AB710,154,520
62.69
(2) (c) Water rates shall be collected in the manner and by
any one whom
21the
common council
may from time to time determine determines, and shall be
1accounted for and paid to
such the other officials in
such the manner and at
such the 2times
as that the council
may from time to time prescribe. Such persons prescribes.
3Persons collecting water rates shall give a bond to cover all the duties in
such an
4amount
as may be prescribed by the council. Final accounting shall be made to
the 5comptroller and final disposition of money shall be made to
the city treasurer.
AB710, s. 199
6Section
199
. 66.071 (1) (b) of the statutes is renumbered 62.69 (2) (a) and
7amended to read:
AB710,154,138
62.69
(2) (a)
The words In this subsection, "commissioner of public works"
in
9sub. (1) shall be construed to mean and have reference to includes any board of public
10works, or commissioner of public works, or other officer of
any the city having control
11of the
city's public works
therein, and all acts authorized to be done by such
12commissioner except for the enforcement of regulations approved by the council shall
13require the approval of the council before they shall have any force or effect.
AB710, s. 200
14Section
200. 66.071 (1) (c) to (j) of the statutes are renumbered 62.69 (2) (d)
15to (L), and 62.69 (2) (e), (f), (g) 2. (intro.) and a., (h) and (k), as renumbered, are
16amended to read:
AB710,155,717
62.69
(2) (e) Water rates
shall be
are due
and payable upon such date or dates 18as the common council
may provide by regulation provides. To all water rates
19remaining unpaid 20 days
thereafter after the due date, there shall be added a
20penalty of
5 per cent 5% of the amount
of such rates due, and if
such the rates
shall 21remain unpaid for 10 days
thereafter additional days, water may be turned off the
22premises
, subject to the payment of such delinquent rates, and in such cases where.
23If the supply of water is turned off
as above provided, water
shall may not be
again 24turned on to
said the premises until all delinquent rates and penalties, and a sum
25not exceeding $2
as provided for by regulation for turning the water off and on,
shall
1have been are paid. The
same penalty and charge may be made when payment is
2made to a collector sent to the premises. On or before
each day when such the date
3on which rates become due
and payable as aforesaid, a written or printed notice or
4bill shall be mailed or personally delivered to the occupant or, upon written request,
5to the owner
wherever the at the location the owner
shall state states, of all premises
6subject to the payment of water rates, stating the amount due, the time when and
7the place where
such the rates can be paid
, and the penalty for neglect of payment.
AB710,156,58
(f) All water rates for water furnished to any building or premises, and the cost
9of repairing meters, service pipes, stops or stop boxes,
shall be are a lien on the lot,
10part of lot or parcel of land on which
such the building or premises
shall be situated 11is located. If any water rates or bills for the repairing of meters, service pipes, stops
12or stop boxes remain unpaid on
the first day of October
, in any year 1, the
same 13unpaid rates or bills shall be certified to the city comptroller
of such city on or before
14the first day of November
next following 1, and shall be placed by the comptroller
15upon the tax roll and collected in the same manner as other taxes on real estate are
16collected in
said the city. The charge for water supplied by the city in all premises
17where meters are attached and connected
, shall be at rates fixed by the commissioner
18of public works and for the quantity indicated by the meter. If
in any case, the
19commissioner of public works
shall determine determines that the quantity
20indicated by the meter is materially incorrect or if a meter has been off temporarily
21on account of due to repairs, the commissioner
of public works shall
determine in the
22best manner in the commissioner's power estimate the quantity used, and
such
23determination shall be the determination is conclusive. No water rate or rates duly
24assessed against any property
shall may be
thereafter remitted or changed except
25by the
common council
of such city. Under this paragraph, if an unpaid charge or bill
1is for utility service furnished and metered by the waterworks directly to a mobile
2home unit in a licensed mobile home park, the delinquent amount
shall become is a
3lien on the mobile home unit rather than a lien on the parcel of real estate on which
4the mobile home unit is located. A lien on a mobile home unit may be enforced using
5the procedures under s. 779.48 (2).
AB710,156,106
(g) 2. (intro.) If this paragraph applies, the commissioner of public works may
7use par.
(e) (f) to collect unpaid charges and bills incurred after the owner of a rental
8dwelling unit has provided the commissioner of public works with written notice
9under subd. 1. only if the commissioner of public works complies with at least one of
10the following:
AB710,156,2511
a. In order to comply with this subd. 2. a., the commissioner of public works
12shall send bills for water service to a customer who is a tenant in the tenant's own
13name. Each time that a commissioner of public works notifies a customer who is a
14tenant that charges for water service provided by the waterworks to the customer are
15past due for more than one billing cycle, the commissioner of public works shall also
16serve a copy of the notice on the owner of the rental dwelling unit in the manner
17provided in s. 801.14 (2). If a customer who is a tenant vacates his or her rental
18dwelling unit, and the owner of the rental dwelling unit provides the commissioner
19of public works, no later than 21 days after the date on which the tenant vacates the
20rental dwelling unit, with a sworn affidavit that contains a forwarding address for
21the tenant, the date that the tenant vacated the rental dwelling unit and a meter
22reading reflecting the service for which the tenant is responsible, the commissioner
23of public works shall continue to send past-due notices to the customer at his or her
24forwarding address until the past-due charges are paid or until the past-due
25charges have been certified to the comptroller under par.
(e) (f).
AB710,158,8
1(h) The
city commissioner of public works
of a city may issue a permit to the
2county in which
it the city is located, to any national home for disabled soldiers, or
3to any other applicant to obtain water from the city's water system for use outside
4of the limits of the city
; and for that purpose to connect any pipe that is laid outside
5of the city limits with water pipe in the city. No permit may be issued until the
6applicant files with the commissioner of public works a bond in
such the sum and
7with
such the surety
as that the commissioner
shall approve, conditioned approves
8on the condition: that the applicant will obey the rules and regulations prescribed
9by the commissioner
of public works for the use of the water; that the applicant will
10pay all charges fixed by the commissioner for the use of the water as measured by
11a meter to be approved by the commissioner,
which charges shall include including 12the proportionate cost of fluoridating the water and, except as to water furnished
13directly to county or other municipal properties,
shall which may not be less than
14one-quarter more than those charged to the inhabitants of the city for like use of
15water; that the applicant will pay to the city a water pipe assessment if the property
16to be supplied with water has frontage on any thoroughfare forming the city
17boundary line in which a water main has been or shall be laid, and at the rate
18prescribed by the commissioner
of public works; if the property to be supplied does
19not front on a city boundary but is distant
therefrom
from a boundary, that a main
20pipe of the same size, class and standard as terminates at the city boundary shall be
21extended, and the entire cost shall be paid by the applicant for the extension; that
22the water main shall be laid according to city specifications and under city
23inspection; that the water main and appliances shall become the
absolute property
24of the city, without any compensation
therefor, whenever for the main or appliances,
25if the property supplied with water by the extension or any part
thereof shall be of
1the property is annexed to or in any manner
become becomes a part of the city; and
2that the applicant will pay to the city all damages
whatever that it
may sustain 3sustains, arising
in any way out of the manner in which the connection is made or
4water supply is used. In
case of granting a permit to
any a county or to
any a national
5home for disabled soldiers, the commissioner of public works may waive the giving
6of a bond. Every permit shall be issued upon the understanding that the city
shall
7in no event ever be is not liable for any damage in case of failure to supply water by
8reason of any condition beyond its control.
AB710,159,29
(k) The commissioner of public works may
also make rules and regulations for
10the proper ventilating and trapping of all drains, soil pipes and fixtures
hereafter 11constructed to connect with or be used in connection with the sewerage or water
12supply of the city. The
common council may provide by ordinance for the enforcement
13of
such the rules and regulations,
and may prescribe proper including penalties
and
14punishment for disobedience of the same. The commissioner
of public works may
15also make rules to regulate the use of vent, soil, drain, sewer or water pipes in all
16buildings in
said the city
, which hereafter shall be proposed to be connected with the
17city water supply or sewerage, specifying the dimensions, strength and material
of
18which the same shall be made, and. The commissioner may prohibit the introduction
19into any building of any style of water fixture, tap or connection
, the use of which
20shall have been determined to be dangerous to health or
for any reason unfit to be
21used
, and the. The commissioner
of public works shall require a rigid inspection by
22a skilled and competent inspector under the direction of the commissioner
of public
23works of all plumbing and draining work and water and sewer connections
, hereafter
24done or made in any building in the city, and unless the
same work and connections 25are done or made according to rules of
the commissioner of public works, and
1approved by the commissioner
of public works, no connection of the premises with
2the city sewerage or water supply
shall be allowed
may be made.
AB710, s. 201
3Section
201. 66.071 (2) of the statutes is renumbered 62.69 (3) and amended
4to read:
AB710,159,75
62.69
(3) Utility directors. (a)
The term In this subsection, "electric plant"
6as used in this section shall mean means a plant for the production, transmission,
7delivery and furnishing of electric light, heat or power directly to the public.
AB710,159,178
(b) If the city
shall have determined decides to acquire an electric plant or any
9other public utility in accordance with the provisions of this section, the mayor
of
10such city, prior to the city taking possession of
such the property, shall appoint,
11subject to the confirmation of the council, 7 persons of recognized business
12experience and standing to act as the board of directors for
such the utility. Two
of
13such persons shall be appointed for a term of 2 years, 2 for a term of 4 years, 2 for a
14term of 6 years, and one for a term of 8 years.
Thereafter successors Successors shall
15be appointed
in like manner for terms of 10 years each.
Any such A director may be
16removed by the mayor with the approval of the council for misconduct in office or for
17unreasonable absence from meetings of the directors.
AB710,160,318
(c)
The Utility directors
so appointed shall have power to may: employ a
19manager experienced in the management of electric plants or other
like public
20utilities
and, fix his or her compensation and the other terms and conditions of
21employment and
to remove him or her at pleasure, subject to the terms and
22conditions of his or her employment; advise and consult with the manager and other
23employes as to any matter pertaining to maintenance, operation or extension of
such 24the utility; and perform
such other duties as ordinarily devolve upon a board of
25directors of a corporation organized under ch. 180 not inconsistent with this section
1and the laws governing 1st class cities. No money
shall may be raised or authorized
2to be raised by
said the board of directors other than from revenues derived from the
3operation of the utility, except by action of the council.
AB710,160,104
(d) The manager appointed by the board of directors
shall have complete
5management and control of may manage and control the utility, subject to the powers
6herein conferred upon the board of directors and the council
under this subsection 7and
shall have power to may appoint assistants and all other employes which the
8manager
deems considers necessary and fix their compensation and other terms and
9conditions of employment, except that the board of directors may prescribe rules for
10determining the fitness of persons for positions and employment.
AB710,160,1311
(e) The council shall fix the compensation, if any, of members of the board of
12directors and
shall have the powers herein conferred upon it and such has other
13powers
as it
now possesses with reference to electric plants and other public utilities.
AB710, s. 202
14Section
202
. 66.0711 (1) of the statutes is created to read:
AB710,160,1515
66.0711
(1) In this section:
AB710,160,1616
(a) "Local governmental unit" has the meaning given in s. 66.0713 (1) (c).
AB710,160,1717
(b) "Public improvement" has the meaning given in s. 66.0713 (1) (d).
AB710, s. 203
18Section
203. 66.0713 (10) (title) of the statutes is created to read:
AB710,160,1919
66.0713
(10) (title)
Legality of proceedings; conclusive evidence.
AB710, s. 204
20Section
204
. 66.0715 (title) of the statutes is created to read:
AB710,160,22
2166.0715 (title)
Deferral of special assessments; payment of special
22assessments in instalments.
AB710, s. 205
23Section
205
. 66.0715 (1) of the statutes is created to read:
AB710,160,2424
66.0715
(1) Definitions. In this section:
AB710,160,2525
(a) "Governing body" has the meaning given in s. 66.0713 (1) (b).
AB710,161,1
1(b) "Local governmental unit" has the meaning given in s. 66.0713 (1) (c).
AB710,161,22
(c) "Public improvement" has the meaning given in s. 66.0713 (1) (d).
AB710, s. 206
3Section
206
. 66.0719 (1) of the statutes is created to read:
AB710,161,44
66.0719
(1) In this section:
AB710,161,55
(a) "Local governmental unit" has the meaning given in s. 66.0713 (1) (c).
AB710,161,66
(b) "Public improvement" has the meaning given in s. 66.0713 (1) (d).
AB710, s. 207
7Section
207. 66.072 of the statutes is renumbered 66.0827, and 66.0827 (2) to
8(4), (5) (a) and (b) and (6), as renumbered, are amended to read:
AB710,161,129
66.0827
(2) The fund of each
utility district shall be provided by taxation of the
10property in
such the district, upon an annual estimate by the department in charge
11of public works in cities and villages, and by the town chairperson in towns, filed by
12October 1. Separate account shall be kept of each district fund.
AB710,161,16
13(3) In towns a majority vote and in villages and cities a three-fourths vote of
14all the members of the governing body
shall be is required to
thus establish
utility
15districts and by a like vote districts may be vacated, altered, or consolidated, vacate,
16alter or consolidate a utility district.
AB710,161,20
17(4) Before the vote is effective to establish, vacate, alter or consolidate
a utility
18district, a hearing shall be held as provided in s.
66.60 (7) 66.0703 (7) (a). In towns
19the notice may be given by posting in 3 public places in
said the town, one of which
20shall be in the proposed district, at least 2 weeks prior to
such the hearing.
AB710,161,25
21(5) (a)
When any If a town board establishes a utility district under this section
22the board may
also, if a town sanitary district is in existence for the town, dissolve
23said the sanitary district
in which case. If the sanitary district is dissolved, all assets,
24liabilities and functions of the sanitary district shall be taken over by the utility
25district.
AB710,162,3
1(b) All functions performed by a sanitary district and assumed by a utility
2district under this subsection
shall remain subject to regulation by the public service
3commission as if no transfer had occurred.
AB710,162,11
4(6) Whenever If a municipality
, within which a utility district is located
, is
5consolidated with another municipality which provides the same or similar services
6for which the district was established, but on a municipality-wide basis rather than
7on a utility district basis as provided in this section, the fund of the utility district
8shall become becomes part of the general fund of the consolidated municipality
;
9thereupon said and the utility district
shall be abolished terminates. This section
10shall also apply applies to consolidations completed prior to
, on and after June 30,
111965.
AB710, s. 208
12Section
208
. 66.0721 (title) of the statutes is created to read:
AB710,162,14
1366.0721 (title)
Special assessments on certain farmland for
14construction of sewerage or water system.
AB710, s. 209
15Section
209
. 66.0727 (4) of the statutes is created to read:
AB710,162,1816
66.0727
(4) This section does not preclude a city, village or town from using any
17other lawful method to compel a railroad corporation to pay its proportionate share
18of a street, alley or public highway improvement.
Note: Restates s. 66.699, which is repealed by Section 561.
AB710, s. 210
19Section
210
. 66.0729 (6) of the statutes is created to read:
AB710,162,2220
66.0729
(6) This section does not preclude a city, village or town from using any
21other lawful method to compel a railroad corporation to pay its proportionate share
22of a street, alley or public highway improvement.
Note: Restates s. 66.699, which is repealed by Section 561.
AB710, s. 211
1Section
211. 66.073 of the statutes is renumbered 66.0825, and 66.0825 (2),
2(3) (f), (g) and (h), (4) (a), (5) (b), (c), (e), (f) and (i), (6) (intro.), (a), (f), (g), (h) and (o),
3(7), (8) (a) 3. and 4., (b) and (c), (9), (10), (11), (12), (13) (intro.), (b), (d), (e), (g), (j), (k),
4(L), (m), (n) and (o), (14), (15), (16) (b), (17) and (18), as renumbered, are amended to
5read:
AB710,163,166
66.0825
(2) Finding and declaration of necessity. It is declared that the
7operation of electric utility systems by municipalities of this state and the
8improvement of the systems through joint action in the fields of the generation,
9transmission and distribution of electric power and energy
is are in the public
10interest; that there is a need in order to ensure the stability and continued viability
11of the municipal systems to provide for a means by which municipalities which
12operate the systems may act jointly in all ways possible, including development of
13coordinated bulk power and fuel supply programs and efficient, community-based
14energy systems; and that
, the necessity in the public interest for the provisions
15hereinafter enacted in this section is declared as a matter of legislative
16determination.
AB710,163,20
17(3) (f) "Person" means a natural person, a public agency, cooperative or private
18corporation, limited liability company, association, firm, partnership, or business
19trust of any nature
whatsoever, organized and existing under the laws of any state
20or of the United States.
AB710,164,621
(g) "Project" means any plant, works, system, facilities, and real and personal
22property of any nature
whatsoever, together with all parts
thereof, and
23appurtenances
thereto, used or useful in the generation, production, transmission,
24distribution, purchase, sale, exchange, or interchange of electric power and energy,
25or any interest
therein or right to capacity
thereof and the acquisition of fuel of any
1kind for
any such these purposes
, including
, but not limited to,: the acquisition of
2fuel deposits and the acquisition or construction and operation of facilities for
3extracting fuel from natural deposits, for converting it for use in another form, for
4burning it in place, for transportation, storage and reprocessing or for any energy
5conservation measure which involves public education or the actual fitting and
6application of a device.
AB710,164,127
(h) "Public agency" means any municipality or other municipal corporation,
8political subdivision, governmental unit, or public corporation created under the
9laws of this state or of another state or of the United States, and any state or the
10United States, and any person, board, or other body declared by the laws of any state
11or the United States to be a department, agency or instrumentality
thereof of the
12state or the United States.
AB710,164,20
13(4) (a) Any combination of municipalities of the state which
operate operates 14facilities for the generation
or, transmission or distribution of electric power and
15energy may, by contract with each other, establish a separate governmental entity
16to be known as a municipal electric company to be used by
such the contracting
17municipalities to effect joint development of electric energy resources or production,
18distribution and transmission of electric power and energy in whole or in part for the
19benefit of the contracting municipalities. The municipalities party to the contract
20may amend the contract as provided
therein in the contract.
AB710,164,25
21(5) (b) The establishment and organization of a governing body of the company
22which shall be a board of directors in which all powers of the company are vested. The
23contract may provide for the creation by the board of an executive committee of the
24board to which the powers and duties may be delegated as the board
shall specify 25specifies.
AB710,165,4
1(c) The number of directors, the manner of their appointment, terms of office
2and compensation, if any, and the procedure for filling vacancies on the board. Each
3contracting municipality
shall have the power to
may appoint one member to the
4board of directors and
shall be entitled to may remove that member at will.
AB710,165,85
(e) The voting requirements for action by the board
; but, unless. Unless 6specifically provided otherwise, a majority of directors
shall constitute constitutes a
7quorum and a majority of the quorum
shall be is necessary for any action taken by
8the board.
AB710,165,129
(f) The duties of the board which shall include the obligation to comply
or to
10cause compliance with this section and the laws of the state and
in addition, with
11each
and every term, provision and covenant in the contract creating the company
12on its part to be kept or performed.
AB710,165,1813
(i) The term of the contract, which may be a definite period or until rescinded
14or terminated, and the method, if any, by which the contract may be rescinded or
15terminated
, but that the. The contract may not be rescinded or terminated
so long
16as while the company has bonds outstanding, unless provision for full payment of
17such the bonds, by escrow or otherwise, has been made pursuant to the terms of the
18bonds or the resolution, trust indenture or security instrument securing the bonds.
AB710,165,20
19(6) Powers. (intro.) The general powers of an electric company
shall include
20the power to:
AB710,166,221
(a) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of,
22participate in, maintain, repair, extend or improve one or more projects within or
23outside the state and act as agent, or designate one or more other persons
24participating in a project to act as its agent, in connection with the planning,
1acquisition, construction, operation, maintenance, repair, extension or improvement
2of
such the project.
AB710,166,73
(f) Contract with any person or public agency within or outside the state, for
4the construction of any project or for the sale or transmission of electric power and
5energy generated by any project, or for any interest
therein in a project or any right
6to capacity
thereof of a project, on
such the terms and for
such the period
of time as 7that its board of directors
shall determine determines.
AB710,166,158
(g) Purchase, sell, exchange, transmit or distribute electric power and energy
9within and outside the state in
such the amounts
as it shall determine to be necessary
10and appropriate to make the most effective use of its powers and to meet its
11responsibilities, and to enter into agreements with any person or public agency with
12respect to
such the purchase, sale, exchange, or transmission, on
such the terms and
13for
such the period
of time as that its board of directors
shall determine determines.
14A company may not sell power and energy at retail unless requested to do so by a
15municipal member within the service area of that municipal member.
AB710,166,1916
(h) Acquire, own, hold, use, lease as lessor or lessee, sell or otherwise dispose
17of, mortgage, pledge, or grant a security interest in any real or personal property,
18commodity or service or interest
therein in any real or personal property, commodity
19or service, subject to s. 182.017 (7).
AB710,166,2320
(o) Notwithstanding the provisions of any other law, invest any funds held in
21reserve or sinking funds, or any funds not required for immediate disbursement,
22including the proceeds from the sale of any bonds, in
such obligations, securities and
23other investments
as that the company deems proper.
AB710,167,4
24(7) Public character. An electric company established by contract under this
25section
shall constitute constitutes a political subdivision and body public and
1corporate of the state, exercising public powers, separate from the contracting
2municipalities. It
shall have has the duties, privileges, immunities, rights, liabilities
3and disabilities of a public body politic and corporate but
shall does not have taxing
4power.
AB710,167,12
5(8) (a) 3. Purchase agreements entered into under subd. 2. may, in addition to
6the provisions authorized under subd. 2., contain other terms and conditions that the
7company and the purchasers determine, including provisions
whereby obligating the
8purchaser
is obligated to pay for power irrespective of whether energy is produced
9or delivered to the purchaser or whether any project contemplated by any
such 10agreement
under subd. 2. is completed, operable or operating, and notwithstanding
11suspension, interruption, interference, reduction or curtailment of the output of
such 12the project.
AB710,167,2013
4. Purchase agreements entered into under subd. 2. may be for a term covering
14the life of a project or for any other term, or for an indefinite period. The contract
15created under sub. (5) or a purchase agreement may provide that if one or more of
16the purchasers defaults in the payment of its obligations under a purchase
17agreement, the remaining purchasers which also have purchase agreements shall
18be required to accept and pay for and
shall be are entitled proportionately to use or
19otherwise dispose of the power and energy to be purchased by the defaulting
20purchaser.
AB710,168,221
(b) The obligations of a municipality under a purchase agreement with a
22company or arising out of the default by any other purchaser with respect to
such an 23a purchase agreement
shall not be construed to constitute are not debt of the
24municipality. To the extent provided in the purchase agreement,
such the obligations
25shall constitute special obligations of the municipality, payable solely from the
1revenues and other moneys derived by the municipality from its municipal electric
2utility and shall be treated as expenses of operating a municipal electric utility.
AB710,168,53
(c) The contract
also may provide for payments in the form of contributions to
4defray the cost of any purpose set forth in the contract and as advances for any
such 5purpose
in the contract subject to repayment by the company.
AB710,168,10
6(9) Sale of excess capacity. (a) An electric company may sell or exchange
, to
7any other person or public agency, excess power and energy produced or owned by
8it not required by any of the contracting municipalities for
such the consideration
9and for such, period and
upon such terms and conditions
as it may determine to any
10other person or public agency that it determines.
AB710,168,1311
(b) Notwithstanding any other provision of this section or any other statute,
12nothing
shall prohibit prohibits a company from undertaking any project in
13conjunction with or owning any project jointly with any person or public agency.
AB710,168,17
14(10) Regulation. An electric company created under this section
shall be
15deemed to be is a "public utility" for purposes of ch. 196, except that the terms and
16conditions and the rates at which a company sells power and energy for resale
shall
17not be are not subject to regulation or alteration by the public service commission.
AB710,169,2
18(11) Types of bonds. (a) An electric company may issue such types of bonds
19as
it may determine it determines, subject only to any agreement with the holders
20of particular bonds, including bonds as to which the principal and interest are
21payable exclusively from all or a portion of the revenues from one or more projects,
22or from one or more revenue producing contracts made by the company with any
23person or public agency, or from its revenues generally, or which may be additionally
24secured by a pledge of any grant, subsidy, or contribution from any public agency or
1other person, or a pledge of any income or revenues, funds, or moneys of the company
2from any source
whatsoever.
AB710,169,93
(b) A company may
from time to time issue
its bonds in
such principal amounts
4as that the company deems necessary to provide sufficient funds to carry out any of
5its corporate purposes and powers, including the establishment or increase of
6reserves, interest accrued during construction of a project and for a period not
7exceeding one year after the completion of construction of a project, and the payment
8of all other costs or expenses of the company incident to and necessary or convenient
9to carry out its corporate purposes and powers.
AB710,169,1210
(c) Neither the members of the board of directors of a company nor any person
11executing the bonds
shall be is liable personally on the bonds by reason of the
12issuance
thereof of the bonds.
AB710,169,1713
(d) The bonds of an electric company
(, and
such the bonds shall so state on their
14face
) shall, are not
be a debt of the municipalities which are parties to the contract
15creating the company or of the state and neither the state nor any
such municipality
16shall be is liable
thereon on the bonds nor
in any event shall such are the bonds
be 17payable out of any funds or properties other than those of the company.
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18(12) Form and sale of bonds. (a) Bonds of an electric company shall be
19authorized by resolution of the board of directors and may be issued under
such the 20resolution or under a trust indenture or other security instrument in one or more
21series and shall bear
such date or the dates, mature at
such time or the times, bear
22interest at
such rate or the rates, be in
such denomination or the denominations, be
23in the form of coupon bonds or registered bonds under s. 67.09, have
such the rank
24or priority, be executed in
such the manner, be payable in
such the medium of
25payment, at
such place or the places, and be subject to
such the terms of redemption,
1with or without premium,
as such that the resolution, trust indenture or other
2security instrument
may provide provides, and without limitation by the provisions
3of any other law limiting amounts, maturities or interest rates.
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(b) The bonds may be sold at public or private sale as the company
may provide 5provides and at
such price or the prices
as that the company
shall determine 6determines.
AB710,170,117
(c)
In case any of the officers whose signatures appear on any bonds or coupons
8shall cease If an officer whose signature appears on a bond or coupon ceases to be
9such officers an officer before the delivery of
such obligations, such signatures shall,
10nevertheless, be the obligation, the signature is valid and sufficient for all purposes,
11the same as if the
officers officer had remained in office until
such delivery.
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12(13) Covenants. (intro.) The company
shall have power may in connection
13with the issuance of its bonds
to:
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(b) Redeem the bonds,
to covenant for their redemption and
to provide the
15terms and conditions
thereof of the redemption.
AB710,170,2016
(d) Covenant and prescribe as to events of default and terms and conditions
17upon which any
or all of its bonds
shall become or may be declared due before
18maturity, as to the terms and conditions upon which
such the declaration and its
19consequences may be waived and as to the consequences of default and the remedies
20of bondholders.
AB710,170,2521
(e) Covenant as to the mortgage or pledge of or the grant of a security interest
22in any real or personal property and all or any part of the revenues from any project
23or projects or any revenue producing contract
or contracts made by the company with
24any person or public agency to secure the payment of bonds, subject to
such existing 25agreements with the holders of bonds
as may then exist.
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1(g) Covenant as to the purposes to which the proceeds from the sale of any bonds
2then or thereafter to be issued may be applied, and the pledge of
such the proceeds
3to secure the payment of the bonds.
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(j) Covenant as to the procedure by which the terms of any contract with or for
5the benefit of the holders of bonds may be amended or abrogated, the amount of
6bonds, the holders of which must consent
thereto
to amendment or abrogation, and
7the manner in which
such consent may be given.
AB710,171,108
(k) Covenant as to the custody
and safekeeping of any of its properties or
9investments,
the safekeeping thereof, the insurance to be carried
thereon on the
10properties or investments, and the use and disposition of insurance proceeds.
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(L) Covenant as to the vesting in
a trustee or one or more trustees, within or
12outside the state, of
such those properties, rights, powers and duties in trust
as
that 13the company
may determine determines.
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(m) Covenant as to the appointing and providing for the duties and obligations
15of
a paying agent or one or more paying agents or other fiduciaries within or outside
16the state.