SB440-SA2,9,517 66.1103 (6) (b) The determination and findings of the governing body shall be
18embodied in the proceedings under which the proposed bonds are to be issued; but
19the amounts specified in par. (a) need not be expressed in dollars and cents in the
20revenue agreement and proceedings under which the bonds are authorized to be
21issued, but may be set forth in the form of a formula. Before the issuance of the bonds
22authorized by this section the municipality or county shall enter into a revenue
23agreement providing for payment to the municipality or county, or to the trustee for
24the account of the municipality or county, of those amounts, based upon the
25determination and findings, that will be sufficient to pay the principal of, and

1interest on, the bonds issued to finance the project; to build up and maintain any
2reserves considered advisable by the governing body, in connection with the project;
3and, unless the revenue agreement obligates the eligible participant to provide for
4the maintenance of and insurance on the project, to pay the costs of maintaining the
5project in good repair and keeping it properly insured.
SB440-SA2, s. 2i 6Section 2i. 66.1103 (6) (c) of the statutes is amended to read:
SB440-SA2,9,127 66.1103 (6) (c) A governing body may not adopt an initial resolution authorizing
8issuance of bonds to finance a project specified under sub. (2) (k) 11. unless the
9governing body finds and states in the initial resolution that the project will
10significantly increase the number of persons traveling to the municipality or county
11for business or recreation. The statement shall be included in the public notice
12required under sub. (10) (b).
SB440-SA2, s. 2im 13Section 2im. 66.1103 (6m) of the statutes is amended to read:
SB440-SA2,9,2114 66.1103 (6m) Notification of position openings. A municipality or county may
15not enter into a revenue agreement with any person who operates for profit unless
16that person has agreed to notify the department of workforce development and the
17local workforce development board established under 29 USC 2832, of any position
18to be filled in that municipality or county within one year after issuance of the
19revenue bonds. The person shall provide this notice at least 2 weeks before
20advertising the position. The notice required by this subsection does not affect the
21offer of employment requirements of sub. (4s).
SB440-SA2, s. 2j 22Section 2j. 66.1103 (8) of the statutes is amended to read:
SB440-SA2,9,2623 66.1103 (8) Purchase. The municipality or county may, by or with the consent
24of the eligible participant, accept any bona fide offer to purchase the project which
25is sufficient to pay all the outstanding bonds, interest, taxes, special levies and other

1costs that have been incurred. The municipality or county may also, by or with the
2consent of the eligible participant, accept any bona fide offer to purchase any
3unimproved land which is a part of the project, if the purchase price is not less than
4the cost of the land to the municipality or county computed on a prorated basis and
5if the purchase price is applied directly or indirectly to the payment of the principal
6or interest on the bonds.
SB440-SA2, s. 2jm 7Section 2jm. 66.1103 (9) of the statutes is amended to read:
SB440-SA2,10,198 66.1103 (9) Payment of taxes. If an industrial project acquired by a
9municipality or county under this section is used by a private person as a lessee,
10sublessee or in any capacity other than owner, that person is subject to taxation in
11the same amount and to the same extent as if that person were the owner of the
12property. Taxes shall be assessed to the private person using the real property and
13collected in the same manner as taxes assessed to owners of real property. When due,
14the taxes constitute a debt due from the private person to the taxing unit and are
15recoverable as provided by law, and the unpaid taxes become a lien against the
16property with respect to which they were assessed, superior to all other liens, except
17a lien under s. 292.31 (8) (i) or 292.81, and shall be placed on the tax roll when there
18has been a conveyance of the property in the same manner as other taxes assessed
19against real property.
SB440-SA2, s. 2k 20Section 2k. 66.1103 (10) (b) of the statutes is amended to read:
SB440-SA2,11,1021 66.1103 (10) (b) Upon the adoption of an initial resolution under this section,
22public notice of the adoption shall be given to the electors of the municipality or
23county
before the issuance of the bonds described in the resolution, by publication
24as a class 1 notice, under ch. 985. The notice need not set forth the full contents of
25the resolution, but shall state the maximum amount of the bonds; the name of the

1eligible participant; the purpose of the bonds; the net number of jobs which the
2project the municipality or county would finance with the bond issue is expected to
3eliminate, create or maintain on the project site and elsewhere in this state which
4is required to be shown by the proposed eligible participant on the form submitted
5under sub. (4m) (a) 1.; and that the resolution was adopted under this section. A form
6of the public notice shall be attached to the initial resolution. Prior to adoption of the
7initial resolution, the open meeting notice given to members of the public under s.
819.84 shall indicate that information with respect to the job impact of the project will
9be available at the time of consideration of the initial resolution. No other public
10notice of the authorization, issuance or sale of bonds under this section is required.
SB440-SA2, s. 2km 11Section 2km. 66.1103 (10) (c) of the statutes is amended to read:
SB440-SA2,11,1912 66.1103 (10) (c) A copy of the initial resolution together with a statement
13indicating when the public notice required under par. (b) was published shall be filed
14with the secretary of commerce within 20 days following publication of notice. Prior
15to the closing of the bond issue, the secretary may require additional information
16from the eligible participant or the municipality or county. After the closing of the
17bond issue, the secretary shall be notified of the closing date, any substantive
18changes made to documents previously filed with the secretary and the principal
19amount of the financing.
SB440-SA2, s. 2L 20Section 2L. 66.1103 (10) (d) of the statutes is amended to read:
SB440-SA2,12,721 66.1103 (10) (d) The governing body may issue bonds under this section
22without submitting the proposition to the electors of the municipality or county for
23approval unless within 30 days from the date of publication of notice of adoption of
24the initial resolution for the bonds, a petition conforming to the requirements of s.
258.40, signed by not less than 5% of the registered electors of the municipality or

1county
, or, if there is no registration of electors in the municipality or county, by 10%
2of the number of electors of the municipality or county voting for the office of governor
3at the last general election as determined under s. 115.01 (13), is filed with the clerk
4of the municipality or county and as provided in s. 8.37 requesting a referendum
5upon the question of the issuance of the bonds. If a petition is filed, the bonds may
6not be issued until approved by a majority of the electors of the municipality or
7county
voting on the referendum at a general or special election.
SB440-SA2, s. 2Lm 8Section 2Lm. 66.1103 (10) (e) of the statutes is amended to read:
SB440-SA2,12,119 66.1103 (10) (e) Members of a governing body and officers and employees of a
10municipality or county are not personally liable on bonds and are not personally
11liable for any act or omission related to the authorization or issuance of bonds.
SB440-SA2, s. 2m 12Section 2m. 66.1103 (10) (g) of the statutes is amended to read:
SB440-SA2,12,1613 66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial
14resolution a document which provides a good faith estimate of attorney fees which
15will be paid from bond proceeds is filed with the clerk of the municipality or county
16and the department of commerce.
SB440-SA2, s. 2mm 17Section 2mm. 66.1103 (11) (a) of the statutes is amended to read:
SB440-SA2,13,218 66.1103 (11) (a) With respect to the enforcement of any construction lien or
19other lien under ch. 779 arising out of the construction of projects financed under this
20section, no deficiency judgment or judgment for costs may be entered against the
21municipality or county. Projects financed under this section are not public works,
22public improvements or public construction within the meaning of ss. 59.52 (29),
2360.47, 61.55, 62.15, 779.14, 779.15 and 779.155 and contracts for the construction of
24the projects are not public contracts within the meaning of ss. 59.52 (29) and 66.0901
25unless factors including municipal or county control over the costs, construction and

1operation of the project and the beneficial ownership of the project warrant the
2conclusion that they are public contracts.
SB440-SA2, s. 2n 3Section 2n. 66.1103 (11) (b) 2. of the statutes is amended to read:
SB440-SA2,13,74 66.1103 (11) (b) 2. The governing body of a municipality or county may waive
5subd. 1. with respect to a particular project by adopting an ordinance or resolution
6containing a statement of the reasons for the waiver and a description of the project
7for which waiver is made and publishing it as a class 1 notice under ch. 985.".
SB440-SA2,13,8 84. Page 3, line 19: after that line insert:
SB440-SA2,13,11 9"(bm) "Midwestern disaster area bond" means a bond described under 26 USC
101400N
(a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.)
11and (1).".
SB440-SA2,13,13 125. Page 3, line 22: delete the material beginning with that line and ending with
13page 4, line 10, and substitute:
SB440-SA2,13,17 14"(2) Waiver. (a) The allocation of a recovery zone bond limitation received by
15a city or county shall be considered waived on March 1, 2010, except with regard to
16any amount about which the city or county sends written notice to the department
17of commerce before that date in which the city or county does one of the following:
SB440-SA2,13,1918 1. States that recovery zone bonds have been issued pursuant to the city's or
19county's limitation allocation.
SB440-SA2,14,220 2. Identifies the amount of a proposed issuance of recovery zone bonds and the
21nongovernmental entity that will own or operate the project being financed, together
22with a letter addressed to the department of commerce from the prospective
23purchaser of the recovery zone bonds that states the expectation of the prospective
24purchaser that both an agreement will be executed before May 1, 2010, providing for

1the purchase of the recovery zone bonds, and that the recovery zone bonds will be
2issued before June 1, 2010.
SB440-SA2,14,63 (b) The allocation of a recovery zone bond limitation received by a city or county
4shall be considered waived on May 1, 2010, except with regard to any amount about
5which the city or county sends written notice to the department of commerce before
6that date in which the city or county states one of the following:
SB440-SA2,14,87 1. That recovery zone bonds have been issued pursuant to the city's or county's
8limitation allocation.
SB440-SA2,14,119 2. That an agreement has been executed by the city, county, other local
10governmental unit, or authority that will issue the recovery zone bonds, and a bond
11purchaser, providing for the purchase of recovery zone bonds.
SB440-SA2,14,1612 (c) The allocation of a recovery zone bond limitation received by a city or county
13shall be considered waived on June 1, 2010, except with regard to any amount about
14which the city or county sends written notice to the department of commerce before
15that date in which the city or county states that recovery zone bonds have been issued
16pursuant to the city's or county's limitation allocation.
SB440-SA2,14,1917 (d) Any allocation of a recovery zone bond limitation that is considered waived
18under this subsection may be reallocated by the department of commerce under s.
19560.033.
SB440-SA2,14,2420 (e) If a county that is eligible to issue a midwestern disaster area bond waives
21any portion of its allocation of a recovery zone bond limitation under this subsection
22before January 1, 2011, the department of commerce, under s. 560.033 (4), shall
23increase that county's allocation of Midwestern disaster area bond authority by the
24amount of the county's waived recovery zone bond limitation allocation.".
SB440-SA2,14,25
16. Page 5, line 6: delete that line and substitute:
SB440-SA2,15,2 2"(4) Consideration of alternative financing; reallocation. Before making a".
SB440-SA2,15,4 37. Page 5, line 11: after "sought" insert ", and shall ensure that sufficient
4unallocated bonding authority remains to comply with s. 66.1104 (2) (e)".
SB440-SA2,15,5 58. Page 5, line 11: after that line insert:
SB440-SA2,15,6 6" Section 4e. 560.034 (5) (a) of the statutes is amended to read:
SB440-SA2,15,87 560.034 (5) (a) Under sub. (2), to the city, village , town, or county which will
8issue the bonds to finance the project which is the subject of the estimate.".
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