bonds.
Whatever liens have been Liens created
15in favor of any outstanding revenue bonds issued under the ordinance
shall apply to
16public improvement bonds
so issued
under this subsection. The public improvement
17bonds
shall be are payable on a parity with the revenue bonds issued under the
18ordinance if the public improvement bonds are issued in compliance with the
19requirements of the ordinance for the issuance of parity bonds under the ordinance.
Note: Replaced by s. 66.0725, created by Section 235.
AB710, s. 164
21Section
164. Subchapter VI (title) of chapter 66 [precedes 66.0601] of the
22statutes is created to read:
AB710,122,2323
Chapter 66
AB710,123,2
1Subchapter VI
2
Finance; Revenues
AB710, s. 165
3Section
165. 66.0601 (1) (title) of the statutes is created to read:
AB710,123,44
66.0601
(1) (title)
Prohibited appropriations.
AB710, s. 166
5Section
166. 66.0601 (1) (b) (title) of the statutes is created to read:
AB710,123,66
66.0601
(1) (b) (title)
Payments for abortions restricted.
AB710, s. 167
7Section
167. 66.0601 (1) (c) (title) of the statutes is created to read:
AB710,123,88
66.0601
(1) (c) (title)
Payments for abortion-related activity restricted.
AB710, s. 168
9Section
168. 66.0603 (title) of the statutes is created to read:
AB710,123,10
1066.0603 (title)
Investments.
AB710, s. 169
11Section
169. 66.061 of the statutes is renumbered 66.0815, and 66.0815 (title),
12(1) (a), (c) and (d) and (2), as renumbered, are amended to read:
AB710,123,17
1366.0815 (title)
Franchises; Public utility franchises and service
14contracts. (1) (a)
Any A city, village or town may grant to any person
or corporation 15the right to construct and operate
therein a water system or to furnish light, heat or
16power a public utility in the city, village or town, subject to reasonable rules and
17regulations prescribed by ordinance.
Note: Expands the franchise authority under sub. (1) to include any public
utility.
AB710,124,518
(c)
No such ordinance shall be operative An ordinance under sub. (1) may not
19take effect until 60 days after passage and publication unless sooner approved by a
20referendum. Within
that time the 60-day period electors equal in number to
20 per
21cent 20% of those voting at the last regular municipal election, may
demand petition
22for a referendum. The
demand petition shall be in writing and filed with the clerk.
23Each signer shall state his or her
occupation and residence and signatures shall be
1verified by the affidavit of an elector. The referendum shall be held at the next
2regular municipal election, or at a special election within 90 days of the filing of the
3demand, and the petition. The ordinance
shall may not
be effective take effect unless
4approved by a majority of the votes cast
thereon. This paragraph
shall does not apply
5to extensions by a utility previously franchised by the village
or, city
or town.
AB710,124,136
(d)
Whenever any If a city or village at the time of its incorporation included
7within its corporate limits territory in which a public utility,
prior to such before the 8incorporation, had been lawfully engaged in rendering public utility service,
such the 9public utility
shall be deemed to possess possesses a franchise to operate in
such the 10city or village to the same extent as
though such
if the franchise had been formally
11granted by ordinance
duly adopted by the governing body of
such the city or village.
12This paragraph
shall does not apply to any public utility organized under this
13chapter.
AB710,124,22
14(2) Service contracts. (a)
Cities, villages and towns A city, village or town may
15contract for furnishing light, heat, water
, or motor bus or other systems of public
16transportation to the municipality or
to the its inhabitants
thereof for a period of not
17more than 30 years or for an indeterminate period if the prices are subject to
18adjustment at intervals of not greater than 5 years. The public service commission
19shall have has jurisdiction
relative to over the rates and service to any city, village
20or town where light, heat or water is furnished to
such the city, village or town under
21any contract or arrangement, to the same extent that the public service commission
22has jurisdiction where that service is furnished directly to the public.
AB710,125,223
(b) When a city, village or town has contracted for water, lighting service
, or 24motor bus or other systems of public transportation to the municipality the cost may
25be raised by tax levy. In making payment to the owner of the utility a sum equal to
1the amount due the city, village or town from
such the owner for taxes or special
2assessments may be deducted.
AB710,125,43
(c) This subsection
shall apply applies to every city, village and town regardless
4of any charter limitations on the tax levy for water or light.
AB710,125,145
(d)
When any If a privately owned motor bus or public transportation system
6in a city, village or town fails to provide service for a period in excess of 30 days, and
7the owner or stockholders of the privately owned motor bus or public transportation
8system have announced an intention to abandon service, the governing body of the
9affected municipality may without referendum furnish or contract for the furnishing
10of other motor bus or public transportation service to the municipality and its
11inhabitants and to the users of the defaulting prior service for a period of not more
12than one year. This
section shall paragraph does not authorize a municipality to hire,
13directly or indirectly, any strikebreaker or other person for the purpose of replacing
14employes of
said the motor bus or public transportation system engaged in a strike.
AB710, s. 170
15Section
170
. 66.0627 of the statutes is created to read:
AB710,125,21
1666.0627 Special charges for current services. (1) In this section, "service"
17includes snow and ice removal, weed elimination, street sprinkling, oiling and
18tarring, repair of sidewalks or curb and gutter, garbage and refuse disposal,
19recycling, storm water management, including construction of storm water
20management facilities, tree care, removal and disposition of dead animals under s.
2160.23 (20), soil conservation work under s. 92.115, and snow removal under s. 86.105.
AB710,125,25
22(2) Except as provided in sub. (5), the governing body of a city, village or town
23may impose a special charge against real property for current services rendered by
24allocating all or part of the cost of the service to the property served. The authority
25under this section is in addition to any other method provided by law.
AB710,126,2
1(3) (a) Except as provided in par. (b), the governing body of the city, village or
2town may determine the manner of providing notice of a special charge.
AB710,126,113
(b) Before a special charge for street tarring or the repair of sidewalks, curbs
4or gutters may be imposed, a public hearing shall be held by the governing body on
5whether the service in question will be funded in whole or in part by a special charge.
6Any interested person may testify at the hearing. Notice of the hearing shall be by
7class 1 notice under ch. 985, published at least 20 days before the hearing. A copy
8of the notice shall be mailed at least 10 days before the hearing to each interested
9person whose address is known or can be ascertained with reasonable diligence. The
10notice under this paragraph shall state the date, time and location of the hearing,
11the subject matter of the hearing and that any interested person may testify.
AB710,126,16
12(4) A special charge is not payable in instalments. If a special charge is not paid
13within the time determined by the governing body, the special charge is delinquent.
14A delinquent special charge becomes a lien on the property against which it is
15imposed as of the date of delinquency. The delinquent special charge shall be
16included in the current or next tax roll for collection and settlement under ch. 74.
AB710,126,19
17(5) Except with respect to storm water management, including construction of
18storm water management facilities, no special charge may be imposed under this
19section to collect arrearages owed a municipal public utility.
AB710,126,22
20(6) If a special charge imposed under this section is held invalid because this
21section is found unconstitutional, the governing body may reassess the special
22charge under any applicable law.
Note: Restates s. 66.60 (16), relating to special charges, and renumbers the
provision to make it a separate section within ch. 66.
In addition:
1. Expands the examples in the definition of "service" to expressly include
removal and disposition of dead animals under s. 60.23 (20), conservation work
under s. 92.115 [as renumbered by this bill] and snow removal under s. 86.105.
Previously, these services were authorized to be funded by special assessment
under s. 66.345, repealed by this bill. See Section 372 of this bill.
2. Expands the examples in the definition of "service" to expressly include
"recycling" to reflect prevailing interpretation and current practice.
AB710, s. 171
1Section
171
. 66.064 of the statutes is renumbered 66.0807 and amended to
2read:
AB710,127,4
366.0807 Joint operation of public utility or public transportation
4system. Any
AB710,128,2
5(2) A city, village or town served by
any a privately owned public utility, motor
6bus or other systems of public transportation rendering local service may contract
7with the owner
thereof of the utility or system for the leasing, public operation, joint
8operation, extension and improvement
of the utility or system by the municipality
; 9or
, with funds loaned by the municipality,
may contract for the stabilization by
10municipal guaranty of the return upon or for the purchase by instalments out of
11earnings or otherwise of that portion of
said the public utility
or system which is
12operated within
such the municipality and any territory immediately adjacent and
13tributary
thereto to the municipality; or
may contract for the accomplishment of any
14object agreed upon between the parties relating to the use, operation, management,
15value, earnings, purchase, extension, improvement, sale, lease or control of
such the
16utility or system property. The provisions of s.
66.07 66.0817 relating to preliminary
17agreement
, and approval by the department of transportation or public service
18commission
, and ratification by the electors, shall be applicable apply to the
19contracts authorized by this section. The department of transportation or public
20service commission shall, when
any such a contract
under this section is approved
21by it and consummated, cooperate with the parties in respect to making valuations,
1appraisals, estimates and other determinations specified in
such the contract to be
2made by it.
Note: In order to facilitate public-private cooperation, deletes the referendum
requirement for preliminary contracts.
See, also, Section 237
.
AB710, s. 172
3Section
172. 66.065 (title) of the statutes is renumbered 66.0803 (title) and
4amended to read:
AB710,128,6
566.0803 (title)
Acquisition of public utility or bus transportation
6system.
AB710, s. 173
7Section
173. 66.065 (1), (2), (3), (4) and (4a) of the statutes are renumbered
866.0803 (1) (a), (b), (c), (d) and (e), and 66.0803 (1) (a) and (c) to (e), as renumbered,
9are amended to read:
AB710,129,410
66.0803
(1) (a)
Any A town, village or city may construct, acquire or lease any
11plant and equipment located
within or without in or outside the municipality,
and 12including interest in or lease of land, for furnishing water, light, heat
, or power, to
13the municipality
, or
to its inhabitants; may acquire a controlling portion of the stock
14of any corporation owning private waterworks or lighting plant and equipment; and
15may purchase the equity of redemption in a mortgaged or bonded waterworks or
16lighting system, including
the cases where the municipality
shall in the franchise
17have has reserved right to purchase. The character or duration of the franchise,
18permit or grant under which any public utility is operated
, shall does not affect the
19power to acquire the
same hereunder public utility under this subsection. Two or
20more public utilities owned by the same person or corporation, or 2 or more public
21utilities subject to the same lien or charge, may be acquired as a single enterprise
22under any proceeding heretofore begun or hereafter commenced, and the. The board
23or council may
at any time agree with the owner or owners of any public utility or
1utilities
as to on the
agreed value
thereof, of the utility or utilities and
to may contract
2to purchase or acquire
the same hereunder at
such that value, upon
such those terms
3and conditions
as may be mutually agreed upon between
said the board or council
4and
said the owner or owners.
AB710,129,75
(c) The notice of the referendum shall include a general statement of the plant
6and equipment
or part thereof it is proposed to
acquire or construct be constructed,
7acquired or leased and of the manner of payment.
AB710,129,128
(d)
Referendum elections Referenda under this section
shall may not be held
9oftener than once a year, except that a referendum
so held for the acquisition, lease
10or construction of any of the types of property enumerated in
sub. (1) shall par. (a)
11does not bar the holding of one referendum in the same year for the acquisition and
12operation of a bus transportation system by the municipality.
AB710,129,1913
(e) The provisions of
subs. (2), (3) and (4) shall
pars. (b) to (d) do not apply to
14the acquisition of any plant, equipment or public utility for furnishing water service
15when
such the plant, equipment or utility is acquired by the municipality by
16dedication or without monetary or financial consideration.
After a public utility is
17constructed, acquired or leased under this subsection, pars. (b) to (d) do not apply to
18any subsequent construction, acquisition or lease in connection with that public
19utility.
Note: The 2nd sentence of par. (e) clarifies that once a successful referendum is
held on a public utility acquisition, construction or lease, no additional
referenda are required for any subsequent construction, acquisition or lease in
connection with that public utility.
AB710, s. 174
20Section
174. 66.065 (5), (6) and (7) of the statutes are renumbered 66.0803 (2)
21(a) to (c) and amended to read:
AB710,130,722
66.0803
(2) (a)
Any A city, village or town may by action of its governing body
23and with a referendum vote provide, acquire, own, operate or engage in a municipal
1bus transportation system where no existing bus, rail or other local transportation
2system exists in
such the municipality.
Any A city, village or town in which there
3exists any local transportation system by similar action and referendum vote may
4acquire, own, operate or engage in the operation of a municipal bus transportation
5system upon acquiring the local transportation system by voluntary agreement with
6the owners
thereof of the system, or pursuant to law, or upon securing a certificate
7from the department of transportation under s. 194.23.
AB710,130,128
(b)
Any A street motor bus transportation company operating pursuant to ch.
9194 shall, by acceptance of authority under that chapter, be deemed to have
10consented to a purchase of its property actually used and useful for the convenience
11of the public by the municipality in which the major part of
such the property is
12situated or operated.
AB710,130,1613
(c)
Any A city, village or town providing or acquiring a motor bus transportation
14system under
the provisions of this section may finance
such the construction or
15purchase in any manner
now authorized
in respect of for the construction or
16purchase of a public utility.
AB710, s. 175
17Section
175. 66.066 (title), (1) to (1m) and (2) (intro.) and (a) to (i) of the
18statutes are renumbered 66.0621 (title), (1) to (3) and (4) (intro.) and (a) to (i), and
1966.0621 (1) (a) and (b), (2), (3) and (4) (intro.) and (a) to (i), as renumbered, are
20amended to read:
AB710,131,621
66.0621
(1) (a) "Municipality" means
any a city, village, town, county,
22commission created by contract under s.
66.30 66.0301, public inland lake protection
23and rehabilitation district established under s. 33.23, 33.235 or 33.24, metropolitan
24sewerage district created under ss.
66.20 to 66.26 or 66.88 to 66.918 200.01 to 200.15
25and 200.21 to 200.65, town sanitary district under subch. IX of ch. 60, a local
1professional baseball park district created under subch. III of ch. 229 or a municipal
2water district or power district under ch. 198 and any other public or quasi-public
3corporation, officer, board or other public body empowered to borrow money and issue
4obligations to repay the
same money and obligations out of revenues. "Municipality"
5does not include the state or a local exposition district created under subch. II of ch.
6229.
AB710,131,167
(b)
For purposes of financing under this section, "public "Public utility" means
8any revenue producing facility or enterprise owned by a municipality and operated
9for a public purpose as defined in s. 67.04 (1) (b)
or undertaken by a municipality
10under s. 66.067 including garbage incinerators, toll bridges, swimming pools, tennis
11courts, parks, playgrounds, golf links, bathing beaches, bathhouses, street lighting,
12city halls, village halls, town halls, courthouses, jails, schools, cooperative
13educational service agencies, hospitals, homes for the aged or indigent, child care
14centers, as defined in s. 231.01 (3c), regional projects, waste collection and disposal
15operations, sewerage systems, local professional baseball park facilities and any
16other necessary public works projects undertaken by a municipality.
AB710,131,22
17(2) Nothing in this This section
shall be construed to does not limit the
18authority of
any a municipality to acquire, own, operate and finance in the manner
19provided in this section a source of water and necessary transmission facilities,
20including all real and personal property, beyond its corporate limits. A source of
21water 50 miles beyond a municipality's corporate limits shall be within the
22municipality's authority.
AB710,132,5
23(3) Any A municipality may, by action of its governing body, provide for
24purchasing, acquiring, leasing, constructing, extending, adding to, improving,
25conducting, controlling, operating or managing a public utility, motor bus or other
1systems of public transportation from the general fund, or from the proceeds of
2municipal obligations, including revenue bonds.
Any
An obligation created
3pursuant to subs. (2) to (4) shall under sub. (4) or (5) is not
be considered an
4indebtedness of
such the municipality, and shall not be included in arriving at the
5constitutional debt limitation.
AB710,132,7
6(4) (intro.)
Where
If payment
of obligations is provided by revenue bonds, the
7following is the procedure for payment
shall be in the manner following:
AB710,132,188
(a) 1. The governing body
of the municipality, by ordinance or resolution, shall
9order the issuance and sale of bonds, executed as provided in s. 67.08 (1) and payable
10at
such times not exceeding 40 years from the date
thereof of issuance, and at
such 11places,
as that the governing body of
such the municipality
shall determine, which 12determines. The bonds shall be payable only out of the special redemption fund.
13Each
such bond shall include a statement that it is payable only from the special
14redemption fund, naming the ordinance or resolution creating it
, and that it does not
15constitute an indebtedness of
such the municipality. The bonds may be issued either
16as registered bonds under s. 67.09 or as coupon bonds payable to bearer. Bonds shall
17be sold in
such the manner and upon
such the terms
as determined by the governing
18body
deems for the best interests of
said the municipality.
AB710,133,319
2. Interest, if any, on bonds shall be paid at least annually to bondholders.
20Payment of principal on the bonds shall commence not later than 3 years after the
21date of issue or 2 years after the estimated date that construction will be completed,
22whichever is later.
Thereafter After the commencement of the payment of principal
23on the bonds, at least annually, the municipality shall make principal payments and,
24if any, interest payments to bondholders or provide by ordinance or resolution that
25payments be made into a separate fund for payment to bondholders as specified in
1the ordinance or resolution authorizing the issuance of the bonds. The amount of the
2annual debt service payments made or provided for shall be reasonable in accordance
3with prudent municipal utility management practices.
AB710,133,104
3. All
such revenue bonds may contain a provision authorizing redemption
5thereof of the bonds, in whole or in part, at stipulated prices, at the option of the
6municipality on any interest payment date. The governing body
of a municipality 7may provide in
any a contract for purchasing, acquiring, leasing, constructing,
8extending, adding to, improving, conducting, controlling, operating or managing a
9public utility, that payment
thereof shall be made in
such bonds at not less than 95%
10of the par value
thereof of the bonds.
AB710,134,1511
(b) All moneys received from
any bonds issued under this section shall be
12applied solely for purchasing, acquiring, leasing, constructing, extending, adding to,
13improving, conducting, controlling, operating or managing a public utility, and in the
14payment of the cost of
any subsequent necessary additions, improvements and
15extensions. Bonds issued under this section shall be secured by a pledge of the
16revenues of the public utility to the holders of the bonds and to the holders of
any 17coupons of the bonds and may be additionally secured by a mortgage lien upon the
18public utility to the holders of the bonds and to the holders of
any coupons of the
19bonds. If a mortgage lien is created by ordinance or resolution, the lien
shall be is 20perfected by publication of the ordinance or resolution or by recording of the
21ordinance or resolution in the records of the municipality. In addition, the
22municipality may record the lien by notifying the register of deeds of the county in
23which the public utility is located concerning its issuance of bonds. If the register of
24deeds receives notice from the municipality, the register of deeds shall record any
25mortgage lien created. The public utility
shall remain remains subject to the pledge
1and, if created, the mortgage lien until the payment in full of the principal and
2interest of the bonds. Upon repayment of bonds for which a mortgage lien has been
3created, the register of deeds shall, upon notice from the municipality, record a
4satisfaction of the mortgage lien. Any holder of a bond or of
any coupons attached
5to a bond may
either at law or in equity protect and enforce this pledge and, if created,
6the mortgage lien and compel performance of all duties required of the municipality
7by this section.
Any A municipality may provide for additions, extensions and
8improvements to a public utility that it owns by additional issues of bonds under this
9section.
Such The additional issues of bonds
shall be are subordinate to all prior
10issues of bonds under this section, but a municipality may in the ordinance or
11resolution authorizing bonds permit the issue of additional bonds on a parity
12therewith. Any with prior issues. A municipality may issue new bonds under this
13section to provide funds for refunding any outstanding municipal obligations,
14including interest, issued for any of the purposes stated in sub.
(1m) (3). Refunding
15bonds issued under this section are subject to
all of the following provisions:
AB710,134,2316
1. Refunding bonds may be issued to refinance more than one issue of
17outstanding municipal obligations notwithstanding that
such the outstanding
18municipal obligations may have been issued at different times and may be secured
19by the revenues of more than one public utility.
Any such public Public utilities may
20be operated as a single public utility, subject
however to contract rights vested in
21holders of bonds or promissory notes being refinanced. A determination by the
22governing body
of a municipality that any refinancing is advantageous or necessary
23to the municipality
shall be is conclusive.
AB710,135,3
14. The refunding bonds
shall are not
be considered an indebtedness of
such a 2municipality, and shall not be included in arriving at the constitutional debt
3limitation.
AB710,135,104
5. The governing body
of a municipality may
, in addition to other powers
5conferred by this section, include a provision in any ordinance or resolution
6authorizing the issuance of refunding bonds pledging all or
any part of the revenues
7of any public utility or utilities
or combination thereof originally financed
or, 8extended or improved from the proceeds of any of the municipal obligations being
9refunded, and pledging all or
any part of the surplus income derived from the
10investment of
any a trust created in relation to the refunding.
AB710,135,1611
6. This subsection
, without reference to any other laws of this state, shall
12constitute constitutes full authority for the authorization and issuance of refunding
13bonds
hereunder and for
the doing of all other acts authorized by this subsection to
14be done or performed and
such the refunding bonds may be issued
hereunder under
15this subsection without regard to the requirements, restrictions or procedural
16provisions contained in any other law.
AB710,135,2217
(c) The governing body
of a municipality shall, in the ordinance or resolution
18authorizing the issuance of bonds, establish a system of funds and accounts and
19provide for sufficient revenues to operate and maintain the public utility and to
20provide fully for annual debt service requirements of bonds issued under this section.
21The governing body
of a municipality may establish a fund or account for
22depreciation of assets of the public utility.
AB710,136,723
(d) If a governing body
of a municipality creates a depreciation fund under par.
24(c) it shall use the funds set aside to restore any deficiency in the special redemption
25fund specified in par. (e) for the payment of the principal and interest due on the
1bonds and for the creation and maintenance of any reserves established by the bond
2ordinance or resolution to secure these payments. If the special redemption fund is
3sufficient for these purposes, moneys in the depreciation fund may be expended for
4repairs, replacements, new constructions, extensions or additions of the public
5utility.
Any accumulations Accumulations of the depreciation fund may be invested
, 6and
if invested, the income from the investment shall be deposited in the
7depreciation fund.
AB710,136,138
(e) The governing body of
the a municipality shall by ordinance or resolution
9create a special fund in the treasury of the municipality to be identified as "the ....
10special redemption fund" into which shall be paid the amount which
shall be is set
11aside for the payment of the principal and interest due on the bonds and for the
12creation and maintenance of any reserves established by bond ordinance or
13resolution to secure these payments.
AB710,136,1614
(f) At the close of the public utility's fiscal year, if any surplus has accumulated
15in any of the
above funds
specified in this subsection, it may be disposed of in the
16order set forth under s.
66.069 (1) (c) 66.0811 (2).
AB710,136,1917
(g) The reasonable cost and value of any service rendered to
such a municipality
18by
such a public utility shall be charged against the municipality and shall be paid
19by it in instalments.
AB710,136,2520
(h) The rates for all services rendered by
such
a public utility to
the a 21municipality or to other consumers
, shall be reasonable and just, taking into account
22and consideration the value of the
said public utility, the cost of maintaining and
23operating the
same public utility, the proper and necessary allowance for
24depreciation
thereof of the public utility, and a sufficient and adequate return upon
25the capital invested.
AB710,137,17
1(i) The governing body
shall have full power to of a municipality may adopt all
2ordinances and resolutions necessary to carry into effect this subsection.
Any An 3ordinance or resolution providing for the issuance of bonds may contain such
4provisions or covenants, without limiting the generality of the power to adopt
such 5an ordinance or resolution, as
is deemed are considered necessary or desirable for the
6security of bondholders or the marketability of the bonds
, including. The provisions
7or covenants may include but
are not limited to provisions
as relating to the
8sufficiency of the rates or charges to be made for service, maintenance and operation,
9improvements or additions to and sale or alienation of the public utility, insurance
10against loss, employment of consulting engineers and accountants, records and
11accounts, operating and construction budgets, establishment of reserve funds,
12issuance of additional bonds, and deposit of the proceeds of the sale of the bonds or
13revenues of the public utility in trust, including the appointment of depositories or
14trustees.
Any An ordinance or resolution authorizing the issuance of bonds or other
15obligations payable from revenues of a public utility
shall constitute constitutes a
16contract with the holder of
any bonds or other obligations issued pursuant to
such 17the ordinance or resolution.