(d) With respect to any interest exchange agreement or agreements specified in par. (a), all of the following shall apply:
1. The commission shall contract with an independent financial consulting firm to determine if the terms and conditions of the agreement reflect a fair market value, as of the proposed date of the execution of the agreement.
2. The interest exchange agreement must identify the note to which the agreement is related. The determination of the commission included in an interest exchange agreement that such agreement relates to a note shall be conclusive.
3. The resolution authorizing the commission to enter into any interest exchange agreement shall require that the terms and conditions of the agreement reflect a fair market value as of the date of execution of the agreement, as reflected by the determination of the independent financial consulting firm under subd. 1., and shall establish guidelines for any such agreement, including the following:
a. The conditions under which the commission may enter into the agreements.
b. The form and content of the agreements.
c. The aspects of risk exposure associated with the agreements.
d. The standards and procedures for counterparty selection.
e. The standards for the procurement of, and the setting aside of reserves, if any, in connection with, the agreements.
f. The provisions, if any, for collateralization or other requirements for securing any counterparty's obligations under the agreements.
g. A system for financial monitoring and periodic assessment of the agreements.
(e) 1. Subject to subd. 2., the terms and conditions of an interest exchange agreement under par. (a) shall not be structured so that, as of the trade date of the agreement, the aggregate expected debt service and net exchange payments relating to the agreement during the fiscal year in which the trade date occurs will be less than the aggregate expected debt service and net exchange payments relating to the agreement that would be payable during that fiscal year if the agreement is not executed.
2. Subdivision 1. shall not apply if either of the follow occurs:
a. The commission receives a determination by the independent financial consulting firm under par. (d) 1. that the terms and conditions of the agreement reflect payments by the state that represent on-market rates as of the trade date for the particular type of agreement.
b. The commission provides written notice to the joint committee on finance of its intention to enter into an agreement that is reasonably expected to satisfy subd. 1., and the joint committee on finance either approves or disapproves, in writing, the commission's entering into the agreement within 14 days of receiving the written notice from the commission.
3. This paragraph shall not limit the liability of the state under an agreement if actual contracted net exchange payments in any fiscal year are less than or exceed original expectations.
(f) Semiannually, during any year in which the state is a party to an agreement entered into pursuant to par. (a), the department of administration shall submit a report to the commission and to the cochairpersons of the joint committee on finance listing all such agreements. The report shall include all of the following:
1. A description of each agreement, including a summary of its terms and conditions, rates, maturity, and the estimated market value of each agreement.
2. An accounting of amounts that were required to be paid and received on each agreement.
3. Any credit enhancement, liquidity facility, or reserves, including an accounting of the costs and expenses incurred by the state.
4. A description of the counterparty to each agreement.
5. A description of the counterparty risk, the termination risk, and other risks associated with each agreement.
20,153
Section 153. 18.74 of the statutes is amended to read:
18.74 Application of operating note proceeds. All moneys resulting from the contracting of operating notes or any payment to be received under an agreement or ancillary arrangement entered into under s. 18.73 (5) with respect to any such operating notes shall be credited to the general fund, except that moneys which represent premium and accrued interest on operating notes, or moneys for purposes of funding or refunding operating notes pursuant to s. 18.72 (1) shall be credited to the operating note redemption fund.
20,154
Section 154. 18.75 (2) of the statutes is amended to read:
18.75 (2) The operating note redemption fund shall be expended and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on operating notes giving rise to it and premium, if any, due upon refunding or early redemption of such operating notes, and for the payment due, if any, under an agreement or ancillary arrangement entered into under s. 18.73 (5) with respect to such operating notes.
20,155
Section 155. 18.75 (4) of the statutes is amended to read:
18.75 (4) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient for the payment of the principal, interest and premium due, if any, on the and for the payment due, if any, under an agreement or ancillary arrangement entered into pursuant to s. 18.73 (5) with respect to operating notes giving rise to it as the same falls due. Such transfers shall be so timed that there is at all times on hand in the fund an amount not less than the amount to be paid out of it during the ensuing 30 days or such other period if so provided for in the authorizing resolution. The commission may pledge the deposit of additional amounts at periodic intervals and the secretary of the department may impound moneys of the general fund, including moneys temporarily reallocated from other funds under s. 20.002 (11), in accordance with the pledge of revenues in the authorizing resolution, and all such impoundments are deemed to be payments for purposes of s. 16.53 (10), but no such impoundment may be made until the amounts to be paid into the bond security and redemption fund under s. 18.09 during the ensuing 30 days have been deposited in the bond security and redemption fund.
20,156
Section 156. 19.32 (1) of the statutes is amended to read:
19.32 (1) "Authority" means any of the following having custody of a record: a state or local office, elected official, agency, board, commission, committee, council, department or public body corporate and politic created by constitution, law, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family long-term care district under s. 46.2895; any court of law; the assembly or senate; a nonprofit corporation which receives more than 50% of its funds from a county or a municipality, as defined in s. 59.001 (3), and which provides services related to public health or safety to the county or municipality; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing.
20,157
Section 157. 19.42 (10) (p) of the statutes is repealed.
20,158e
Section 158e. 19.42 (10) (r) of the statutes is created to read:
19.42 (10) (r) The employees and members of the board of directors of the Lower Fox River Remediation Authority.
20,159
Section 159. 19.42 (13) (o) of the statutes is repealed.
20,161
Section 161. 19.55 (2) (b) of the statutes is amended to read:
19.55 (2) (b) Records obtained or prepared by the board in connection with an investigation, except that the board shall permit inspection of records that are made public in the course of a hearing by the board to determine if a violation of this subchapter or subch. III of ch. 13 has occurred. Whenever the board refers such investigation and hearing records to a district attorney or to the attorney general, they may be made public in the course of a prosecution initiated under this subchapter. The board shall also provide information from investigation and hearing records that pertains to the location of individuals and assets of individuals as requested under s. 49.22 (2m) by the department of workforce development children and families or by a county child support agency under s. 59.53 (5).
20,162
Section 162. 19.55 (2) (d) of the statutes is amended to read:
19.55 (2) (d) Records of the social security number of any individual who files an application for licensure as a lobbyist under s. 13.63 or who registers as a principal under s. 13.64, except to the department of workforce development children and families for purposes of administration of s. 49.22 or to the department of revenue for purposes of administration of s. 73.0301.
20,162h
Section 162h. 19.62 (8) of the statutes is amended to read:
19.62 (8) "State authority" means an authority that is a state elected official, agency, board, commission, committee, council, department or public body corporate and politic created by constitution, statute, rule or order; a state governmental or quasi-governmental corporation; the supreme court or court of appeals; or the assembly or senate; or a nonprofit corporation operating the Olympic Ice Training Center under s. 42.11 (3).
20,163
Section 163. 19.82 (1) of the statutes is amended to read:
19.82 (1) "Governmental body" means a state or local agency, board, commission, committee, council, department or public body corporate and politic created by constitution, statute, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family long-term care district under s. 46.2895; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing, but excludes any such body or committee or subunit of such body which is formed for or meeting for the purpose of collective bargaining under subch. I, IV or V of ch. 111.
20,163p
Section 163p. 19.84 (5) of the statutes is amended to read:
19.84 (5) Departments and their subunits in any University of Wisconsin System institution or campus and a nonprofit corporation operating the Olympic Ice Training Center under s. 42.11 (3) are exempt from the requirements of subs. (1) to (4) but shall provide meeting notice which is reasonably likely to apprise interested persons, and news media who have filed written requests for such notice.
20,163v
Section 163v. 19.85 (1) (j) of the statutes is repealed.
20,165
Section 165. 19.86 of the statutes is amended to read:
19.86 Notice of collective bargaining negotiations. Notwithstanding s. 19.82 (1), where notice has been given by either party to a collective bargaining agreement under subch. I, IV or V of ch. 111 to reopen such agreement at its expiration date, the employer shall give notice of such contract reopening as provided in s. 19.84 (1) (b). If the employer is not a governmental body, notice shall be given by the employer's chief officer or such person's designee. This section does not apply to a nonprofit corporation operating the Olympic Ice Training Center under s. 42.11 (3).
20,166
Section 166. 20.001 (2) (e) of the statutes is amended to read:
20.001 (2) (e) Federal revenues. "Federal revenues" consist of moneys received from the federal government, except that under s. 20.445 (3) 20.437 (2) (md) "federal revenues" also include moneys treated as refunds of expenditures, and under s. 20.445 (3) 20.437 (2) (me) "federal revenues" consist only of moneys treated as received from the federal government. Federal revenues may be deposited as program revenues in the general fund or as segregated revenues in a segregated fund. In either case they are indicated in s. 20.005 by the addition of "-F" after the abbreviation assigned under pars. (b) and (d).
20,167
Section 167. 20.001 (5) of the statutes is amended to read:
20.001 (5) Refunds of expenditures. Any amount not otherwise appropriated under this chapter that is received by a state agency as a result of an adjustment made to a previously recorded expenditure from a sum certain appropriation to that agency due to activities that are of a temporary nature or activities that could not be anticipated during budget development and which serves to reduce or eliminate the previously recorded expenditure in the same fiscal year in which the previously recorded expenditure was made, except as provided in s. 20.445 (3) 20.437 (2) (md), may, upon request of the agency, be designated by the secretary of administration as a refund of an expenditure. Except as otherwise provided in this subsection, the secretary of administration may designate an amount received by a state agency as a refund of an expenditure only if the agency submits to the secretary a written explanation of the circumstances under which the amount was received that includes a specific reference in a statutory or nonstatutory law to a function of the agency under which the amount was received and the appropriation from which the previously recorded expenditure was made. A refund of an expenditure shall be deposited by the receiving state agency in the appropriation account from which the previously recorded expenditure was made. Except as otherwise provided in this subsection, a state agency which proposes to make an expenditure from moneys designated as a refund of an expenditure shall submit to the secretary of administration a written explanation of the purpose of the expenditure, including a specific reference in a statutory or nonstatutory law to a function of the agency under which the expenditure is to be made and the appropriation from which the expenditure is to be made. After submission and approval of an estimate of the amount proposed to be expended under s. 16.50 (2), a state agency may expend the moneys received from the refund of the expenditure. The secretary of administration may waive submission of any explanation required by this subsection for categories of refunds of expenditures or proposed refunds of expenditures.
20,167e
Section 167e. 20.003 (2) of the statutes is amended to read:
20.003 (2) Revisor's
Legislative reference bureau authority. All appropriations made by the legislature shall be listed in this chapter. The revisor of statutes legislative reference bureau shall assign numbers in this chapter to any appropriation not so numbered and if appropriation laws are enacted which are not numbered to correspond with the numbering system of this chapter as outlined in sub. (3), the revisor of statutes
legislative reference bureau shall renumber such laws accordingly.
20,168
Section 168. 20.003 (4) (fm) of the statutes is repealed.
20,169
Section 169. 20.003 (4) (fr) of the statutes is repealed.
20,172
Section 172. 20.003 (4) (fw) of the statutes is created to read:
20.003 (4) (fw) For fiscal year 2009-10, $65,000,000.
20,173
Section 173. 20.003 (4) (fx) of the statutes is created to read:
20.003 (4) (fx) For fiscal year 2010-11, $65,000,000.
20,174
Section 174. 20.003 (4) (g) of the statutes is amended to read:
20.003 (4) (g) For fiscal year 2009-10
2011-12 and each fiscal year thereafter, 2%.
20,174e
Section 174e. 20.004 (2) of the statutes is amended to read:
20.004 (2) Immediately following the final adjournment of the legislature, or at convenient intervals prior thereto, the department of administration shall amend the schedule and summaries set forth in s. 20.005 to include all fiscal acts of the legislature, and submit the composite amended schedule and summaries to the joint committee on finance for approval. When approved, the department of administration shall then submit the schedule and summaries to the revisor of statutes who legislative reference bureau, which shall print the revised schedules and summaries of all state funds in the ensuing issue of the statutes as part of s. 20.005 and in lieu of the schedules and summaries printed in the preceding issue of the statutes. If any conflict exists between ss. 20.115 to 20.875 and s. 20.005, ss. 20.115 to 20.875 shall control and s. 20.005 shall be changed to correspond with ss. 20.115 to 20.875. All appropriations are to be rounded to the nearest $100 and if any appropriation is made which is not so rounded the department of administration, when preparing the composite amended schedule and summaries, shall show the appropriation increased to the next $100.
20,175
Section 175. 20.005 (1) of the statutes is repealed and recreated to read:
20.005 (1) Summary of all funds. The budget governing fiscal operations for the state of Wisconsin for all funds beginning on July 1, 2007, and ending on June 30, 2009, is summarized as follows: [See Figure 20.005 (1) following]
Figure: 20.005 (1)
GENERAL FUND SUMMARY
- See PDF for table 
SUMMARY OF APPROPRIATIONS — ALL FUNDS
- See PDF for table
SUMMARY OF COMPENSATION RESERVES — ALL FUNDS
- See PDF for table
LOTTERY FUND SUMMARY
- See PDF for table
20,176
Section 176. 20.005 (2) of the statutes is repealed and recreated to read:
20.005 (2) State borrowing program summary. The following schedule sets forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b) following]
Figure: 20.005 (2) (a)
SUMMARY OF BONDING AUTHORITY MODIFICATIONS
2007-09 FISCAL BIENNIUM
- See PDF for table
Figure: 20.005 (2) (b)
GENERAL OBLIGATION AND
BUILDING CORPORATION DEBT SERVICE
FISCAL YEARS 2007-08 AND 2008-09
- See PDF for table
20,177
Section 177. 20.005 (3) of the statutes is repealed and recreated to read:
20.005 (3) Appropriations. The following schedule sets forth all annual, biennial, and sum certain continuing appropriations and anticipated expenditures from other appropriations for the programs and other purposes indicated. All appropriations are made from the general fund unless otherwise indicated. The letter abbreviations shown designating the type of appropriation apply to both fiscal years in the schedule unless otherwise indicated. [See Figure 20.005 (3) following]
Figure: 20.005 (3)
