Amendment ASA1-AB770

AB770-ASA1,59,19 (2) Nothing in this chapter authorizes the authority to create a debt of the state, and all bonds issued by the authority under this chapter are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security for the bonds. The state is not liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation, or agreement which may be undertaken by the authority. The breach of any pledge, mortgage, obligation, or agreement undertaken by the authority does not impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.

AB770-ASA1,60,2 114.73 State pledge. The state pledges to and agrees with the holders of bonds, and persons that enter into contracts with the authority under this chapter, that the state will not limit or alter the rights vested in the authority by this chapter before the authority has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with the authority.

AB770-ASA1,60,6 114.74 Refunding bonds. (1) The authority may issue bonds to fund or refund any outstanding bond, including the payment of any redemption premium on the outstanding bond and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity.

AB770-ASA1,60,11 (2) The authority may apply the proceeds of any bond issued to fund or refund any outstanding bond to purchase, retire at maturity, or redeem any outstanding bond. The authority may, pending application, place the proceeds in escrow to be applied to the purchase, retirement at maturity, or redemption of any outstanding bond at any time.

AB770-ASA1,60,14 114.75 Limit on amount of outstanding bonds. The authority may not have outstanding at any one time bonds in an aggregate principal amount exceeding $100,000,000, excluding bonds issued to refund outstanding bonds.

AB770-ASA1,60,21 114.76 Bonds exempt from taxation. The state covenants with the purchasers and all subsequent holders and transferees of bonds issued by the authority, in consideration of the acceptance of any payment for the bonds, that its fees, charges, gifts, grants, revenues, receipts, and other moneys received or to be received, pledged to pay or secure the payment of such bonds shall at all times be free and exempt from all state, city, county, or other taxation provided by the laws of the state.

AB770-ASA1,60,25 114.77 Funding of certain project costs. (1) In this section, "spaceport improvement project" means any project to acquire, construct, develop, plan, design, establish, create, improve, enlarge, reconstruct, or equip any spaceport or spaceport facility.

AB770-ASA1,61,9 (2) The costs of spaceport improvement projects involving federal aid, in excess of the federal government's share, shall be borne by the authority and the state, except that the state shall pay not more than 50 percent of such excess costs, nor more than $10,000,000 for the cost of a building project or building improvement project and no part of the cost of hangars. The secretary, upon agreement with the authority, may advance up to 10 percent of the amount of any federal aid grant agreement for the payment of project costs of a federal aid project, subject to reimbursement upon final liquidation and settlement of the project with the authority and federal government.

AB770-ASA1,61,17 (3) The costs of spaceport improvement projects not involving federal aid shall be borne by the authority and the state. The state shall pay not more than 80 percent of such costs, which may include the cost of the land, the cost of lands or interest in lands deemed necessary for the protection of the aerial approaches, the cost of formulating the project application and preparing the plans and specifications, and the cost of construction and of all facilities deemed necessary for the operation of the spaceport. The state shall contribute not more than $10,000,000 for the cost of a building project or building improvement project and no part of the cost of hangars.

AB770-ASA1,61,20 (4) The percentage of the costs borne by the state shall be determined by the department on the basis of the relative importance of the specific project to any state spaceport development program as a whole.

AB770-ASA1,62,2 (5) The state shall promote the development of a spaceport system in this state and promote the development of joint spaceports in this state and in adjoining states which mutually benefit citizens of this state and those of adjoining states. The secretary may use the funds provided by the state to assist the authority in matching the federal aid that may become available to the state or available for specific projects or joint projects within this state or in an adjoining state.

AB770-ASA1,62,4 (6) All funds provided by the state under this section shall be paid from the appropriation accounts under s. 20.395 (2) (mq), (mv), and (mx).

AB770-ASA1,62,12 114.78 Tax exemption. The exercise of the powers granted by this subchapter will be in all respects for the benefit of the people of this state and for the increase of their commerce, welfare, and prosperity, and, as the undertaking of the authority's powers and duties under this subchapter will constitute the performance of an essential public function, the authority shall not be required to pay any taxes or assessments upon or in respect to any property acquired or used by the authority under this subchapter and the authority's income therefrom shall at all times be free from taxation of every kind by the state and by political subdivisions of the state.

AB770-ASA1, s. 75 Section 75. 219.09 (1) (g) of the statutes is created to read:

AB770-ASA1,62,14 219.09 (1) (g) The Wisconsin Aerospace Authority.

AB770-ASA1, s. 76 Section 76. 230.03 (3) of the statutes is amended to read:

AB770-ASA1,62,24 230.03 (3) "Agency" means any board, commission, committee, council, or department in state government or a unit thereof created by the constitution or statutes if such board, commission, committee, council, department, unit, or the head thereof, is authorized to appoint subordinate staff by the constitution or statute, except a legislative or judicial board, commission, committee, council, department, or unit thereof or an authority created under subch. II of ch. 114 or chs. 231, 232, 233, 234, 235, or 237. "Agency" does not mean any local unit of government or body within one or more local units of government that is created by law or by action of one or more local units of government.

AB770-ASA1, s. 77 Section 77. 281.75 (4) (b) 3. of the statutes is amended to read:

AB770-ASA1,63,2 281.75 (4) (b) 3. An authority created under subch. II of ch. 114 or ch. 231, 233, 234, or 237.

AB770-ASA1, s. 78 Section 78. 285.59 (1) (b) of the statutes is amended to read:

AB770-ASA1,63,11 285.59 (1) (b) "State agency" means any office, department, agency, institution of higher education, association, society or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, and the Wisconsin Health and Educational Facilities Authority.

AB770-ASA1, s. 79 Section 79. 560.032 (1) of the statutes is amended to read:

AB770-ASA1,63,19 560.032 (1) Allocation. The department, by rule, shall establish under 26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, and the Wisconsin Housing and Economic Development Authority.

AB770-ASA1, s. 80 Section 80. Nonstatutory provisions.

AB770-ASA1,63,21 (1) Definitions. In this Section:

AB770-ASA1,63,23 (a) "Authority" has the meaning given in section 114.60 (3) of the statutes, as created by this act.

AB770-ASA1,63,25 (b) "Board" has the meaning given in section 114.60 (4) of the statutes, as created by this act.

AB770-ASA1,64,4 (2) Terms of initial members of board. Notwithstanding the length of terms specified for the members of the board of the authority under section 114.61 (1) of the statutes, as created by this act, the initial members of the board shall be appointed for the following terms:

AB770-ASA1,64,7 (a) Two members appointed under section 114.61 (1) (a) of the statutes, as created by this act, and one member appointed under section 114.61 (1) (b) of the statutes, as created by this act, for terms expiring on June 30, 2007.

AB770-ASA1,64,10 (b) Two members appointed under section 114.61 (1) (a) of the statutes, as created by this act, and one member appointed under section 114.61 (1) (b) of the statutes, as created by this act, for terms expiring on June 30, 2008.

AB770-ASA1,64,12 (c) Two members appointed under section 114.61 (1) (a) of the statutes, as created by this act, for terms expiring on June 30, 2009.

AB770-ASA1,64,17 (3) Time for initial appointment of board members. Nominations of board members under subsection (2) and section 114.61 (1) (a) of the statutes, as created by this act, and appointments of board members under subsection (2) and section 114.61 (1) (b) of the statutes, as created by this act, shall be made no later than 60 days after the effective date of this subsection.

AB770-ASA1,64,20 (4) Initial meeting of board. The board shall hold its initial meeting no later than 30 days after all members are appointed, or no later than 120 days after a majority of members are appointed, whichever is earlier.

AB770-ASA1,64,21 (End)