AB508: Bill Text

AB508,15,4 231.04 Expenses. All expenses of the authority incurred in carrying out this chapter shall be payable solely from funds provided under the authority of this chapter, and no liability may be incurred by the authority beyond the extent to which moneys have been provided under this chapter except that, for the purposes of meeting the necessary expenses of initial organization and operation of the authority for the period commencing on June 19, 1974 and continuing until such date as the authority derives moneys from funds provided to it under the authority of this chapter, the authority may borrow such moneys as it requires to supplement the funds provided under s. 20.440. Such moneys borrowed by the authority shall subsequently be charged to and apportioned among participating health institutions, participating educational institutions, participating research institutions, and participating child care providers nonprofit institutions in an equitable manner, and repaid with appropriate interest over a reasonable period of time.

AB508, s. 35 Section 35. 231.05 (1) of the statutes is amended to read:

AB508,15,12 231.05 (1) By means of this chapter, it is the intent of the legislature to provide assistance and alternative methods of financing to nonprofit health institutions to aid them in providing needed health services consistent with the state's health plan, to nonprofit educational institutions to aid them in providing needed educational services, to nonprofit research institutions to aid them in providing needed research facilities, and to nonprofit child care providers to aid them in providing needed child care other needed services and facilities in this state.

AB508, s. 36 Section 36. 231.06 of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB508,15,25 231.06 Property acquisition. The authority may acquire, directly or by and through a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution as its agent, by purchase or by gift or devise, such lands, structures, property, rights, rights-of-way, franchises, easements, and other interests in lands, including lands lying under water and riparian rights, as it deems necessary or convenient for the construction or operation of a project, upon such terms and at such prices as it considers reasonable and can be agreed upon between it and the owner thereof, and take title thereto in the name of the authority or in the name of a health facility, educational facility, research facility, or child care center nonprofit facility as its agent.

AB508, s. 37 Section 37. 231.07 (1) (b) of the statutes is amended to read:

AB508,16,7 231.07 (1) (b) Convey to the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution the authority's interest in the project and in any other health facility, educational facility, research facility, or child care center nonprofit facility leased, mortgaged, or subject to a deed of trust or any other form of security arrangement to secure the bond.

AB508, s. 38 Section 38. 231.07 (2) (a) of the statutes is amended to read:

AB508,16,15 231.07 (2) (a) The principal of and interest on any bond issued by the authority to finance a project or to refinance or refund outstanding indebtedness of one or more participating health institutions, participating educational institutions, participating research institutions, or participating child care providers nonprofit institutions, including any refunding bonds issued to refund and refinance the bond, have been fully paid and the bonds retired or if the adequate provision has been made to pay fully and retire the bond; and

AB508, s. 39 Section 39. 231.08 (3) of the statutes is amended to read:

AB508,17,7 231.08 (3) The bonds may be issued as serial bonds or as term bonds, or the authority may issue bonds of both types. The bonds shall be authorized by a bond resolution of the authority and shall bear such dates, mature at such times not exceeding 30 50 years from their respective dates of issue, bear interest at such rates, be payable at such times, be in such denominations, be in such form, either coupon or fully registered, carry such registration and conversion privileges, be executed in such manner, be payable in lawful money of the United States at such places, and be subject to such terms of redemption as the bond resolution provides. The bonds or notes shall be executed by the manual or facsimile signatures of such officers of the authority as the authority designates. Coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of the treasurer of the authority or such other officer as the authority designates. The bonds or notes may be sold at public or private sale for such price and in such manner and from time to time as the authority determines. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates which shall be exchanged for the definitive bonds.

AB508, s. 40 Section 40. 231.08 (5) of the statutes is amended to read:

AB508,17,16 231.08 (5) In addition to the other authorizations under this section, bonds of the authority may be secured by a pooling of leases whereby the authority may assign its rights, as lessor, and pledge rents under 2 or more leases of health facilities, educational facilities, research facilities, or child care centers nonprofit facilities with 2 or more participating health institutions, participating educational institutions, participating research institutions, or child care providers participating nonprofit institutions, as lessees respectively, upon such terms as may be provided for in bond resolutions of the authority.

AB508, s. 41 Section 41. 231.10 (1) of the statutes is amended to read:

AB508,18,2 231.10 (1) The state is not liable on notes or bonds of the authority and the notes and bonds are not a debt of the state. All notes and bonds of the authority shall contain on the face thereof a statement to this effect. The issuance of bonds under this chapter shall not, directly or indirectly or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this section prevents the authority from pledging its full faith and credit or the full faith and credit of a health institution, educational institution, research institution, or child care provider nonprofit institution to the payment of bonds authorized under this chapter.

AB508, s. 42 Section 42. 231.12 of the statutes is amended to read:

AB508,18,22 231.12 Studies and recommendations. It is the intent and purpose of this chapter that the exercise by the authority of the powers granted to it shall be in all respects for the benefit of the people of this state to assist them to provide needed health facilities, educational facilities, research facilities, and child care centers nonprofit facilities of the number, size, type, distribution, and operation that will assure admission and health care, education, research opportunities, or child care of high quality other necessary services to all who need it. The authority shall identify and study all projects which are determined by health planning agencies to be needed, but which could not sustain a loan were such to be made to it under this chapter. The authority shall formulate and recommend to the legislature such amendments to this and other laws, and such other specific measures as grants, loan guarantees, interest subsidies, or other actions the state may provide which would render the construction and operation of needed health facilities, educational facilities, research facilities, and child care centers nonprofit facilities feasible and in the public interest. The authority also shall identify and study any laws or rules which it finds handicaps or bars a needed health facility, educational facility, research facility, or child care center nonprofit facility from participating in the benefits of this chapter, and recommend to the legislature such actions as will remedy such situation.

AB508, s. 43 Section 43. 231.13 (1) (intro.) of the statutes is amended to read:

AB508,19,5 231.13 (1) (intro.) The authority shall collect rents for the use of, or other revenues relating to the financing of, each project. The authority shall contract with a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution for each issuance of bonds. The contract shall provide that the rents or other revenues payable by the health facility, educational facility, research facility, or child care center nonprofit facility shall be sufficient at all times to:

AB508, s. 44 Section 44. 231.13 (2) of the statutes is amended to read:

AB508,19,22 231.13 (2) The authority shall pledge the revenues derived and to be derived from a project and other related health facilities, educational facilities, research facilities, or child care centers nonprofit facilities for the purposes specified in sub. (1), and additional bonds may be issued which may rank on a parity with other bonds relating to the project to the extent and on the terms and conditions provided in the bond resolution. Such pledge shall be valid and binding from the time when the pledge is made, the revenues so pledged by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the bond resolution nor any financing statement, continuation statement, or other instrument by which a pledge is created or by which the authority's interest in revenues is assigned need be filed or recorded in any public records in order to perfect the lien thereof as against 3rd parties, except that a copy thereof shall be filed in the records of the authority and with the department of financial institutions.

AB508, s. 45 Section 45. 231.16 (1) of the statutes is amended to read:

AB508,20,13 231.16 (1) The authority may issue bonds to refund any outstanding bond of the authority or indebtedness that a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution may have incurred for the construction or acquisition of a project prior to or after April 30, 1980, including the payment of any redemption premium on the outstanding bond or indebtedness and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity, or to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project. Except for bonds to refund bonds issued under s. 231.03 (6) (g), no bonds may be issued under this section unless the authority has first entered into a new or amended agreement with a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution to provide sufficient revenues to pay the costs and other items described in s. 231.13.

AB508, s. 46 Section 46. 231.16 (3) of the statutes is amended to read:

AB508,20,21 231.16 (3) All bonds issued under this section shall be subject to this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter, except that the limitations with respect to dates under s. 231.03 (6) (e) and (f), 1999 stats., and under s. 231.03 (14) do not apply to bonds issued under this section, and the requirement under s. 231.08 (3) that the bonds mature in 30 50 years or less from their date of issue does not apply to bonds issued under this section to refund bonds issued under s. 231.03 (6) (g).

AB508, s. 47 Section 47. 231.20 of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB508,21,9 231.20 Waiver of construction and bidding requirements. In exercising its powers under s. 101.12, the department of safety and professional services or any city, village, town, or county may, within its discretion for proper cause shown, waive any particular requirements relating to public buildings, structures, grounds, works, and improvements imposed by law upon projects under this chapter; the requirements of s. 101.13 may not be waived, however. If, however, the prospective lessee so requests in writing, the authority shall, through the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution as its agent, call for construction bids in such manner as is determined by the authority with the approval of the lessee.

AB508, s. 48 Section 48. 231.23 of the statutes is amended to read:

AB508,21,18 231.23 Nonprofit institutions. It is intended that all nonprofit health institutions, educational institutions, research institutions, and child care providers entities in this state be enabled to benefit from and participate in this chapter. To this end, all nonprofit health institutions, educational institutions, research institutions, and child care providers entities operating, or authorized to be operated, under any law of this state may undertake projects and utilize the capital financing sources and methods of repayment provided by this chapter, the provisions of any other laws to the contrary notwithstanding.

AB508,21,19 (End)