SB194,31,23 21239.03 Powers of board. The board shall have all the powers necessary or
22convenient to carry out the purposes and provisions of this chapter. In addition to
23all other powers granted the board under this chapter, the board may specifically:
SB194,31,25 24(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
25regulation of its affairs and the conduct of its business.
1(2) Have a seal and alter the seal at pleasure.
SB194,32,2 2(3) Maintain an office.
SB194,32,3 3(4) Sue and be sued.
SB194,32,5 4(5) Accept gifts, grants, loans, or other contributions from private or public
SB194,32,7 6(6) Establish the authority's annual budget and monitor the fiscal
7management of the authority.
SB194,32,9 8(7) Execute contracts and other instruments required for the operation of the
SB194,32,11 10(8) Employ any officers, agents, and employees that it may require and
11determine their qualifications, duties, and compensation.
SB194,32,12 12(9) Issue notes, bonds, and any other obligations.
SB194,32,13 13(10) Make loans and provide grants.
SB194,32,14 14(11) Incur debt.
SB194,32,15 15(12) Procure liability insurance.
SB194,32,18 16239.04 Duties of board. The board shall develop and implement a program
17under which state residents may refinance qualified education loans. The board
18shall develop the program to include all of the following:
SB194,32,20 19(1) The authority shall provide a loan to an eligible individual to pay all or part
20of the individual's qualified education loans.
SB194,32,22 21(2) The authority may only issue loans under the program that satisfy the
22exception to discharge under 11 USC 523 (8).
SB194,33,2 23(3) The authority shall establish eligibility criteria to participate in the
24program that is substantially similar to the criteria used by private lenders in the

1state to evaluate whether an individual qualifies for an unsecured personal loan at
2market rates.
SB194,33,5 3(4) The board shall set the interest rate on loans made under the program to
4be as low as possible but still sufficient to fully pay all expenses of the program and
5to provide necessary reserves, as determined by the board.
SB194,33,8 6239.05 Issuance of bonds. (1) The authority may issue bonds for any
7corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
8payment from a limited source.
SB194,33,12 9(2) Except as otherwise expressly provided by the authority, every issue of its
10notes or bonds shall be general obligations of the authority payable out of any
11revenues or moneys of the authority, subject only to any agreements with the holders
12of particular notes or bonds pledging any particular receipts or revenues.
SB194,33,14 13(3) All bonds issued by the authority are negotiable investment securities
14under ch. 408.
SB194,33,25 15(4) The authority may not issue bonds unless the issuance is first authorized
16by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
1750 years from their dates of issue, bear interest at the rates, be payable at the times,
18be in the denominations, be in the form, carry the registration and conversion
19privileges, be executed in the manner, be payable in lawful money of the United
20States at the places, and be subject to the terms of redemption, that the bond
21resolution provides. The bonds shall be executed by the manual or facsimile
22signatures of the officers of the authority designated by the board. The bonds may
23be sold at public or private sale at the price, in the manner, and at the time
24determined by the board. Pending preparation of definitive bonds, the authority may
25issue interim receipts or certificates that shall be exchanged for the definitive bonds.
1(5) The board may include in bond resolution provisions, which shall be a part
2of the contract with the holders of the bonds that are authorized by the bond
3resolution, regarding any of the following:
SB194,34,44 (a) Pledging or assigning specified assets or revenues of the authority.
SB194,34,65 (b) Setting aside reserves or sinking funds, and the regulation, investment, and
6disposition of these funds.
SB194,34,87 (c) Limitations on the purpose to which or the investments in which the
8proceeds of the sale of any issue of bonds may be applied.
SB194,34,119 (d) Limitations on the issuance of additional bonds, the terms upon which
10additional bonds may be issued and secured, and the terms upon which additional
11bonds may rank on a parity with, or be subordinate or superior to, other bonds.
SB194,34,1212 (e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
SB194,34,1513 (f) Procedures, if any, by which the terms of any contract with bondholders may
14be amended, the amount of bonds the holders of which must consent to the
15amendment, and the manner in which this consent may be given.
SB194,34,1816 (g) Defining the acts or omissions to act that constitute a default in the duties
17of the authority to the bondholders, and providing the rights and remedies of the
18bondholders in the event of a default.
SB194,34,1919 (h) Other matters relating to the bonds that the board considers desirable.
SB194,34,23 20(6) Neither the members of the board nor any person executing the bonds is
21liable personally on the bonds or subject to any personal liability or accountability
22by reason of the issuance of the bonds, unless the personal liability or accountability
23is the result of willful misconduct.
SB194,35,7 24239.06 Bond security. The authority may secure bonds by a trust agreement,
25trust indenture, indenture of mortgage, or deed of trust by and between the authority

1and one or more corporate trustees. A bond resolution providing for the issuance of
2bonds so secured shall mortgage, pledge, assign, or grant security interests in some
3or all of the revenues to be received by, and property of, the authority and may contain
4those provisions for protecting and enforcing the rights and remedies of the
5bondholders that are reasonable and proper and not in violation of law. A bond
6resolution may contain other provisions determined by the board to be reasonable
7and proper for the security of the bondholders.
SB194,35,13 8239.07 Bonds not public debt. (1) The state is not liable on bonds, and the
9bonds are not a debt of the state. All bonds shall contain a statement to this effect
10on the face of the bond. A bond issue does not, directly, indirectly, or contingently,
11obligate the state or a political subdivision of the state to levy any tax or make any
12appropriation for payment of the bonds. Nothing in this section prevents the
13authority from pledging its full faith and credit to the payment of bonds.
SB194,35,23 14(2) Nothing in this chapter authorizes the authority to create a debt of the state,
15and all bonds issued by the authority are payable, and shall state that they are
16payable, solely from the funds pledged for their payment in accordance with the bond
17resolution authorizing their issuance or in any trust indenture or mortgage or deed
18of trust executed as security for the bonds. The state is not liable for the payment
19of the principal of or interest on a bond or for the performance of any pledge,
20mortgage, obligation, or agreement that may be undertaken by the authority. The
21breach of any pledge, mortgage, obligation, or agreement undertaken by the
22authority does not impose pecuniary liability upon the state or a charge upon its
23general credit or against its taxing power.
SB194,36,5 24239.08 State pledge. The state pledges to and agrees with the bondholders,
25and persons that enter into contracts with the authority under this chapter, that the

1state will not limit or alter the rights vested in the authority by this chapter before
2the authority has fully met and discharged the bonds, and any interest due on the
3bonds, and has fully performed its contracts, unless adequate provision is made by
4law for the protection of the bondholders or those entering into contracts with the
SB194,36,9 6239.09 Liability limited. Neither the state nor any political subdivision of
7the state, nor any officer, employee, or agent of the state or a political subdivision of
8the state who is acting within the scope of employment or agency, is liable for any
9debt, obligation, act, or omission of the authority.
SB194,36,12 10239.10 Annual report. (1) Annually, the board shall submit to the chief clerk
11of each house of the legislature, for distribution to the legislature under s. 13.172 (2),
12a report on the activities of the authority, including all of the following:
SB194,36,1313 (a) Its operations, accomplishments, goals, and objectives.
SB194,36,1414 (b) A statement of income and expenses for the fiscal year.
SB194,36,1515 (c) Its assets and liabilities at the end of its fiscal year.
SB194,36,1816 (d) A schedule of its bonds and notes outstanding at the end of its fiscal year,
17together with a statement of the amounts redeemed and incurred during such fiscal
SB194,36,24 19(2) The authority, annually on January 15, shall file with the department of
20administration and the joint legislative council a complete and current listing of all
21forms, reports, and papers required by the authority to be completed by any person,
22other than a governmental body, as a condition of obtaining the approval of the
23authority or for any other reason. The authority shall attach a blank copy of each
24such form, report, or paper to the listing.
SB194,47 25Section 47. Nonstatutory provisions.
1(1) Staggered terms. Notwithstanding the length of terms specified for the
2members of the board of the Wisconsin Student Loan Refinancing Authority under
3section 239.02 of the statutes, as created by this act, of the 5 members appointed
4under section 239.02 (1) (a) 3. to 6. of the statutes, as created by this act, one of the
5initial members shall be appointed for a term expiring on July 1, 2017, 2 of the initial
6members shall be appointed for terms expiring on July 1, 2018, and the remaining
72 initial members shall be appointed for terms expiring on July 1, 2019.
SB194,48 8Section 48. Initial applicability.
SB194,37,14 9(1) Tuition expenses deduction. The treatment of section 71.05 (6) (b) 28.
10(intro.) and j. of the statutes first applies to taxable years beginning on January 1 of
11the year in which this subsection takes effect, except that if this subsection takes
12effect after July 31 the treatment of section 71.05 (6) (b) 28. (intro.), am., h., and j.
13of the statutes first applies to taxable years beginning on January 1 of the year
14following the year in which this subsection takes effect.
SB194,49 15Section 49. Effective dates. This act takes effect on the day after publication,
16or on the 2nd day after publication of the 2015-17 biennial budget act, whichever is
17later, except as follows:
SB194,37,21 18(1) Financial aid information. The treatment of sections 39.28 (7), 39.54, and
19224.30 (5) of the statutes takes effect on the first day of the 7th month beginning after
20publication, or on the 2nd day after publication of the 2015-17 biennial budget act,
21whichever is later.
SB194,38,222 (2) Technical item; statute affected by prior action. The repeal and
23recreation of section 230.03 (3) of the statutes takes effect on July 1, 2015, or on the

1day after publication, or on the 2nd day after publication of the 2015-17 biennial
2budget act, whichever is latest.
SB194,38,33 (End)