AB913-AA2,1,9
6119.498 Promissory notes; unfunded prior service liability
7contributions. (1) The board may adopt a resolution directing the common council
8to issue promissory notes under s. 67.12 (12) for the purpose of paying unfunded prior
9service liability contributions under the Wisconsin retirement system.
AB913-AA2,1,15
10(2) If the board adopts a resolution under sub. (1), the board shall include in its
11budget transmitted to the common council under s. 119.16 (8) (b) a written notice
12specifying the amount of borrowing to be authorized in the budget for the ensuing
13year. The common council shall issue the notes and levy a direct annual irrepealable
14tax sufficient to pay the principal and interest on the notes as they become due. The
15common council may issue the notes by private sale.".