Under current law, $121,021,700 in general purpose revenue is appropriated
to DCF in fiscal year 2008-09 for administration and benefits payment under the
W-2 program and other Temporary Assistance to Needy Families programs. This
bill decreases that appropriation by $22,529,000.
state government
This bill requires the secretary of administration to lapse or transfer to the
general fund from the unencumbered balances of appropriations to executive state
agencies, other than sum sufficient appropriations and appropriations of federal
revenues, an amount equal to $125,000,000 before July 1, 2011. Under the bill, all
executive branch state agencies, except for the Investment Board and the
Department of Employee Trust Funds, are subject to the lapse and transfer
provisions. The bill also requires the cochairpersons of the Joint Committee on
Legislative Organization to take actions before July 1, 2011, to ensure that from
general purpose revenue appropriations to the legislature an amount equal to
$500,000 is lapsed from sum certain appropriation accounts or is subtracted from the
expenditure estimates for any other types of appropriations, or both. The lapse from
appropriations to the legislature is included as part of the $125,000,000 lapse and
transfer requirement.
Current statutes contain a rule of proceeding that provides that no bill may be
adopted by the legislature if the bill would cause in any fiscal year the amount of
moneys designated as "Total Expenditures" in the general fund summary for that
fiscal year, less any amounts transferred to the budget stabilization fund in that
fiscal year, to exceed the sum of the amount of moneys designated as "Taxes" and
"Departmental Revenues" in the general fund summary for that fiscal year. This bill
provides that this requirement does not apply to the 2008-09 fiscal year.
This bill increases the legislature's role in approving the expenditure of federal
economic stimulus funds during the 2008-09 fiscal year and the 2009-11 fiscal
biennium. Under the bill, "federal economic stimulus funds" are defined to mean
federal moneys received by the state beginning on the bill's effective date and ending
on June 30, 2011, pursuant to federal legislation enacted during the 111th Congress
for the purpose of reviving the economy of the United States. The bill involves the
legislature in approving the expenditure of federal economic stimulus funds in two
general ways.
First, the bill provides that, as soon as practical after the receipt of any federal
economic stimulus funds by the state, the governor must submit to the Joint
Committee on Finance (JCF) a plan or plans for the expenditure of the federal
economic stimulus funds. After receiving the plan or plans, the cochairpersons of
JCF may direct the governor to implement the plan or plans. In lieu of directing the
governor to implement the plan or plans, the cochairpersons must convene a meeting
of JCF within 14 days after the plan or plans are submitted to either approve or
modify and approve the plan or plans. The governor shall then implement the plan
or plans as approved by JCF. The bill requires that a separate plan be submitted for
transportation expenditures. This process, however, does not apply to federal
economic stimulus funds the expenditure of which is contained in any bill introduced
in either house of the legislature at the request of the governor. If for any reason a
project specified in a plan cannot be completed on a timely basis, or if federal
economic stimulus funds cannot be expended as proposed in the plan, the governor
must submit a revised plan to the cochairpersons of JCF. The revised plan may only
be implemented if approved by JCF using the procedures specified in this paragraph.
Second, the bill creates a new procedure for review of the use of federal economic
stimulus funds for state building projects. Currently, with certain exceptions, the
Building Commission is prohibited from authorizing the design, construction, repair,
remodeling, or improvement, or the acquisition of land by the state for the
construction, repair, remodeling, or improvement of any state building, structure, or
facility for any project costing more than $500,000, regardless of funding source,
unless the project is enumerated by law in the Authorized State Building Program.
This bill provides that, if a state building, structure, or facility is proposed to
be designed or constructed, if an existing state building, structure, or facility is
proposed to be repaired, remodeled, or improved, or if land is proposed to be acquired
by the state for any such purpose, and the design, construction, repair, remodeling,
improvement, or acquisition is proposed to be financed solely with federal economic
stimulus funds, the project, if approved by JCF as part of a plan, is not subject to an
enumeration requirement.
Current statutes contain a rule of proceeding governing legislative action on
certain bills. Generally, the rule provides that no bill directly or indirectly affecting
general purpose revenues may be adopted if the bill would cause the estimated
general fund balance on June 30 of any fiscal year to be less than a certain amount
of the total general purpose revenue appropriations for that fiscal year. For fiscal
year 2008-09, the amount is $65,000,000. This bill provides that this requirement
does not apply to the 2008-09 fiscal year.
The bill makes the following changes to the loan program administered by the
Board of Commissioners of Public Lands (BCPL):
1. Provides that any borrower, after January 1 and before September 1 in any
year, may prepay one or more installments of a state trust fund loan in advance of
the due date and that all interest upon the advance payment terminates. Currently,
a borrower may do this only after March 15 and before August 1 in any year.
2. Requires that borrowers repay loans directly to BCPL and not to the
secretary of administration.
3. With respect to loans to counties, provides that a county must demonstrate
to BCPL that the loan is for the purpose of acquiring or installing energy efficient
equipment. Currently, counties must demonstrate to BCPL that the loan is for one
of a number of enumerated purposes, or satisfies certain conditions, which do not
specifically include the acquisition or installation of energy efficient equipment.
4. Clarifies the conditions under which school districts may receive short-term
loans of ten years or less from BCPL without the approval of the electors of the school
districts. These conditions are currently specified in chapter 67 of the Wisconsin
Statutes, by cross-reference, and this bill recreates these conditions in chapter 24
of the Wisconsin Statutes.
taxation
Income taxation
Under current law, a person may claim a credit against the person's income or
franchise tax liability that is equal to 10 percent of the amount that the person paid
in the taxable year for dairy manufacturing modernization or expansion related to
the claimant's dairy manufacturing operation. If the amount of the credit exceeds
the amount of the person's tax liability, the person receives a refund. Under current
law, dairy cooperatives are, generally, not subject to state income or franchise taxes
and, therefore, are not eligible to claim the credit for dairy manufacturing
modernization or expansion.
This bill allows the members of a dairy cooperative to claim the credit for the
dairy manufacturing modernization or expansion expenses paid by the cooperative.
The dairy cooperative determines the amount of the credit that each member may
claim, based on the amount of milk each member delivers to the cooperative.
This bill requires that all related corporations file a combined report for state
income and franchise tax purposes and calculate their state tax liability based on the
business activity of all the related corporations.
This bill provides an income and franchise tax credit for 10 percent of the
amount that a person pays in the taxable year for meat processing modernization or
expansion related to the person's meat processing operation.
Under current law, a person may claim as credit against the person's income or
franchise tax liability, in each of two consecutive taxable years, 12.5 percent of the
person's investment in a qualified new business venture, as determined by
Commerce. The maximum amount of a person's investment that can be used as the
basis for the credit is $2,000,000 and a business may receive no more than $1,000,000
in investments that qualify for the credit.
Under this bill, a person may claim an income and franchise tax credit equal
to 25 percent of the person's investment in a qualified new business venture. The bill
allows a person to use more than $2,000,000 in investments as the basis for the credit
and to transfer the amount of any unused credit to another taxpayer.
Under current law, a person must add to the person's taxable income the
amount of any deduction the person claimed for interest expenses and rental
expenses paid to a related entity, unless the expenses are paid primarily for business
purposes and not in order to avoid taxes. Under this bill,a person must add to the
person's taxable income the amount of any deduction the person claimed for interest
expenses, rental expenses, intangible expenses, and management fees paid to a
related entity, unless the expenses or fees are paid primarily for business purposes
and not in order to avoid taxes.
Other taxation
This bill adopts the substantive provisions of the Main Street Equity Act for
purposes of administering and collecting state, county, and stadium district sales
and use taxes. The act is intended to modernize sales and use tax administration for
the states that adopt the act and to encourage out-of-state retailers to collect the
state, county, and stadium district sales and use taxes voluntarily. Under current
federal law, generally, an out-of-state retailer who sells tangible personal property
or services to customers in this state is not required to collect the sales tax or use tax
imposed on such sales, if the retailer has no physical presence in this state. See Quill
v. North Dakota, 504 U.S. 298; 112 S. Ct. 1904 (1992).
This bill also imposes sales and use taxes on specified digital goods and
additional digital goods. "Specified digital goods" are digital audio works, digital
audiovisual works, and digital books. "Additional digital goods" means greeting
cards, finished artwork, periodicals, and video or electronic games, if all such items
are transferred electronically. Under the bill, the sale of specified digital goods or
additional digital goods that are transferred electronically to the purchaser are
exempt from the sales and use taxes, if the sale of the goods in tangible form is exempt
from the sales and use taxes.
transportation
Under current law, the Department of Transportation (DOT) must annually
submit to the Joint Committee on Finance (JCF) a plan for adjusting DOT's federal
funds appropriations if the most recent federal funds estimates vary from DOT's
federal funds appropriations by more than 5 percent.
This bill specifies that this requirement does not apply with respect to the first
$300,000,000 of federal economic stimulus funds, intended to be used for
transportation purposes, resulting from federal legislation enacted between
January 2009 and January 2011 (stimulus funds). The bill also requires DOT, with
one exception, to encumber or expend the first $300,000,000 of stimulus funds only
for specified projects.
Wisconsin housing and economic development authority
Under current law, the Wisconsin Housing and Economic Development
Authority (WHEDA) makes, participates in making, and issues bonds or notes to
fund homeownership mortgage loans on behalf of qualified, low-income applicants.
Homeownership mortgage loans include loans to finance the construction or
long-term financing of a residential structure or dwelling unit that is the principle
residence of the applicant. Homeownership mortgage loans may not be made to
finance the acquisition or replacement of an applicant's existing mortgage.
This bill authorizes WHEDA to issue bonds for and to make and participate in
the making of loans for the refinancing of qualified subprime loans if WHEDA
determines that the applicant will suffer financial hardship if the loan is not
refinanced. A qualified subprime loan is defined as an adjustable rate single-family
residential mortgage loan made after December 31, 2001 and before January 1, 2008.
The bill directs the secretary of administration to determine the date after which no
bonds or notes may be issued by WHEDA to refinance subprime loans.
This bill establishes a Homeowner Eviction and Lien Protection program under
the authority of WHEDA. Under the program, WHEDA may enter into agreements
with lenders to encourage the lenders to refinance mortgage loans of persons or
families who are not able to obtain refinancing in the absence of an agreement.
WHEDA may also make and participate in making loans to refinance mortgage
loans. A mortgage loan is defined as a loan secured by a first lien real estate mortgage
on a single-family dwelling that is used as the principal residence of the applicant.
The bill appropriates a total of $4,000,000 in GPR in the 2008-09 and 2009-10 fiscal
years to WHEDA to operate the program. The bill requires WHEDA to make
quarterly reports to the Joint Committee on Finance, and authorizes the
cochairpersons of the Joint Committee on Finance to convene a meeting at any time
to review or dissolve the program.
This bill will be referred to the Joint Survey Committee on Tax Exemptions for
a detailed analysis, which will be printed as an appendix to this bill.
Because this bill directly or substantially affects the development,
construction, cost or availability of housing in this state, the Department of
Administration, as required by law, will prepare a report to be printed as an appendix
to this bill.
Because this bill creates a new crime or revises a penalty for an existing crime,
the Joint Review Committee on Criminal Penalties may be requested to prepare a
report concerning the proposed penalty and the costs or savings that are likely to
result if the bill is enacted.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB62, s. 1
1Section
1. 13.94 (1) (ms) of the statutes is created to read:
SB62,15,22
13.94
(1) (ms) No later than July 1, 2014, prepare a financial and performance
3evaluation audit of the economic development tax benefit program under ss. 560.701
1to 560.706. The legislative audit bureau shall file a copy of the report of the audit
2under this paragraph with the distributees specified in par. (b).
SB62, s. 2
3Section
2. 13.94 (4) (a) 1. of the statutes is amended to read:
SB62,15,194
13.94
(4) (a) 1. Every state department, board, examining board, affiliated
5credentialing board, commission, independent agency, council or office in the
6executive branch of state government; all bodies created by the legislature in the
7legislative or judicial branch of state government; any public body corporate and
8politic created by the legislature including specifically the Fox River Navigational
9System Authority, the Lower Fox River Remediation Authority, and the Wisconsin
10Aerospace Authority, a professional baseball park district, a local professional
11football stadium district, a local cultural arts district and a long-term care district
12under s. 46.2895; every Wisconsin works agency under subch. III of ch. 49; every
13provider of medical assistance under subch. IV of ch. 49; technical college district
14boards
; development zones designated under s. 560.71; every county department
15under s. 51.42 or 51.437; every nonprofit corporation or cooperative or
16unincorporated cooperative association to which moneys are specifically
17appropriated by state law; and every corporation, institution, association or other
18organization which receives more than 50% of its annual budget from appropriations
19made by state law, including subgrantee or subcontractor recipients of such funds.
SB62, s. 3
20Section
3. 15.09 (6) of the statutes is amended to read:
SB62,16,621
15.09
(6) Reimbursement for expenses. Members of a council shall not be
22compensated for their services, but, except as otherwise provided in this subsection,
23members of councils created by statute shall be reimbursed for their actual and
24necessary expenses incurred in the performance of their duties, such reimbursement
25in the case of an elective or appointive officer or employee of this state who represents
1an agency as a member of a council to be paid by the agency which pays his or her
2salary. Members of the
mortgage loan originator council under s. 15.187 (1) may not
3be reimbursed for their actual and necessary expenses incurred in the performance
4of their duties. Members of the agricultural education and workforce development
5council may not be reimbursed for their actual and necessary expenses incurred in
6the performance of their duties.
SB62, s. 4
7Section
4. 15.187 (1) (intro.), (a), (b) and (c) of the statutes are amended to
8read:
SB62,16,129
15.187
(1) Loan Mortgage loan originator review council. (intro.) There is
10created in the department of financial institutions a
mortgage loan originator
11council. The council shall consist of the following members, appointed by the
12secretary of financial institutions for 4-year terms:
SB62,16,1413
(a)
Three Four persons who are
mortgage loan originators
registered licensed 14under s.
224.72 (1m) 224.725.
SB62,16,1615
(b) One person who is an agent of a mortgage broker
registered licensed under
16s. 224.72 (1m).
SB62,16,1817
(c) One person who is an agent of a mortgage banker
registered licensed under
18s. 224.72 (1m).
SB62, s. 5
19Section
5. 15.187 (1) (d) of the statutes is repealed.
SB62, s. 6
20Section
6. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
21the following amounts for the purposes indicated:
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB62, s. 7
1Section
7. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
2the following amounts for the purposes indicated:
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB62, s. 8
3Section
8. 20.143 (1) (c) of the statutes is amended to read:
SB62,18,44
20.143
(1) (c)
Wisconsin development fund; grants, loans, reimbursements, and
5assistance. Biennially, the amounts in the schedule for grants and loans under s.
6560.275 (2) and subch. V of ch. 560; for reimbursements under s. 560.167; for
7providing assistance under s. 560.06; for the costs specified in s. 560.607; for the loan
8under
1999 Wisconsin Act 9, section
9110 (4); for the grants under
1995 Wisconsin
9Act 27, section
9116 (7gg),
1995 Wisconsin Act 119, section
2 (1),
1997 Wisconsin Act
1027, section
9110 (6g),
1999 Wisconsin Act 9, section
9110 (5),
2003 Wisconsin Act 33,
11section
9109 (1d) and (2q),
and 2007 Wisconsin Act 20, section
9108 (4u), (6c), (7c),
12(7f), (8c), (8i), (9i), and (10q)
, and 2009 Wisconsin Act .... (this act), section 9110 (2
)
1and (3); and for providing up to $100,000 annually for the continued development of
2a manufacturing and advanced technology training center in Racine. Of the
3amounts in the schedule, $50,000 shall be allocated in each of fiscal years 1997-98
4and 1998-99 for providing the assistance under s. 560.06 (1).
SB62, s. 9
5Section
9. 20.143 (1) (gm) of the statutes is amended to read:
SB62,18,106
20.143
(1) (gm)
Wisconsin development fund, administration of grants and
7loans. All moneys received from origination fees under s. 560.68 (3)
, and from
8transfer fees under s. 560.205 (3) (e), for administering the programs under subch.
9V of ch. 560 and for the costs of underwriting grants and loans awarded under subch.
10V of ch. 560.
SB62, s. 10
11Section
10. 20.143 (2) (b) of the statutes is amended to read:
SB62,18,1512
20.143
(2) (b)
Housing grants and loans; general purpose revenue. Biennially,
13the amounts in the schedule for grants and loans under s. 560.9803 and for grants
14under s. 560.9805
and for the grant under 2009 Wisconsin Act .... (this act), section
159110 (1).
SB62, s. 11
16Section
11. 20.435 (4) (gp) of the statutes is repealed.
SB62, s. 12
17Section
12. 20.435 (4) (jw) of the statutes is amended to read:
SB62,18,2418
20.435
(4) (jw)
BadgerCare Plus and hospital assessment administrative costs. 19Biennially, the amounts in the schedule to provide a portion of the state share of
20administrative costs for the BadgerCare Plus Medical Assistance program under s.
2149.471
. Ten and for administration of the hospital assessment under s. 50.38. All
22moneys transferred under s. 50.38 (9) and 10 percent of all moneys received from
23penalty assessments under s. 49.471 (9) (c) shall be credited to this appropriation
24account.
SB62, s. 13
25Section
13. 20.435 (4) (w) of the statutes is amended to read:
SB62,19,6
120.435
(4) (w)
Medical Assistance trust fund. From the Medical Assistance
2trust fund, biennially, the amounts in the schedule for meeting costs of medical
3assistance administered under ss. 46.27, 46.275 (5), 46.278 (6), 46.283 (5), 46.284 (5),
449.45, and 49.472 (6)
, for refunds under s. 50.38 (6) (a), and for administrative costs
5associated with augmenting the amount of federal moneys received under
42 CFR
6433.51.
SB62, s. 14
7Section
14. 20.435 (4) (xc) of the statutes is created to read:
SB62,19,158
20.435
(4) (xc)
Hospital assessment fund; hospital payments. From the hospital
9assessment fund, the amounts in the schedule to reimburse eligible hospitals for
10services provided under the Medical Assistance Program under subch. IV of ch. 49,
11make payments to health maintenance organizations under s. 49.45 (59), provide
12supplemental funds to rural hospitals under s. 49.45 (5m) (am), make supplemental
13payments to Level I adult trauma centers under s. 49.45 (6y) (ap), make
14supplemental payments to hospitals based on performance under s. 49.45 (6y) (ar),
15make refunds under s. 50.38 (6), and make the transfer under s. 50.38 (8).
SB62, s. 15
16 Section
15. 20.490 (3) of the statutes is created to read:
SB62,19,2117
20.490
(3) Homeownership mortgage assistance. (a)
Homeowner eviction lien
18protection program. As a continuing appropriation, the amounts in the schedule to
19operate the homeowner eviction and lien protection program under s. 234.605.
20Notwithstanding s. 20.001 (3) (c), at the close of fiscal year 2009-10, the
21unencumbered balance of this appropriation account shall lapse to the general fund.
SB62, s. 16
22 Section
16. 20.566 (1) (ho) of the statutes is created to read:
SB62,20,223
20.566
(1) (ho)
Collections under multistate streamlined sales tax project. From
24moneys collected under the multistate streamlined sales tax project as provided
1under s. 73.03 (28e), a sum sufficient to pay the dues necessary to participate in the
2governing board of the multistate streamlined sales tax project.
SB62, s. 17
3Section
17. 20.835 (2) (bd) of the statutes is created to read:
SB62,20,54
20.835
(2) (bd)
Meat processing facility investment credit. A sum sufficient to
5make the payments under ss. 71.07 (3r), 71.28 (3r), and 71.47 (3r).
SB62, s. 18
6Section
18. 20.835 (2) (bn) of the statutes is amended to read:
SB62,20,97
20.835
(2) (bn)
Dairy manufacturing facility investment credit. The amounts
8in the schedule to make the payments under ss. 71.07 (3p)
(d) 2., 71.28 (3p)
(d) 2., and
971.47 (3p)
(d) 2.
SB62, s. 19
10Section
19. 20.835 (2) (bp) of the statutes is created to read:
SB62,20,1311
20.835
(2) (bp)
Dairy manufacturing facility investment credit; dairy
12cooperatives. A sum sufficient to make the payments under ss. 71.07 (3p) (d) 3., 71.28
13(3p) (d) 3., and 71.47 (3p) (d) 3.
SB62, s. 20
14Section
20. 24.61 (4) of the statutes is amended to read:
SB62,20,1715
24.61
(4) Loan limitations. Notwithstanding sub. (3), the board may not loan
16moneys to a county unless the governing body of the county demonstrates to the
17board's satisfaction that s. 67.045 (1) (a), (b), (c), (d), (e)
or, (f)
, (g), or (h) applies.
SB62, s. 21
18Section
21. 24.63 (4) of the statutes is amended to read:
SB62,20,2419
24.63
(4) Repayment before due date permitted. Any borrower after
March 15 20January 1 and prior to
August September 1 of any year may repay one or more
21installments of a state trust fund loan in advance of the due date, and all interest
22upon such advance payment shall thereupon terminate. The board may charge a
23borrower who repays one or more installments of a loan a fee to cover any
24administrative costs incurred by the board in originating and servicing the loan.
SB62, s. 22
25Section
22. 24.66 (3) (am) of the statutes is amended to read:
SB62,21,5
124.66
(3) (am)
For short-term loans by common, union high and 1st class city
2school districts. Every application for a loan, the required repayment of which is 10
3years or less, shall be approved and authorized for a common, union high or 1st class
4city school district under par. (a) or
under the procedure in s. 67.12 (12) (c), to the
5extent applicable.
SB62, s. 23
6Section
23. 24.66 (3) (bm) of the statutes is amended to read:
SB62,21,107
24.66
(3) (bm)
For short-term loans by unified school districts. Every
8application for a loan, the required repayment of which is 10 years or less, shall be
9approved and authorized for a unified school district under par. (b) or
under the
10procedure in s. 67.12 (12) (c), to the extent applicable.
SB62, s. 24
11Section
24. 24.66 (3) (c) of the statutes is created to read:
SB62,21,1712
24.66
(3) (c)
Alternative short-term loan process for all school districts. 1. If
13the procedure in par. (a) or (b) is not used for the approval of a school district loan,
14the required repayment of which is 10 years or less, the governing body of the school
15district, before any certificate of indebtedness is issued, shall adopt and record a
16resolution specifying the purposes and the maximum amount of the certificate of
17indebtedness issued.
SB62,22,2118
2. Unless the purpose and amount of the borrowing have been approved by the
19electors under s. 67.05 (6a) or considered approved by the electors under s. 67.05 (7)
20(d) 3., the purpose is to refund any outstanding obligation, the purpose is to pay
21unfunded prior service liability contributions under the Wisconsin Retirement
22System if all of the proceeds of the note will be used for that purpose, or the borrowing
23would not be subject to a referendum as a bond issue under s. 67.05 (7) (cc), (h), or
24(i), or s. 67.12 (12) (e) 2g., (f), or (h) applies, the school district clerk shall, within 10
25days after a governing body of a school district adopts a resolution as described above
1to issue a certificate of indebtedness, publish notice of such adoption as a class 1
2notice, under ch. 985. Alternatively, the notice may be posted as provided under s.
310.05. The notice need not set forth the full contents of the resolution, but shall state
4the maximum amount proposed to be borrowed, the purpose thereof, that the
5resolution was adopted under this subsection, and the place where, and the hours
6during which, the resolution may be inspected. If, within 30 days after publication
7or posting, a petition conforming to the requirements of s. 8.40 is filed with the school
8district clerk for a referendum on the resolution signed by at least 7,500 electors of
9the district or at least 20 percent of the number of district electors voting for governor
10at the last general election, as determined under s. 115.01 (13), whichever is the
11lesser, then the resolution shall not be effective unless adopted by a majority of the
12district electors voting at the referendum. The referendum shall be called in the
13manner provided under s. 67.05 (6a), except that the question which appears on the
14ballot shall be "Shall .... (name of district) borrow the sum of $.... for (state purpose)
15by issuing its general obligation promissory note (or notes) under section 24.66 (3)
16of the Wisconsin Statutes?". If a governing body of a school district adopts a
17resolution to borrow a sum of money under this subsection and a sufficient petition
18for referendum is not filed within the time permitted, then the power of the governing
19body of a school district to borrow the sum and expend the sum for the purpose stated
20shall be deemed approved by the school district electors upon the expiration of the
21time for filing the petition.
SB62,22,2522
3. If the governing body of a school district adopts a resolution to borrow a sum
23of money under this subsection, and if subd. 2. does not apply, the governing body of
24a school district has the power to borrow and spend the sum for the purpose stated
25without the approval of the electors of the school district.
SB62, s. 25
1Section
25. 24.70 (4) of the statutes is amended to read: