SB1,73,33 a. The conditions under which the commission may enter into the agreements.
SB1,73,44 b. The form and content of the agreements.
SB1,73,55 c. The aspects of risk exposure associated with the agreements.
SB1,73,66 d. The standards and procedures for counterparty selection.
SB1,73,87 e. The standards for the procurement of, and the setting aside of reserves, if
8any, in connection with, the agreements.
SB1,73,109 f. The provisions, if any, for collateralization or other requirements for securing
10any counterparty's obligations under the agreements.
SB1,73,1211 g. A system for financial monitoring and periodic assessment of the
12agreements.
SB1, s. 151h 13Section 151h. 18.55 (6) (e) of the statutes is created to read:
SB1,73,1614 18.55 (6) (e) 1. Subject to subd. 2., the terms and conditions of an interest
15exchange agreement under par. (a) shall not be structured so that, as of the trade date
16of the agreement, both of the following are reasonably expected to occur:
SB1,73,2117 a. The aggregate expected debt service and net exchange payments relating to
18the agreement during the fiscal year in which the trade date occurs will be less than
19the aggregate expected debt service and net exchange payments relating to the
20agreement that would be payable during that fiscal year if the agreement is not
21executed.
SB1,73,2522 b. The aggregate expected debt service and net exchange payments relating to
23the agreement in subsequent fiscal years will be greater than the aggregate expected
24debt service and net exchange payments relating to the agreement that would be
25payable in those fiscal years if the agreement is not executed.
SB1,74,1
12. Subdivision 1. shall not apply if either of the follow occurs:
SB1,74,52 a. The commission receives a determination by the independent financial
3consulting firm under par. (d) 1. that the terms and conditions of the agreement
4reflect payments by the state that represent on-market rates as of the trade date for
5the particular type of agreement.
SB1,74,106 b. The commission provides written notice to the joint committee on finance of
7its intention to enter into an agreement that is reasonably expected to satisfy subd.
81., and the joint committee on finance either approves or disapproves, in writing, the
9commission's entering into the agreement within 14 days of receiving the written
10notice from the commission.
SB1,74,1311 3. This paragraph shall not limit the liability of the state under an agreement
12if actual contracted net exchange payments in any fiscal year are less than or exceed
13original expectations.
SB1, s. 151p 14Section 151p. 18.55 (6) (f) of the statutes is created to read:
SB1,74,1815 18.55 (6) (f) Semiannually, during any year in which the state is a party to an
16agreement entered into pursuant to par. (a), the department of administration shall
17submit a report to the commission and to the cochairpersons of the joint committee
18on finance listing all such agreements. The report shall include all of the following:
SB1,74,2019 1. A description of each agreement, including a summary of its terms and
20conditions, rates, maturity, and the estimated market value of each agreement.
SB1,74,2221 2. An accounting of amounts that were required to be paid and received on each
22agreement.
SB1,74,2423 3. Any credit enhancement, liquidity facility, or reserves, including an
24accounting of the costs and expenses incurred by the state.
SB1,74,2525 4. A description of the counterparty to each agreement.
SB1,75,2
15. A description of the counterparty risk, the termination risk, and other risks
2associated with each agreement.
SB1, s. 151s 3Section 151s. 18.71 (1) of the statutes is renumbered 18.71 (1m).
SB1, s. 151v 4Section 151v. 18.71 (1d) of the statutes is created to read:
SB1,75,65 18.71 (1d) "Aggregate expected debt service and net exchange payments"
6means the sum of the following:
SB1,75,87 (a) The aggregate net payments expected to be made and received under a
8specified interest exchange agreement under s. 18.73 (5) (a).
SB1,75,109 (b) The aggregate debt service expected to be made on notes related to that
10agreement.
SB1,75,1311 (c) The aggregate net payments expected to be made and received under all
12other interest exchange agreements under s. 18.73 (5) (a) relating to those notes that
13are in force at the time of executing the agreement.
SB1, s. 152 14Section 152. 18.73 (5) of the statutes is created to read:
SB1,76,215 18.73 (5) Agreements and arrangements; delegation; use of operating notes.
16(a) Subject to pars. (d) and (e), at the time of, or in anticipation of, contracting
17operating notes and at any time thereafter while the operating notes are
18outstanding, the commission may enter into agreements and ancillary
19arrangements relating to the operating notes, including liquidity facilities,
20remarketing or dealer agreements, letter of credit agreements, insurance policies,
21guaranty agreements, reimbursement agreements, indexing agreements, or interest
22exchange agreements. Any payment received pursuant to any such agreements or
23ancillary arrangements shall be deposited in, and any payments made pursuant to
24any such agreements or ancillary arrangements will be made from, the general fund
25or the operating note redemption fund, as determined by the commission. The

1determination of the commission included in an interest exchange agreement that
2such an agreement relates to an operating note shall be conclusive.
SB1,76,53 (b) The commission may delegate to other persons the authority and
4responsibility to take actions necessary and appropriate to implement agreements
5and ancillary arrangements under par. (a).
SB1,76,76 (c) Any operating notes may include operating notes contracted to fund
7interest, accrued or to accrue, on the operating notes.
SB1,76,98 (d) With respect to any interest exchange agreement or agreements specified
9in par. (a), all of the following shall apply:
SB1,76,1210 1. The commission shall contract with an independent financial consulting firm
11to determine if the terms and conditions of the agreement reflect a fair market value,
12as of the proposed date of the execution of the agreement.
SB1,76,1513 2. The interest exchange agreement must identify the note to which the
14agreement is related. The determination of the commission included in an interest
15exchange agreement that such agreement relates to a note shall be conclusive.
SB1,76,2016 3. The resolution authorizing the commission to enter into any interest
17exchange agreement shall require that the terms and conditions of the agreement
18reflect a fair market value as of the date of execution of the agreement, as reflected
19by the determination of the independent financial consulting firm under subd. 1.,
20and shall establish guidelines for any such agreement, including the following:
SB1,76,2121 a. The conditions under which the commission may enter into the agreements.
SB1,76,2222 b. The form and content of the agreements.
SB1,76,2323 c. The aspects of risk exposure associated with the agreements.
SB1,76,2424 d. The standards and procedures for counterparty selection.
SB1,77,2
1e. The standards for the procurement of, and the setting aside of reserves, if
2any, in connection with, the agreements.
SB1,77,43 f. The provisions, if any, for collateralization or other requirements for securing
4any counterparty's obligations under the agreements.
SB1,77,65 g. A system for financial monitoring and periodic assessment of the
6agreements.
SB1,77,137 (e) 1. Subject to subd. 2., the terms and conditions of an interest exchange
8agreement under par. (a) shall not be structured so that, as of the trade date of the
9agreement, the aggregate expected debt service and net exchange payments relating
10to the agreement during the fiscal year in which the trade date occurs will be less
11than the aggregate expected debt service and net exchange payments relating to the
12agreement that would be payable during that fiscal year if the agreement is not
13executed.
SB1,77,1414 2. Subdivision 1. shall not apply if either of the follow occurs:
SB1,77,1815 a. The commission receives a determination by the independent financial
16consulting firm under par. (d) 1. that the terms and conditions of the agreement
17reflect payments by the state that represent on-market rates as of the trade date for
18the particular type of agreement.
SB1,77,2319 b. The commission provides written notice to the joint committee on finance of
20its intention to enter into an agreement that is reasonably expected to satisfy subd.
211., and the joint committee on finance either approves or disapproves, in writing, the
22commission's entering into the agreement within 14 days of receiving the written
23notice from the commission.
SB1,78,3
13. This paragraph shall not limit the liability of the state under an agreement
2if actual contracted net exchange payments in any fiscal year are less than or exceed
3original expectations.
SB1,78,74 (f) Semiannually, during any year in which the state is a party to an agreement
5entered into pursuant to par. (a), the department of administration shall submit a
6report to the commission and to the cochairpersons of the joint committee on finance
7listing all such agreements. The report shall include all of the following:
SB1,78,98 1. A description of each agreement, including a summary of its terms and
9conditions, rates, maturity, and the estimated market value of each agreement.
SB1,78,1110 2. An accounting of amounts that were required to be paid and received on each
11agreement.
SB1,78,1312 3. Any credit enhancement, liquidity facility, or reserves, including an
13accounting of the costs and expenses incurred by the state.
SB1,78,1414 4. A description of the counterparty to each agreement.
SB1,78,1615 5. A description of the counterparty risk, the termination risk, and other risks
16associated with each agreement.
SB1, s. 153 17Section 153. 18.74 of the statutes is amended to read:
SB1,78,24 1818.74 Application of operating note proceeds. All moneys resulting from
19the contracting of operating notes or any payment to be received under an agreement
20or ancillary arrangement entered into under s. 18.73 (5) with respect to any such
21operating notes
shall be credited to the general fund, except that moneys which
22represent premium and accrued interest on operating notes, or moneys for purposes
23of funding or refunding operating notes pursuant to s. 18.72 (1) shall be credited to
24the operating note redemption fund.
SB1, s. 154 25Section 154. 18.75 (2) of the statutes is amended to read:
SB1,79,6
118.75 (2) The operating note redemption fund shall be expended and all
2moneys from time to time on hand therein are irrevocably appropriated, in sums
3sufficient, only for the payment of principal and interest on operating notes giving
4rise to it and premium, if any, due upon refunding or early redemption of such
5operating notes, and for the payment due, if any, under an agreement or ancillary
6arrangement entered into under s. 18.73 (5) with respect to such operating notes
.
SB1, s. 155 7Section 155. 18.75 (4) of the statutes is amended to read:
SB1,79,228 18.75 (4) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient
9for the payment of the principal, interest and premium due, if any, on the and for the
10payment due, if any, under an agreement or ancillary arrangement entered into
11pursuant to s. 18.73 (5) with respect to
operating notes giving rise to it as the same
12falls due. Such transfers shall be so timed that there is at all times on hand in the
13fund an amount not less than the amount to be paid out of it during the ensuing 30
14days or such other period if so provided for in the authorizing resolution. The
15commission may pledge the deposit of additional amounts at periodic intervals and
16the secretary of the department may impound moneys of the general fund, including
17moneys temporarily reallocated from other funds under s. 20.002 (11), in accordance
18with the pledge of revenues in the authorizing resolution, and all such
19impoundments are deemed to be payments for purposes of s. 16.53 (10), but no such
20impoundment may be made until the amounts to be paid into the bond security and
21redemption fund under s. 18.09 during the ensuing 30 days have been deposited in
22the bond security and redemption fund.
SB1, s. 156 23Section 156. 19.32 (1) of the statutes is amended to read:
SB1,80,924 19.32 (1) "Authority" means any of the following having custody of a record: a
25state or local office, elected official, agency, board, commission, committee, council,

1department or public body corporate and politic created by constitution, law,
2ordinance, rule or order; a governmental or quasi-governmental corporation except
3for the Bradley center sports and entertainment corporation; a local exposition
4district under subch. II of ch. 229; a family long-term care district under s. 46.2895;
5any court of law; the assembly or senate; a nonprofit corporation which receives more
6than 50% of its funds from a county or a municipality, as defined in s. 59.001 (3), and
7which provides services related to public health or safety to the county or
8municipality; a nonprofit corporation operating the Olympic ice training center
9under s. 42.11 (3); or a formally constituted subunit of any of the foregoing.
SB1, s. 157 10Section 157. 19.42 (10) (p) of the statutes is repealed.
SB1, s. 158e 11Section 158e. 19.42 (10) (r) of the statutes is created to read:
SB1,80,1312 19.42 (10) (r) The employees and members of the board of directors of the Lower
13Fox River Remediation Authority.
SB1, s. 159 14Section 159. 19.42 (13) (o) of the statutes is repealed.
SB1, s. 161 15Section 161. 19.55 (2) (b) of the statutes is amended to read:
SB1,80,2516 19.55 (2) (b) Records obtained or prepared by the board in connection with an
17investigation, except that the board shall permit inspection of records that are made
18public in the course of a hearing by the board to determine if a violation of this
19subchapter or subch. III of ch. 13 has occurred. Whenever the board refers such
20investigation and hearing records to a district attorney or to the attorney general,
21they may be made public in the course of a prosecution initiated under this
22subchapter. The board shall also provide information from investigation and hearing
23records that pertains to the location of individuals and assets of individuals as
24requested under s. 49.22 (2m) by the department of workforce development children
25and families
or by a county child support agency under s. 59.53 (5).
SB1, s. 162
1Section 162. 19.55 (2) (d) of the statutes is amended to read:
SB1,81,62 19.55 (2) (d) Records of the social security number of any individual who files
3an application for licensure as a lobbyist under s. 13.63 or who registers as a principal
4under s. 13.64, except to the department of workforce development children and
5families
for purposes of administration of s. 49.22 or to the department of revenue
6for purposes of administration of s. 73.0301.
SB1, s. 162h 7Section 162h. 19.62 (8) of the statutes is amended to read:
SB1,81,138 19.62 (8) "State authority" means an authority that is a state elected official,
9agency, board, commission, committee, council, department or public body corporate
10and politic created by constitution, statute, rule or order; a state governmental or
11quasi-governmental corporation; the supreme court or court of appeals; or the
12assembly or senate; or a nonprofit corporation operating the Olympic Ice Training
13Center under s. 42.11 (3)
.
SB1, s. 163 14Section 163. 19.82 (1) of the statutes is amended to read:
SB1,81,2415 19.82 (1) "Governmental body" means a state or local agency, board,
16commission, committee, council, department or public body corporate and politic
17created by constitution, statute, ordinance, rule or order; a governmental or
18quasi-governmental corporation except for the Bradley center sports and
19entertainment corporation; a local exposition district under subch. II of ch. 229; a
20family long-term care district under s. 46.2895; a nonprofit corporation operating
21the Olympic ice training center under s. 42.11 (3);
or a formally constituted subunit
22of any of the foregoing, but excludes any such body or committee or subunit of such
23body which is formed for or meeting for the purpose of collective bargaining under
24subch. I, IV or V of ch. 111.
SB1, s. 163p 25Section 163p. 19.84 (5) of the statutes is amended to read:
SB1,82,5
119.84 (5) Departments and their subunits in any University of Wisconsin
2System institution or campus and a nonprofit corporation operating the Olympic Ice
3Training Center under s. 42.11 (3)
are exempt from the requirements of subs. (1) to
4(4) but shall provide meeting notice which is reasonably likely to apprise interested
5persons, and news media who have filed written requests for such notice.
SB1, s. 163v 6Section 163v. 19.85 (1) (j) of the statutes is repealed.
SB1, s. 165 7Section 165. 19.86 of the statutes is amended to read:
SB1,82,15 819.86 Notice of collective bargaining negotiations. Notwithstanding s.
919.82 (1), where notice has been given by either party to a collective bargaining
10agreement under subch. I, IV or V of ch. 111 to reopen such agreement at its
11expiration date, the employer shall give notice of such contract reopening as provided
12in s. 19.84 (1) (b). If the employer is not a governmental body, notice shall be given
13by the employer's chief officer or such person's designee. This section does not apply
14to a nonprofit corporation operating the Olympic Ice Training Center under s. 42.11
15(3).
SB1, s. 166 16Section 166. 20.001 (2) (e) of the statutes is amended to read:
SB1,82,2417 20.001 (2) (e) Federal revenues. "Federal revenues" consist of moneys received
18from the federal government, except that under s. 20.445 (3) 20.437 (2) (md) "federal
19revenues" also include moneys treated as refunds of expenditures, and under s.
2020.445 (3) 20.437 (2) (me) "federal revenues" consist only of moneys treated as
21received from the federal government. Federal revenues may be deposited as
22program revenues in the general fund or as segregated revenues in a segregated
23fund. In either case they are indicated in s. 20.005 by the addition of "-F" after the
24abbreviation assigned under pars. (b) and (d).
SB1, s. 167 25Section 167. 20.001 (5) of the statutes is amended to read:
SB1,84,2
120.001 (5) Refunds of expenditures. Any amount not otherwise appropriated
2under this chapter that is received by a state agency as a result of an adjustment
3made to a previously recorded expenditure from a sum certain appropriation to that
4agency due to activities that are of a temporary nature or activities that could not be
5anticipated during budget development and which serves to reduce or eliminate the
6previously recorded expenditure in the same fiscal year in which the previously
7recorded expenditure was made, except as provided in s. 20.445 (3) 20.437 (2) (md),
8may, upon request of the agency, be designated by the secretary of administration as
9a refund of an expenditure. Except as otherwise provided in this subsection, the
10secretary of administration may designate an amount received by a state agency as
11a refund of an expenditure only if the agency submits to the secretary a written
12explanation of the circumstances under which the amount was received that
13includes a specific reference in a statutory or nonstatutory law to a function of the
14agency under which the amount was received and the appropriation from which the
15previously recorded expenditure was made. A refund of an expenditure shall be
16deposited by the receiving state agency in the appropriation account from which the
17previously recorded expenditure was made. Except as otherwise provided in this
18subsection, a state agency which proposes to make an expenditure from moneys
19designated as a refund of an expenditure shall submit to the secretary of
20administration a written explanation of the purpose of the expenditure, including a
21specific reference in a statutory or nonstatutory law to a function of the agency under
22which the expenditure is to be made and the appropriation from which the
23expenditure is to be made. After submission and approval of an estimate of the
24amount proposed to be expended under s. 16.50 (2), a state agency may expend the
25moneys received from the refund of the expenditure. The secretary of administration

1may waive submission of any explanation required by this subsection for categories
2of refunds of expenditures or proposed refunds of expenditures.
SB1, s. 167e 3Section 167e. 20.003 (2) of the statutes is amended to read:
SB1,84,104 20.003 (2) Revisor's Legislative reference bureau authority. All
5appropriations made by the legislature shall be listed in this chapter. The revisor of
6statutes
legislative reference bureau shall assign numbers in this chapter to any
7appropriation not so numbered and if appropriation laws are enacted which are not
8numbered to correspond with the numbering system of this chapter as outlined in
9sub. (3), the revisor of statutes legislative reference bureau shall renumber such laws
10accordingly.
SB1, s. 168 11Section 168. 20.003 (4) (fm) of the statutes is repealed.
SB1, s. 169 12Section 169. 20.003 (4) (fr) of the statutes is repealed.
SB1, s. 172 13Section 172. 20.003 (4) (fw) of the statutes is created to read:
SB1,84,1414 20.003 (4) (fw) For fiscal year 2009-10, $65,000,000.
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