SB352-SSA1,57,66
(a) Pledging or assigning specified assets or revenues of the authority.
SB352-SSA1,57,87
(b) Setting aside reserves or sinking funds, and the regulation, investment, and
8disposition of these funds.
SB352-SSA1,57,109
(c) Limitations on the purpose to which or the investments in which the
10proceeds of the sale of any issue of bonds may be applied.
SB352-SSA1,57,1411
(d) Limitations on the issuance of additional bonds, the terms upon which
12additional bonds may be issued and secured, and the terms upon which additional
13bonds may rank on a parity with, or be subordinate or superior to, the bonds
14authorized by the bond resolution.
SB352-SSA1,57,1515
(e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
SB352-SSA1,57,1816
(f) Procedures, if any, by which the terms of any contract with bondholders may
17be amended, the amount of bonds the holders of which must consent to the
18amendment, and the manner in which this consent may be given.
SB352-SSA1,57,2119
(g) Defining the acts or omissions to act that constitute a default in the duties
20of the authority to the bondholders, and providing the rights and remedies of the
21bondholders in the event of a default.
SB352-SSA1,57,2222
(h) Other matters relating to the bonds that the board considers desirable.
SB352-SSA1,58,2
23(5) Neither the members of the board nor any person executing the bonds is
24liable personally on the bonds or subject to any personal liability or accountability
1by reason of the issuance of the bonds, unless the personal liability or accountability
2is the result of willful misconduct.
SB352-SSA1,58,15
3(6) No less than 14 days prior to any commitment by the authority for the
4issuance of bonds under this section, the authority shall submit the bond resolution
5to the governor, to the chief clerk of each house of the legislature for distribution to
6the legislature under s. 13.172 (2), and to the cochairpersons of the joint committee
7on finance. If, within 14 days after the date on which the bond resolution is submitted
8to the joint committee on finance, the cochairpersons of the committee do not notify
9the authority that the committee has scheduled a meeting for the purpose of
10reviewing the bond resolution, the authority may proceed with any commitment for
11the issuance of bonds under the bond resolution. If, within 14 days after the date on
12which the bond resolution is submitted to the committee, the cochairpersons of the
13committee notify the authority that the committee has scheduled a meeting to review
14the bond resolution, the authority may proceed with any commitment for the
15issuance of bonds under the bond resolution only upon approval by the committee.
SB352-SSA1,59,2
16114.71 Bond security. The authority may secure any bonds issued under this
17chapter by a trust agreement, trust indenture, indenture of mortgage, or deed of
18trust by and between the authority and one or more corporate trustees. The bond
19resolution providing for the issuance of bonds so secured shall pledge some or all of
20the revenues to be received by the authority, including to the extent permitted by law
21any grant, aid, loan, or other contribution, or shall mortgage, assign, or grant
22security interests in some or all of the property of the authority, or both, and may
23contain provisions for protecting and enforcing the rights and remedies of the
24bondholders that are reasonable and proper and not in violation of law. A bond
1resolution may contain any other provisions that are determined by the board to be
2reasonable and proper for the security of the bondholders.
SB352-SSA1,59,9
3114.72 Bonds not public debt. (1) The state is not liable on bonds of the
4authority and the bonds are not a debt of the state. Each bond of the authority shall
5contain a statement to this effect on the face of the bond. The issuance of bonds under
6this chapter does not, directly, indirectly, or contingently, obligate the state or any
7political subdivision of the state to levy any tax or to make any appropriation for
8payment of the bonds. Nothing in this section prevents the authority from pledging
9its full faith and credit to the payment of bonds issued under this chapter.
SB352-SSA1,59,19
10(2) Nothing in this chapter authorizes the authority to create a debt of the state,
11and all bonds issued by the authority under this chapter are payable, and shall state
12that they are payable, solely from the funds pledged for their payment in accordance
13with the bond resolution authorizing their issuance or in any trust indenture or
14mortgage or deed of trust executed as security for the bonds. The state is not liable
15for the payment of the principal of or interest on any bonds of the authority or for the
16performance of any pledge, mortgage, obligation, or agreement which may be
17undertaken by the authority. The breach of any pledge, mortgage, obligation, or
18agreement undertaken by the authority does not impose any pecuniary liability upon
19the state or any charge upon its general credit or against its taxing power.
SB352-SSA1,60,2
20114.73 State pledge. The state pledges to and agrees with the holders of
21bonds, and persons that enter into contracts with the authority under this chapter,
22that the state will not limit or alter the rights vested in the authority by this chapter
23before the authority has fully met and discharged the bonds, and any interest due
24on the bonds, and has fully performed its contracts, unless adequate provision is
1made by law for the protection of the bondholders or those entering into contracts
2with the authority.
SB352-SSA1,60,6
3114.74 Refunding bonds. (1) The authority may issue bonds to fund or
4refund any outstanding bond, including the payment of any redemption premium on
5the outstanding bond and any interest accrued or to accrue to the earliest or any
6subsequent date of redemption, purchase, or maturity.
SB352-SSA1,60,11
7(2) The authority may apply the proceeds of any bond issued to fund or refund
8any outstanding bond to purchase, retire at maturity, or redeem any outstanding
9bond. The authority may, pending application, place the proceeds in escrow to be
10applied to the purchase, retirement at maturity, or redemption of any outstanding
11bond at any time.
SB352-SSA1,60,14
12114.75 Limit on amount of outstanding bonds. The authority may not
13have outstanding at any one time bonds in an aggregate principal amount exceeding
14$100,000,000, excluding bonds issued to refund outstanding bonds.
SB352-SSA1,60,21
15114.76 Bonds exempt from taxation. The state covenants with the
16purchasers and all subsequent holders and transferees of bonds issued by the
17authority, in consideration of the acceptance of any payment for the bonds, that its
18fees, charges, gifts, grants, revenues, receipts, and other moneys received or to be
19received, pledged to pay or secure the payment of such bonds shall at all times be free
20and exempt from all state, city, county, or other taxation provided by the laws of the
21state.
SB352-SSA1,60,25
22114.77 Funding of certain project costs. (1) In this section, "spaceport
23improvement project" means any project to acquire, construct, develop, plan, design,
24establish, create, improve, enlarge, reconstruct, or equip any spaceport or spaceport
25facility.
SB352-SSA1,61,9
1(2) The costs of spaceport improvement projects involving federal aid, in excess
2of the federal government's share, shall be borne by the authority and the state,
3except that the state shall pay not more than 50 percent of such excess costs, nor more
4than $10,000,000 for the cost of a building project or building improvement project
5and no part of the cost of hangars. The secretary, upon agreement with the authority,
6may advance up to 10 percent of the amount of any federal aid grant agreement for
7the payment of project costs of a federal aid project, subject to reimbursement upon
8final liquidation and settlement of the project with the authority and federal
9government.
SB352-SSA1,61,17
10(3) The costs of spaceport improvement projects not involving federal aid shall
11be borne by the authority and the state. The state shall pay not more than 80 percent
12of such costs, which may include the cost of the land, the cost of lands or interest in
13lands deemed necessary for the protection of the aerial approaches, the cost of
14formulating the project application and preparing the plans and specifications, and
15the cost of construction and of all facilities deemed necessary for the operation of the
16spaceport. The state shall contribute not more than $10,000,000 for the cost of a
17building project or building improvement project and no part of the cost of hangars.
SB352-SSA1,61,20
18(4) The percentage of the costs borne by the state shall be determined by the
19department on the basis of the relative importance of the specific project to any state
20spaceport development program as a whole.
SB352-SSA1,62,2
21(5) The state shall promote the development of a spaceport system in this state
22and promote the development of joint spaceports in this state and in adjoining states
23which mutually benefit citizens of this state and those of adjoining states. The
24secretary may use the funds provided by the state to assist the authority in matching
1the federal aid that may become available to the state or available for specific projects
2or joint projects within this state or in an adjoining state.
SB352-SSA1,62,4
3(6) All funds provided by the state under this section shall be paid from the
4appropriation accounts under s. 20.395 (2) (mq), (mv), and (mx).
SB352-SSA1,62,12
5114.78 Tax exemption. The exercise of the powers granted by this subchapter
6will be in all respects for the benefit of the people of this state and for the increase
7of their commerce, welfare, and prosperity, and, as the undertaking of the authority's
8powers and duties under this subchapter will constitute the performance of an
9essential public function, the authority shall not be required to pay any taxes or
10assessments upon or in respect to any property acquired or used by the authority
11under this subchapter and the authority's income therefrom shall at all times be free
12from taxation of every kind by the state and by political subdivisions of the state.
SB352-SSA1,62,1414
219.09
(1) (g) The Wisconsin Aerospace Authority.
SB352-SSA1,62,2416
230.03
(3) "Agency" means any board, commission, committee, council, or
17department in state government or a unit thereof created by the constitution or
18statutes if such board, commission, committee, council, department, unit, or the
19head thereof, is authorized to appoint subordinate staff by the constitution or
20statute, except a legislative or judicial board, commission, committee, council,
21department, or unit thereof or an authority created under
subch. II of ch. 114 or chs.
22231, 232, 233, 234, 235, or 237. "Agency" does not mean any local unit of government
23or body within one or more local units of government that is created by law or by
24action of one or more local units of government.
SB352-SSA1, s. 77
25Section
77. 281.75 (4) (b) 3. of the statutes is amended to read:
SB352-SSA1,63,2
1281.75
(4) (b) 3. An authority created under
subch. II of ch. 114 or ch. 231, 233,
2234, or 237.
SB352-SSA1,63,114
285.59
(1) (b) "State agency" means any office, department, agency, institution
5of higher education, association, society or other body in state government created
6or authorized to be created by the constitution or any law which is entitled to expend
7moneys appropriated by law, including the legislature and the courts, the Wisconsin
8Housing and Economic Development Authority, the Bradley Center Sports and
9Entertainment Corporation, the University of Wisconsin Hospitals and Clinics
10Authority, the Fox River Navigational System Authority,
the Wisconsin Aerospace
11Authority, and the Wisconsin Health and Educational Facilities Authority.
SB352-SSA1,63,1913
560.032
(1) Allocation. The department, by rule, shall establish under
26
14USC 146 and administer a system for the allocation of the volume cap on the issuance
15of private activity bonds, as defined under
26 USC 141 (a), among all municipalities,
16as defined in s. 67.01 (5), and any corporation formed on behalf of those
17municipalities, and among this state, the Wisconsin Health and Educational
18Facilities Authority
, the Wisconsin Aerospace Authority, and the Wisconsin Housing
19and Economic Development Authority.
SB352-SSA1,63,2121
(1)
Definitions. In this
Section:
SB352-SSA1,63,2322
(a) "Authority" has the meaning given in section 114.60 (3) of the statutes, as
23created by this act.
SB352-SSA1,63,2524
(b) "Board" has the meaning given in section 114.60 (4) of the statutes, as
25created by this act.
SB352-SSA1,64,4
1(2)
Terms of initial members of board. Notwithstanding the length of terms
2specified for the members of the board of the authority under section 114.61 (1) of the
3statutes, as created by this act, the initial members of the board shall be appointed
4for the following terms:
SB352-SSA1,64,75
(a) Two members appointed under section 114.61 (1) (a) of the statutes, as
6created by this act, and one member appointed under section 114.61 (1) (b) of the
7statutes, as created by this act, for terms expiring on June 30, 2007.
SB352-SSA1,64,108
(b) Two members appointed under section 114.61 (1) (a) of the statutes, as
9created by this act, and one member appointed under section 114.61 (1) (b) of the
10statutes, as created by this act, for terms expiring on June 30, 2008.
SB352-SSA1,64,1211
(c) Two members appointed under section 114.61 (1) (a) of the statutes, as
12created by this act, for terms expiring on June 30, 2009.
SB352-SSA1,64,1713
(3)
Time for initial appointment of board members. Nominations of board
14members under subsection (2) and section 114.61 (1) (a) of the statutes, as created
15by this act, and appointments of board members under subsection (2) and section
16114.61 (1) (b) of the statutes, as created by this act, shall be made no later than 60
17days after the effective date of this subsection.
SB352-SSA1,64,2018
(4)
Initial meeting of board. The board shall hold its initial meeting no later
19than 30 days after all members are appointed, or no later than 120 days after a
20majority of members are appointed, whichever is earlier.