Amendment AA2-AB913

LRBa4377/1

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1995 - 1996 LEGISLATURE

ASSEMBLY AMENDMENT 2, To 1995 ASSEMBLY BILL 913

March 19, 1996 - Offered by Committee on Education.

AB913-AA2,1,1 At the locations indicated, amend the bill as follows:

AB913-AA2,1,3 1. Page 1, line 3: after "system" insert: "and promissory notes issued by a 1st class city school district".

AB913-AA2,1,4 2. Page 2, line 20: after that line insert:

AB913-AA2,1,5 " Section 1m. 119.498 of the statutes is created to read:

AB913-AA2,1,9 119.498 Promissory notes; unfunded prior service liability contributions. (1) The board may adopt a resolution directing the common council to issue promissory notes under s. 67.12 (12) for the purpose of paying unfunded prior service liability contributions under the Wisconsin retirement system.

AB913-AA2,1,15 (2) If the board adopts a resolution under sub. (1), the board shall include in its budget transmitted to the common council under s. 119.16 (8) (b) a written notice specifying the amount of borrowing to be authorized in the budget for the ensuing year. The common council shall issue the notes and levy a direct annual irrepealable tax sufficient to pay the principal and interest on the notes as they become due. The common council may issue the notes by private sale.".

AB913-AA2,1,16 (End)