18.60 (title) Refunding bonds obligations.
9,148
Section
148. 18.60 (1) of the statutes is amended to read:
18.60 (1) The commission may authorize, for any one or more of the purposes described in s. 18.53 (1), the issuance of revenue-obligation refunding bonds obligations. Refunding bonds obligations may be issued, subject to any contract rights vested in holders owners of bonds obligations or notes being refinanced, to refinance more than one issue of bonds obligations or notes notwithstanding that the bonds obligations or notes may have been issued at different times for different purposes and may be secured by the property or income of more than one enterprise or program or special fund or may be public debt or building-corporation indebtedness. The principal amount of refunding bonds obligations shall not exceed the sum of: the principal amount of the bonds obligations or notes being refinanced; applicable redemption premiums; unpaid interest on the bonds obligations or notes to the date of delivery or exchange of the refunding bonds obligations; in the event the proceeds are to be deposited in trust as provided in sub. (3), interest to accrue on the bonds obligations or notes from the date of delivery to the date of maturity or to the redemption date selected by the commission, whichever is earlier; and the expenses incurred in the issuance of the refunding bonds obligations and the payment of the bonds obligations or notes. A determination by the commission that a refinancing is advantageous or that any of the amounts provided in the preceding sentence should be included in the refinancing shall be conclusive.
9,149
Section
149. 18.60 (2) of the statutes is amended to read:
18.60 (2) If the commission determines to exchange refunding bonds obligations, they may be exchanged privately for and in payment and discharge of any of the outstanding bonds obligations or notes being refinanced. Refunding bonds obligations may be exchanged for a like or greater principal amount of the bonds obligations or notes being exchanged therefor except that the principal amount of the refunding bonds obligations may exceed the principal amount of the bonds obligations or notes being exchanged therefor only to the extent determined by the commission to be necessary or advisable to pay redemption premiums and unpaid interest to the date of exchange not otherwise provided for. The holders
owners of the bonds obligations or notes being refunded who elect to exchange need not pay accrued interest on the refunding bonds obligations if and to the extent that interest is accrued and unpaid on the bonds obligations or notes being refunded and to be surrendered. If any of the bonds obligations or notes to be refinanced are to be called for redemption, the commission shall determine which redemption dates shall be used, if more than one date is applicable and shall, prior to the issuance of the refunding bonds obligations, provide for notice of redemption to be given in the manner and at the times required by the proceedings authorizing the outstanding bonds obligations or notes.
9,149g
Section 149g. 18.60 (3) of the statutes is amended to read:
18.60 (3) The principal proceeds from the sale of any refunding bonds obligations shall be applied either to the immediate payment and retirement of the bonds obligations or notes being refinanced or, if the bonds
obligations or notes have not matured and are not presently redeemable, to the creation of a trust for and shall be pledged to the payment of the bonds obligations or notes being refinanced. If a trust is created, a separate deposit shall be made for each issue of bonds obligations or notes being refinanced. Each deposit shall be with the state treasurer or a bank or trust company that is then a member of the federal deposit insurance corporation. If the total amount of any deposit, including money other than sale proceeds but legally available for such purpose, is less than the principal amount of the bonds obligations or notes being refinanced and for the payment of which the deposit has been created and pledged, together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption, then the application of the sale proceeds shall be legally sufficient only if the money deposited is invested in securities issued by the United States or one of its agencies, or securities fully guaranteed by the United States, and only if the principal amount of the securities at maturity and the income therefrom to maturity will be sufficient and available, without the need for any further investment or reinvestment, to pay at maturity or upon redemption the principal amount of the bonds obligations or notes being refinanced together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption. The income from the principal proceeds of the securities shall be applied solely to the payment of the principal of and interest and redemption premiums on the bonds obligations or notes being refinanced, but provision may be made for the pledging and disposition of any surplus. Nothing in this subsection shall be construed as a limitation on the duration of any deposit in trust for the retirement of bonds obligations or notes being refinanced, but which have not matured and which are not presently redeemable. Nothing in this subsection shall be construed to prohibit reinvestment of the income of a trust if the reinvestments will mature at such times that sufficient cash will be available to pay interest, applicable premiums and principal on the bonds obligations or notes being refinanced.
9,149r
Section 149r. 18.60 (4) of the statutes is amended to read:
18.60 (4) The commission may in addition to the other powers conferred by this subchapter, include a provision in any authorizing resolution for refunding bonds obligations pledging all or any part of the special fund or income of any enterprise or program originally financed from the proceeds of any of the bonds obligations or notes being refinanced, or pledging all or any part of the surplus income derived from the investment of any trust created under sub. (3), or both.
9,150
Section
150. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and amended to read:
18.60 (5) (intro.) All of the following provisions of s. 18.56 that are not inconsistent with the express provisions of this section shall apply to refunding bonds obligations, except that the maximum permissible term shall be 50 years from the date of original issue of the oldest note or bond obligation issue being refunded.:
9,151
Section
151. 18.60 (5) (a) to (c) of the statutes are created to read:
18.60 (5) (a) Section 18.56.
(b) In the case of enterprise obligations, s. 18.561.
(c) In the case of special fund obligations, s. 18.562.
9,152
Section
152. 18.61 (2) of the statutes is amended to read:
18.61 (2) The state pledges and agrees with the holders owners of any evidences of revenue obligation obligations that the state will not limit or alter its powers to fulfill the terms of any agreements made with the holders owners or in any way impair the rights and remedies of the holders owners until the revenue obligations, together with interest including interest on any unpaid instalments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders owners, are fully met and discharged. The commission may include this pledge and agreement of the state in any agreement with the holders of notes or bonds and in any evidence owners of revenue obligation.
9,153
Section
153. 18.61 (3) (a) of the statutes is amended to read:
18.61 (3) (a) If the state fails to pay any revenue obligation in accordance with its terms, and default continues for a period of 30 days or if the state fails or refuses to comply with this subchapter or defaults in any agreement made with the holders owners of any issue of revenue obligations, the holders owners of 25% in aggregate principal amount of the revenue obligations of the issue then outstanding by instrument recorded in the office of the register of deeds of Dane county and approved or acknowledged in the same manner as a deed to be recorded may appoint a trustee to represent the holders owners of the notes or bonds revenue obligations for the purposes specifically provided in the instrument.
9,154
Section
154. 18.61 (3) (b) (intro.) of the statutes is amended to read:
18.61 (3) (b) (intro.) The trustee may, and upon written request of the holders owners of 25% in aggregate principal amount of the revenue obligations of the issue then outstanding shall, in the trustee's own name:
9,155
Section
155. 18.61 (3) (b) 1. of the statutes is amended to read:
18.61 (3) (b) 1. By action or proceeding, enforce all rights of all holders owners of the issue of revenue obligations, including the right to require the state to collect enterprise or program income or special fund income adequate to carry out any agreement as to, or pledge of, such income and to require the state to carry out any other agreements with the holders owners of the revenue obligations and to perform its duties under this subchapter;
9,156
Section
156. 18.61 (3) (b) 3. of the statutes is amended to read:
18.61 (3) (b) 3. By action, require the state to account as if it were the trustee of an express trust for the holders owners of the revenue obligations;
9,157
Section
157. 18.61 (3) (b) 4. of the statutes is amended to read:
18.61 (3) (b) 4. By action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders owners of the revenue obligations; and
9,158
Section
158. 18.61 (3) (c) of the statutes is amended to read:
18.61 (3) (c) The trustee shall have all of the powers necessary or appropriate for the exercise of any functions specifically set forth in this subchapter or incident to the general representation of the holders owners of revenue obligations in the enforcement and protection of their rights.
9,159
Section
159. 18.61 (4) of the statutes is amended to read:
18.61 (4) Any public officer or public employe, as defined in s. 939.22 (30), and the surety on the person's official bond, or any other person participating in any direct or indirect impairment of any fund established under this subchapter, shall be liable in any action brought by the attorney general in the name of the state, or by any taxpayer of the state, or by the holder of any evidence owner of revenue obligation payable in whole or in part, directly or indirectly, out of such fund, to restore to the fund all diversions from the fund.
9,159m
Section 159m. 18.61 (5) of the statutes is amended to read:
18.61 (5) The legislature may provide, with respect to any specific issue of revenue obligations, prior to their issuance, that if the special fund income or the enterprise or program income pledged to the payment of the principal and interest of the issue is insufficient for that purpose, it will consider supplying the deficiency by appropriation of funds, from time to time, out of the treasury. If the legislature so provides, the commission may make the necessary provisions therefor in the authorizing resolution and other proceedings of the issue. Thereafter, if the contingency occurs, recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that it shall make such appropriation.
9,160
Section
160. 19.32 (1) of the statutes is amended to read:
19.32 (1) "Authority" means any of the following having custody of a record: a state or local office, elected official, agency, board, commission, committee, council, department or public body corporate and politic created by constitution, law, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family care district under s. 46.2895; any court of law; the assembly or senate; a nonprofit corporation which receives more than 50% of its funds from a county or a municipality, as defined in s. 59.001 (3), and which provides services related to public health or safety to the county or municipality; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing.
9,161d
Section 161d. 19.35 (1) (am) 2. c. of the statutes is amended to read:
19.35 (1) (am) 2. c. Endanger the security, including the security of the population or staff, of any state correctional institution, as defined in s. 301.01 (4) prison under s. 302.01, jail, as defined in s. 165.85 (2) (bg), secured correctional facility, as defined in s. 938.02 (15m), secured child caring institution, as defined in s. 938.02 (15g), secured group home, as defined in s. 938.02 (15p), mental health institute, as defined in s. 51.01 (12), or center for the developmentally disabled, as defined in s. 51.01 (3), or the population or staff of any of these institutions, facilities or jails.
9,165
Section
165. 19.82 (1) of the statutes is amended to read:
19.82 (1) "Governmental body" means a state or local agency, board, commission, committee, council, department or public body corporate and politic created by constitution, statute, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family care district under s. 46.2895; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing, but excludes any such body or committee or subunit of such body which is formed for or meeting for the purpose of collective bargaining under subch. I, IV or V of ch. 111.
9,166
Section
166. 20.002 (11) (b) of the statutes is renumbered 20.002 (11) (b) 1. and amended to read:
20.002 (11) (b) 1. The secretary of administration shall limit the total amount of any temporary reallocations to a fund other than the general fund to $400,000,000. The
2. Except as provided in subd. 3, the secretary of administration shall limit the total amount of any temporary reallocations to the general fund at any one time during a fiscal year to an amount equal to 5% of the total amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, calculated by the secretary as of that time and for that fiscal year.
4. This paragraph does not apply to reallocations from the budget stabilization fund to the general fund.
9,167
Section
167. 20.002 (11) (b) 3. of the statutes is created to read:
20.002 (11) (b) 3. In addition to the amount permitted for temporary reallocations in subd. 2., the secretary may permit an additional 3% of the total amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, calculated by the secretary as of that time and for that fiscal year, to be used for temporary reallocations to the general fund but only if the reallocation is for a period not to exceed 30 days. Reallocations may not be made under this subdivision for consecutive periods.
9,168
Section
168. 20.003 (4) of the statutes is renumbered 20.003 (4) (intro.) and amended to read:
20.003 (4) Required general fund balance. (intro.) No bill directly or indirectly affecting general purpose revenues as defined in s. 20.001 (2) (a) may be enacted by the legislature if the bill would cause the estimated general fund balance on June 30 of any fiscal year specified in this subsection, as projected under s. 20.005 (1), to be an amount equal to less than one percent the following percentage of the total general purpose revenue appropriations for that fiscal year plus any amount from general purpose revenue designated as "Compensation Reserves" for that fiscal year in the summary under s. 20.005 (1).:
9,169
Section
169. 20.003 (4) (a) to (g) of the statutes are created to read:
20.003 (4) (a) For fiscal year 1999-2000, 1%.
(b) For fiscal year 2000-01,
1%.
(c) For fiscal year 2001-02, 1.2%.
(d) For fiscal year 2002-03, 1.4%.
(e) For fiscal year 2003-04, 1.6%.
(f) For fiscal year 2004-05, 1.8%.
(g) For fiscal year 2005-06 and each fiscal year thereafter, 2%.
9,170
Section
170. 20.005 (1) of the statutes is repealed and recreated to read:
20.005 (1) Summary of all funds. The budget governing fiscal operations for the state of Wisconsin for all funds beginning on July 1, 1999, and ending on June 30, 2001, is summarized as follows: [See Figure 20.005 (1) following]
Figure: 20.005 (1)
GENERAL FUND SUMMARY
- See PDF for table 
SUMMARY OF APPROPRIATIONS — ALL FUNDS
- See PDF for table
SUMMARY OF COMPENSATION RESERVES — ALL FUNDS
- See PDF for table
LOTTERY FUND SUMMARY
- See PDF for table
9,171
Section
171. 20.005 (2) of the statutes is repealed and recreated to read:
20.005 (2) State borrowing program summary. The following schedule sets forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b) following]
Figure: 20.005 (2) (a)
SUMMARY OF BONDING AUTHORITY MODIFICATIONS
1999-01 FISCAL BIENNIUM
- See PDF for table
Figure: 20.005 (2) (b)
GENERAL OBLIGATION AND
BUILDING CORPORATION DEBT SERVICE
FISCAL YEARS 1999-00 AND 2000-01
- See PDF for table
20.005 (3) Appropriations. The following schedule sets forth all annual, biennial and sum certain continuing appropriations and anticipated expenditures from other appropriations for the programs and other purposes indicated. All appropriations are made from the general fund unless otherwise indicated. The letter abbreviations shown designating the type of appropriation apply to both fiscal years in the schedule unless otherwise indicated. [See Figure 20.005 (3) following]
Figure: 20.005 (3)
9,173
Section
173. 20.115 (1) (g) of the statutes is amended to read:
20.115 (1) (g) Related services. The amounts in the schedule for the conduct of services related to food and trade regulation, including special and overtime meat inspection services under s. 97.42 (3), and investigative and audit services under ss. 93.06 (6) (b), 100.06 (1g) (c) and 100.07 (1). All, but excluding services financed under pars. (gf) and (h). Except as provided in pars. (gf) and (h), all moneys received from authorized service fees related to food and trade regulation shall be credited to this appropriation.
9,174
Section
174. 20.115 (1) (gf) of the statutes is created to read:
20.115 (1) (gf) Fruit and vegetable inspection. All moneys received for the inspection of fruits and vegetables under ss. 93.06 (1m), 93.09 (10) and 100.03 (3) (a) 1. to carry out the purposes for which those moneys are received.
9,175
Section
175. 20.115 (1) (gm) of the statutes is amended to read:
20.115 (1) (gm) Dairy trade regulation; dairy product and vegetable producer security and trade practices. The amounts in the schedule for the regulation of vegetable procurement under s. 100.03, of dairy plant financial condition under s. 100.06 and of dairy trade practices under s. 100.201. All moneys received under ss. 100.03 (3) (a) 2. and 3., 100.06 (9) and 100.201 (6) shall be credited to this appropriation.
