Wisconsin Legislature: 150,494

(11) Reports. The board shall report its activities to the county board and the city council annually, or oftener as either of said the municipalities may require requires.

150,491 Section 491. 66.508 of the statutes is renumbered 66.0925, and 66.0925 (3) to (11), as renumbered, are amended to read:

66.0925 (3) Financing. The governing bodies of the respective county and city shall have the power to may borrow money, appropriate funds, and levy taxes needed to carry out the purposes of this section. Funds to be used for the purposes specified in this section may be provided by the respective county or city by general obligation bonds issued under ch. 67 or by revenue bonds issued under s. 66.51 66.0913 or by the issuance of both general obligation bonds under ch. 67 and revenue bonds issued under s. 66.51. Any bonds 66.0913. Bonds issued pursuant to under this section shall be executed on behalf of the county by the county board chairperson and the county clerk and on behalf of a city by the its mayor or other chief executive officer thereof and by the city clerk.

(4) Cost sharing. The ordinance shall provide for a sharing of all of the cost of construction or other acquisition, equipment, furnishing, operation and maintenance of such a safety building on an agreed percentage basis.

(5) Safety building board. The ordinance shall provide for the establishment of a joint county-city safety building board to be composed of 3 members to be appointed by the county board, one for a one-year, one for a 2-year and one for a 3-year term, and; 3 members to be appointed by the city council, one for a one-year, one for a 2-year and one for a 3-year term,; and one additional member appointed by the other members for a 3-year term. The membership of such the board shall include the chairperson of the county board and the mayor of the city, who shall be initially designated as members for the 3-year terms. Their respective successors shall be appointed and confirmed in like manner for terms of 3 years. All appointees shall serve until their successors are appointed and qualified. Terms shall begin as specified in the ordinance. If a member of the board ceases to hold a city or county office, membership on the board also terminates. Vacancies shall be filled for the unexpired term in the manner in which the original appointment was made. Members of the board shall be officials of the county or city.

(6) Organization of boards; officers; compensation; oaths; bonds. (a) When all members have qualified the board shall meet at the place designated in the ordinance and organize by electing from its membership a president, a vice president, a secretary and a treasurer, each to hold office for one year. The board may combine the offices of secretary and treasurer may be combined if the board so decides. Members may receive such compensation as may be provided in the ordinance and shall be reimbursed their actual and necessary expenses for their services. The board may appoint an assistant secretary and assistant treasurer, who need not be members of the board, to perform such services as shall be specified by the board.

(b) Members, and any assistant secretary and assistant treasurer, shall qualify by taking the official oath, and the treasurer and any assistant treasurer shall furnish a bond in such a sum as shall be specified by the board and be in the form and conditioned as provided in s. 19.01 (2) and (3). The oaths and bonds shall be filed with the county clerk. The cost of the bond shall be paid by the board.

(7) Powers of board. The board shall have power may, subject to provisions of the ordinance:

(a) To contract Contract for the construction or other acquisition, equipping or furnishing of a county-city safety building, and may; accept and use donated services and gifts, grants or donations of money or property and use the same for the purposes given and consistent with this section,; and may contract for and authorize the installation of equipment and furnishings in all or part of the safety building, or any part thereof by private individuals, persons or corporations by donations, loan, lease or concession.

(b) To contract Contract for the construction or other acquisition of additions or improvements to, or alterations in, such a safety building and the equipment or furnishing of any such all or part of the addition; and may contract for or authorize the installation of equipment and furnishings in such all or part of the addition, or any part thereof, by private individuals, persons or corporations by donation, loan or concession.

(d) To enact Enact, amend and repeal rules and regulations, not inconsistent with law, for the regulation of the board's meetings and deliberations, and for the government, operation and maintenance of the a safety building and the safety building's employes thereof.

(e) To contract Contract for, purchase or hire all fuel, equipment, furnishings, and supplies, services and help reasonably necessary for the proper operation and maintenance of the a safety building.

(f) To audit Audit all accounts and claims against the a safety building or against the a board, and, if approved, pay the same accounts or claims from the fund specified in sub. (9). All expenditures made pursuant to this section shall be within the limits of the ordinance.

(g) To sue Sue and be sued, and to collect or compromise any and all obligations due to the a safety building; all. All money received shall be paid into the joint safety building fund.

(h) To make such Make studies and recommendations to the county board and city council relating to the operation of the a safety building or the building of facilities therefor as the board may deem considers advisable or said the governing bodies request.

(i) To employ Employ counsel on either a temporary or permanent basis.

(8) Budget. The board shall annually, prior to before the time of the preparation of either the county or city budget under s. 65.90, prepare a budget of its anticipated receipts and expenditures for the ensuing fiscal year and determine the proportionate cost to the county and the city pursuant to the terms of the ordinance. A certified copy of the budget, which shall include a statement of the net amount required from the county and city, shall be delivered to the clerks of the respective municipalities. It shall be the duty of the The county board and the common council of the city to shall consider such the budget, and determine the amount to be raised by the respective municipalities in the proportions determined by the ordinance. Thereupon After this determination, the county and city respectively shall levy a tax sufficient to produce the amount to be raised by said the county and city.

(9) Safety building fund. A joint county-city safety building fund shall be created and established in a public depository to be specified in the ordinance. The treasurer of the respective county and city shall pay or cause to be paid into such the fund the respective amounts to be paid thereto by such county and city as specified by the ordinance and resolutions of the respective municipalities when such the amounts have been collected. All of the moneys which shall come into said the fund are hereby appropriated to the board for the execution of its functions as provided by the ordinance and the resolutions of the respective municipalities. The moneys in the fund shall be paid out by the treasurer of the safety building board only upon the approval or direction of the board.

(10) Correlation of laws. In any case where a bid is a prerequisite to contract in connection with a county or city safety building under s. 66.29 66.0901, it shall is also be a prerequisite to a valid contract by the board; and for such. For this purpose the board shall be deemed is a municipality and the contract a public contract under s. 66.29 66.0901.

(11) Reports. The board shall report its activities to the county board and the city council annually, or oftener as either of said the municipalities may require.

150,492 Section 492. 66.51 (title), (1), (2) and (3) of the statutes are renumbered 66.0913 (title), (1), (2) and (3) and amended to read:

66.0913 (title) Revenue bonds for counties and cities City and county projects, individual or joint; revenue bonding. (1) (a) Every A county or city, or both jointly, may construct, purchase, acquire, develop, improve, operate or maintain a county or city building, or both jointly, for a courthouse, safety building, city hall, hospital, armory, library, auditorium and music hall, municipal parking lots or other parking facilities, or municipal center or any combination thereof of the foregoing, or a university University of Wisconsin college campus, as defined in s. 36.05 (6m), if the operation of such the college campus has been approved by the board of regents of the university University of Wisconsin system System.

(b) The county board, common council of any city, or both jointly, are authorized in their discretion may, for any of its corporate purposes as set forth in this subsection, to issue bonds on which the principal and interest are payable from the income and revenues of such the project financed with the proceeds of such the bonds or with such the proceeds together with the proceeds of a grant from the federal government to aid in the financing and construction thereof of the project. In the case of municipal parking lots or other parking facilities such the bonds may in addition be payable as to both principal and interest from income and revenues from other similar projects, parking meters, parking fees, or any other income or revenue obtained through parking, or any combination thereof of these methods.

(c) The credit of the county, or city, or both jointly, shall may not be pledged to the payment of such the bonds, but shall be the bonds are payable only from the income and revenues described in par. (b) or the funds received from the their sale or disposal thereof. If the county board, or common council of a city, or both jointly, so determine, such the bonds shall be secured either by a trust indenture pledging such the revenues or by a mortgage on the property comprising such the project and the revenues therefrom from the project.

(2) The bonds or other evidences of indebtedness shall state upon on their face that the bonds are not a debt of the county, or city, or both jointly, shall not be a debt thereof or be and that the county or city, or both jointly, are not liable therefor for the indebtedness. Any indebtedness created by this section shall is not be considered an indebtedness of such the county or city and shall not be included in such amounts of determining the constitutional 5% debt limitations.

(3) The provisions of s. 66.066 66.0621 relating to the issuance of revenue bonds by cities for public utility purposes, insofar as applicable, and the provisions of ss. 67.08 (1) and 67.09 relating to the execution and registration of municipal obligations apply to the issuance of revenue bonds under this section.

150,493 Section 493. 66.51 (4) of the statutes is repealed.

Note: Repealed as archaic. The subsection validates all actions of a county or city before December 4, 1955, in connection with the construction or other acquisition, equipping, furnishing, operation and maintenance of a joint county-city safety building which would have been valid had ss. 66.51 (1) and 66.508 been in effect when the actions were taken. There appears to be no need to continue the validation.

150,494 Section 494. 66.52 of the statutes is renumbered 66.1101 and amended to read:

66.1101 Promotion of industry; industrial sites. (1) It is declared to be the policy of the state to encourage and promote the development of industry to provide greater employment opportunities and to broaden the state's tax base to relieve the tax burden of residents and home owners. It is recognized that the availability of suitable sites is a prime factor in influencing the location of industry but that existing available sites may be encroached upon by the development of other uses unless protected from such encroachment by purchase and reservation. It is further recognized that cities, villages and towns have broad power to act for the commercial benefit and the health, safety and public welfare of the public. However, to implement that power, legislation authorizing borrowing is necessary. It is, therefore, declared to be the policy of the state to authorize cities, villages and towns to borrow for the reservation and development of industrial sites, and the expenditure of funds therefor for that purpose is determined to be a public purpose.

(2) For financing purposes, the purchase, reservation and development of industrial sites undertaken by any a city, village or town is a public utility within the meaning of s. 66.066 66.0621. In financing under that section, rentals and fees shall be are considered as to be revenue. Any indebtedness created hereunder under this section shall not be included in arriving at the constitutional debt limitation.

(3) Sites purchased for industrial development under this section or pursuant to under any other authority may be developed by the city, village or town by the installation of utilities and roadways but not by the construction of buildings or structures. Any such The sites may be sold or leased for industrial purposes but only for a fair consideration to be determined by the governing body.

150,495 Section 495. 66.521 (title) and (1) to (6) of the statutes are renumbered 66.1103 (title) and (1) to (6), and 66.1103 (1) (a), (2) (d), (f) to (h), (k) 1., 4., 11. and 20. and (L), (3) (intro.), (b) 1. and 2., (d), (e) and (f), (4) (a) (intro.) and (c) to (f), (4m) (c), (5) (a), (b) (intro.) and 1. to 5. and (c) to (f) and (6) (a) and (b), as renumbered, are amended to read:

66.1103 (1) (a) It is found and declared that industries located in this state have been induced to move their operations in whole or in part to, or to expand their operations in, other states to the detriment of state, county and municipal revenue raising through the loss or reduction of income and franchise taxes, real estate and other local taxes, and thereby causing an increase in unemployment; that such conditions now exist in certain areas of the state and may well arise in other areas; that economic insecurity due to unemployment is a serious menace to the general welfare of not only the people of the affected areas but of the people of the entire state; that unemployment results in obligations to grant public assistance and in the payment of unemployment insurance; that the absence of new economic opportunities has caused workers and their families to migrate elsewhere to find work and establish homes, which has resulted in a reduction of the tax base of counties, cities and other local governmental jurisdictions impairing their financial ability to support education and other local governmental services; that security against unemployment and the preservation and enhancement of the tax base can best be provided by the promotion, attraction, stimulation, rehabilitation and revitalization of commerce, industry and manufacturing; and that there is a need to stimulate a larger flow of private investment funds from banks, investment houses, insurance companies and other financial institutions. It is therefore declared to be the policy of this state to promote the right to gainful employment, business opportunities and general welfare of the its inhabitants thereof and to preserve and enhance the tax base by authorizing municipalities to acquire industrial buildings and to finance such the acquisition through the issuance of revenue bonds for the purpose of fulfilling the aims of this section and such. These purposes are hereby declared to be public purposes for which public money may be spent and the necessity in the public interest for the provisions herein enacted of this section is declared a matter of legislative determination.

(2) (d) "Equip" means to install or place on or in any building or improvements or the site thereof of the building or improvements equipment of any kind, including, without limiting the generality of the foregoing, machinery, utility service connections, pollution control facilities, building service equipment, fixtures, heating equipment and air conditioning equipment.

(f) "Improve", "improving", "improvements" and "facilities" embrace any real or personal property or mixed property of any kind of whatever useful life that can be used or that will be useful in an industrial project including, but not limited to, sites for buildings, equipment or other improvements, rights-of-way, roads, streets, sidings, foundations, tanks, structures, pipes, pipelines, reservoirs, lagoons, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, improvements, instrumentalities, pollution control facilities, and other real, personal or mixed property of every kind.

(g) "Indenture" means an instrument under which bonds may be issued and the rights and security of the bondholders are defined, whether such the instrument is in the form of an indenture of trust, deed of trust, resolution of the governing body, mortgage, security agreement, instrument of pledge or assignment or any similar instrument or any combination of the foregoing these forms and whether or not such the instrument creates a lien on property.

(h) "Initial resolution" means a resolution of the governing body expressing an intention, which may be subject to conditions therein stated in the resolution, to issue revenue bonds under this section in an amount stated, or a sum not to exceed a stated amount, on behalf of a specified eligible participant, for a stated purpose.

(k) 1. Assembling, fabricating, manufacturing, mixing or processing facilities for any products of agriculture, forestry, mining or manufacture, even though such the products may require further treatment before delivery to the ultimate consumer;

4. Pollution control facilities, including any connected environmental studies and monitoring systems connected therewith;

11. Recreational facilities, convention centers and trade centers, as well as related hotels, motels or marinas related thereto;

20. A shopping center, or an office building, convention or trade center, hotel, motel or other nonresidential facility, which is located in or adjacent to a blighted area as defined by s. 66.43 66.1105 (2) (a), 66.1331 (3) (a), 66.431 or 66.1333 (2m) (b) or 66.46 (2) (a) or in accordance with a redevelopment plan or urban renewal plan adopted under s. 66.43 66.1331 (5) or 66.431 66.1333 (6).

(L) "Revenue agreement" includes any lease, sublease, instalment or direct sales contract, service contract, take or pay contract, loan agreement or similar agreement wherein providing that an eligible participant agrees to pay the municipality an amount of funds sufficient to provide for the prompt payment of the principal of, and interest on, the revenue bonds and agrees to cause construct the project to be constructed.

(3) Powers. (intro.) Any A municipality may:

(b) 1. To finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, maintaining, repairing, enlarging, extending or remodeling of industrial projects and the improvement of sites therefor for industrial projects;

2. To fund the whole or any part of any revenue bonds theretofore issued by such the municipality, including any premium payable with respect thereto to the bonds and any interest accrued or to accrue thereon on the bonds; or

(d) Mortgage all or any part of the industrial project or assign the revenue agreements in favor of the holders of the bonds issued therefor for the industrial project and in connection therewith may with the mortgage or assignment irrevocably waive any rights it would otherwise have to redeem the mortgaged premises in the event of foreclosure.

(e) Sell and convey the industrial project and site, including without limitation the sale and conveyance thereof subject to a mortgage, for such the price and at such the time as that the governing body determines, but no sale or conveyance of any industrial project or site shall may be made in any manner as to impair that impairs the rights or interests of the holders of any bonds issued for the industrial project.

(f) Finance an industrial project which is located entirely within the geographic limits of the municipality or some contiguous part of which is located within and some contiguous part outside the geographic limits of the municipality; or, finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement with respect to such for the project also relates to another project of the same eligible participant some, part of which is located within such the geographic limits. Exercise of the of the municipality. The power granted by this subsection shall not give rise to any paragraph does not include the power on the part of such municipality to annex, tax, zone or exercise any other municipal power with respect to that part of such the project located outside of the geographic limits of such the municipality.

(4) (a) (intro.) All bonds Bonds issued by a municipality under the authority of this section shall be are limited obligations of the municipality. The principal of and interest on such the bonds shall be are payable solely out of the revenues derived pursuant to under the revenue agreement pertaining to the project to be financed by the bonds so issued under this section, or, in the event of if there is a default of such the agreement and to the extent that the municipality so provides in the proceedings of the governing body whereunder authorizing the bonds are authorized to be issued, out of any revenues derived from the sale, releasing or other disposition of the project, or out of any collateral securing the revenue agreement, or out of the proceeds of the sale of bonds. Bonds and interest coupons issued under this section do are not constitute an indebtedness of the municipality, within the meaning of any state constitutional provision or statutory limitation. Bonds and interest coupons issued under this section do are not constitute nor give rise to a charge against the municipality's general credit or taxing powers or a pecuniary liability of the municipality or a redevelopment authority under s. 66.431 66.1333, including but not limited to:

(c) The bonds may be executed and delivered at any time; be in such the form and denominations, without limitation as to the denomination of any bond, any other law to the contrary notwithstanding; be registered under s. 67.09; be payable in one or more instalments and at such time, not exceeding 35 years from their date; be payable prior to before maturity on such the terms and conditions; be payable both with respect to principal and interest at such the place in or out of this state; bear interest at such the rate, either fixed or variable in accordance with such the formula; be evidenced in such the manner; and may contain other provisions not inconsistent with this section, as specified by the governing body.

(d) Unless otherwise expressly or implicitly provided in the proceedings of the governing body whereunder authorizing the bonds are authorized to be issued, bonds issued under this section shall be are subject to the general provisions of law, not inconsistent with this section, presently existing or that may hereafter be enacted, respecting the authorization, execution and delivery of the bonds of such the municipality.

(e) Any bonds, Bonds issued under the authority of this section, may be sold at public or private sale in such the manner, at such the price and at such the time as may be determined by the governing body. The municipality may pay all expenses, premiums and commissions which the governing body may deem considers necessary or advantageous in connection with the authorization, sale and issuance thereof of the bonds.

(f) All bonds, issued under the authority of this section, and all interest coupons applicable thereto, shall be construed to be to the bonds, are negotiable instruments, even though they are payable solely from a specified source.

(4m) (c) Nothing in this subsection may be deemed to require requires a person with whom a municipality has entered into a revenue agreement to satisfy an estimate under par. (a) 2.

(5) (a) The principal of, and interest on, any bonds issued under authority of this section shall be secured by a pledge of the revenues out of which such the bonds shall be are made payable. They The bonds may, but need not, be secured by any one or more of the following:

1. A real estate mortgage or a security interest covering all or any part of the project from which the revenues so pledged may be derived;.

2. A pledge of the revenue agreement; or

3. An assignment of the revenue agreement and any security given therefor for the revenue agreement.

(b) (intro.) The proceedings under which the bonds are authorized to be issued under this section, and any indenture given to secure the same bonds, may contain any agreements and provisions customarily contained in instruments securing bonds, including, but not limited to:

1. Provisions respecting custody of the proceeds from the sale of the bonds including their investment and reinvestment until used to defray the cost of the project; .

2. Provisions respecting the fixing and collection of the proceeds under the revenue agreement pertaining to any project covered by such the proceedings or indenture;.

3. The terms to be incorporated in the revenue agreement pertaining to such the project ;.

4. The maintenance and insurance of such the project;.

5. The creation, maintenance, custody, investment and reinvestment and use of special funds from the revenues of such the project; and.

(c) A municipality may provide that proceeds from the sale of bonds and special funds from the revenues of the project and any funds held in reserve or debt service funds shall be invested and reinvested in such securities and other investments as are provided in the proceedings under which the bonds are authorized to be issued. The municipality may also provide that such the proceeds or funds or investments and the revenues derived pursuant to the revenue agreement shall be received, held and disbursed by one or more banks or trust companies located in or out of this state. A municipality may also provide that the project and improvements shall be constructed or installed by the municipality, the eligible participant or the eligible participant's designee or any one or more of them on real estate owned by the municipality, the eligible participant or the eligible participant's designee and that the bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order or certificate of the eligible participant or the eligible participant's designee. In making such agreements or provisions under this paragraph, a municipality shall may not obligate itself, except with respect to the project and the application of the revenues therefrom from the project, and shall may not incur a pecuniary liability or a charge upon its general credit or against its taxing powers.

(d) The proceedings authorizing any bonds under this section, or any indenture securing such the bonds, may provide that if there is a default in the payment of the principal of, or the interest on, such the bonds or in the performance of any agreement contained in such the proceedings or indenture, the payment and performance may be enforced by the appointment of a receiver with power to charge, collect and apply the revenues from the project in accordance with such the proceedings or the provisions of such the indenture.

(e) Any An indenture made under this section to secure bonds and which constitutes a lien on property may also provide that if there is a default in the payment thereof of the bonds or a violation of any agreement contained therein in the indenture, it may be foreclosed and the collateral sold under proceedings in any manner permitted by law. Such The indenture may also provide that any a trustee thereunder under or any a pledgee or assignee thereof of or the holder of any bonds secured thereby by the indenture may become the purchaser at any foreclosure sale if that person is the highest bidder therefor.

(f) The revenue agreement may include such any provisions as that the municipality deems considers appropriate to effect the financing of the project, including a provision for payments thereunder to be made in instalments and the securing of the obligation for any such payments by lien or security interest in the undertaking either senior or junior to, or ranking equally with, any lien, security interest or rights of others.

(6) (a) Prior to Before the execution of a revenue agreement with respect to any a project, the governing body must shall determine all of the following:

1. The amount necessary in each year to pay the principal of, and the interest on, the bonds proposed to be issued to finance such the project ;.

2. The amount necessary to be paid each year into any reserve funds which the governing body deems advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and.

3. Unless the terms of the revenue agreement provide that the eligible participant shall is obligated to provide for maintenance of the project and the carrying of all proper insurance with respect thereto to the project, the estimated cost of maintaining the project in good repair and keeping it properly insured.

(b) The determination and findings of the governing body shall be embodied in the proceedings under which the proposed bonds are to be issued; but the foregoing amounts specified in par. (a) need not be expressed in dollars and cents in the revenue agreement and proceedings under which the bonds are authorized to be issued, but may be set forth in the form of a formula. Prior to Before the issuance of the bonds authorized by this section the municipality shall enter into a revenue agreement providing for payment to the municipality or to the trustee for the account of the municipality of such those amounts as, based upon the basis of such determination and findings, that will be sufficient to pay the principal of, and interest on, the bonds issued to finance the project; to build up and maintain any reserves deemed considered advisable by the governing body, in connection therewith with the project; and, unless the revenue agreement obligates the eligible participant to provide for the maintenance of and insurance on the project, to pay the costs of maintaining the project in good repair and keeping it properly insured.

150,496 Section 496. 66.521 (6m) of the statutes, as affected by 1999 Wisconsin Act 9, is renumbered 66.1103 (6m) and amended to read:

150,497 Section 497. 66.521 (7) to (13) of the statutes are renumbered 66.1103 (7) to (13), and 66.1103 (7) (intro.), (8), (9), (10) (a), (b) and (d), (11) (a), (12) (a) and (13) (b) (intro.), 1. (intro.) and b. and 2. (intro.), as renumbered, are amended to read:

66.1103 (7) Application of proceeds limited. (intro.) The proceeds from the sale of any bonds , issued under this section, shall may be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such the proceeds are not needed for the purpose for which the bonds were issued, such the unneeded portion of said the proceeds shall be applied, directly or indirectly, to the payment of the principal or the interest on the bonds. The following costs may be financed as part of any a bond issue:

(8) Purchase. The municipality may, by or with the consent of the eligible participant, accept any bona fide offer to purchase the project which is sufficient to pay all the outstanding bonds, interest, taxes, special levies and other costs that have been incurred. The municipality may also, by or with the consent of the eligible participant, accept any bona fide offer to purchase any unimproved land which is a part of the project, if the purchase price is not less than the cost of such the land to the municipality computed on a prorated basis and if such the purchase price is applied directly or indirectly to the payment of the principal or interest on the bonds.

(9) Payment of taxes. When any If an industrial project acquired by a municipality under this section is used by a private person as a lessee, sublessee or in any capacity other than owner, that person shall be is subject to taxation in the same amount and to the same extent as though if that person were the owner of the property. Taxes shall be assessed to such the private person using the real property and collected in the same manner as taxes assessed to owners of real property. When due, the taxes shall constitute a debt due from such the private person to the taxing unit and shall be are recoverable as provided by law, and such the unpaid taxes shall become a lien against the property with respect to which they were assessed, superior to all other liens, except a lien under s. 292.31 (8) (i) or 292.81, and shall be placed on their the tax roll when there has been a conveyance of the property in the same manner as are other taxes assessed against real property.

(10) (a) Any An action required or permitted by this section to be taken by a governing body may be taken at any lawful meetings thereof of the governing body. A simple majority of a quorum of such the governing body shall be is sufficient for any such the action under this section. The ayes and noes need not be taken with respect to any such the action and such the action need not be officially read prior to before adoption. Failure to publish any such an action shall under this section does not affect the validity thereof of the action.

(b) Upon the adoption of an initial resolution under this section, public notice of such the adoption shall be given to the electors of the municipality prior to before the issuance of the bonds therein described in the resolution, by publication as a class 1 notice, under ch. 985. The notice need not set forth the full contents of the resolution, but shall state the maximum amount of the bonds; the name of the eligible participant; the purpose of the bonds; the net number of jobs which the project which the municipality would finance with the bond issue is expected to eliminate, create or maintain on the project site and elsewhere in this state which is required to be shown by the proposed eligible participant on the form submitted under sub. (4m) (a) 1.; and that the resolution was adopted under this section. A form of the public notice shall be attached to the initial resolution. Prior to adoption of the initial resolution, the open meeting notice given to members of the public under s. 19.84 shall indicate that information with respect to the job impact of the project will be available at the time of consideration of the initial resolution. No other public notice of the authorization, issuance or sale of bonds under this section is required.

(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for such the bonds, a petition conforming to the requirements of s. 8.40, signed by not less than 5% of the registered electors of the municipality, or, if there is no registration of electors in the municipality, by 10% of the number of electors of the municipality voting for the office of governor at the last general election as determined under s. 115.01 (13), is filed with the clerk of the municipality requesting a referendum upon the question of the issuance of the bonds. If such a petition is filed, the bonds shall may not be issued until approved by a majority of the electors of the municipality voting thereon on the referendum at a general or special election.

(11) (a) With respect to the enforcement of any construction lien or other lien under ch. 779 arising out of the construction of projects financed under this section, no deficiency judgment or judgment for costs may be entered against the municipality. Projects financed under this section shall are not be deemed to be public works, public improvements or public construction within the meaning of ss. 59.52 (29), 60.47, 61.55, 62.15, 779.14, 779.15 and 779.155 and contracts for the construction of such the projects shall are not be deemed to be public contracts within the meaning of ss. 59.52 (29) and 66.29 66.0901 unless factors such as and including municipal control over the costs, construction and operation of the project and the beneficial ownership of the project warrant such the conclusion that they are public contracts.

(12) (a) In the absence of fraud, all bonds issued prior to before July 25, 1980, purportedly pursuant to under this section, and all proceedings taken purportedly pursuant to under this section prior to before that date for the authorization and issuance of those bonds or of bonds not yet issued, and the sale, execution and delivery of bonds issued prior to before July 25, 1980, are hereby validated, ratified, approved and confirmed, notwithstanding any lack of power, however patent, other than constitutional, of the issuing municipality or the governing body or municipal officer thereof, to authorize and issue the bonds, or to sell, execute or deliver the same bonds, and notwithstanding any defects or irregularities, however patent, other than constitutional, in the proceeding or in the sale, execution or delivery of bonds issued prior to before July 25, 1980. All such bonds issued before July 25, 1980, are binding, legal obligations in accordance with their terms.

(13) (b) (intro.) This section may be used to finance all or any part of the cost, tangible or intangible, whenever incurred, of providing an industrial project under this section, whether or not such the industrial project is in existence on the date of adoption of the initial resolution or of issuance of the bonds; whether new or previously used; whether or not previously owned by the eligible participant, the eligible participant's designee or a party affiliated with either; and notwithstanding that this section was not in effect or did not permit such the financing on the date of such adoption of the resolution or at the time such ownership was acquired, except as follows:

1. (intro.) No part of the costs of constructing or acquiring personal property owned by the eligible participant, the eligible participant's designee or a party affiliated with either at any time prior to before the date of adoption of the initial resolution may be so financed except such costs for:

b. Personal property which will either be substantially reconstructed, rehabilitated, rebuilt or repaired in connection with the financing or which represents less than 10% of the entire financing. Personal property shall be deemed is considered owned only after 50% of the acquisition cost thereof of the personal property has been paid and such the property has been delivered and installed.

2. (intro.) No part of the costs of acquiring real property or of acquiring or constructing improvements thereto to the real property may be so financed except such costs: