AB1-ASA,37,10 20(3) Use of moneys in the special debt service reserve fund. All moneys held
21in any special debt service reserve fund of a district, except as otherwise specifically
22provided, shall be used, as required, solely for the payment of the principal of bonds
23secured in whole or in part by the special debt service reserve fund, the making of
24sinking fund payments with respect to these bonds, the purchase or redemption of
25these bonds, the payment of interest on these bonds or the payment of any

1redemption premium required to be paid when these bonds are redeemed prior to
2maturity. If moneys in a special debt service reserve fund at any time are less than
3the special debt service reserve fund requirement under sub. (5) for the special debt
4service reserve fund, the district may not use these moneys for any optional purchase
5or optional redemption of the bonds. Any income or interest earned by, or increment
6to, any special debt service reserve fund due to the investment of moneys in the
7special debt service reserve fund may be transferred by the district to other funds or
8accounts of the district to the extent that the transfer does not reduce the amount of
9the special debt service reserve fund below the special debt service reserve fund
10requirement under sub. (5) for the special debt service reserve fund.
AB1-ASA,37,18 11(4) Limitation on bonds secured by a special debt service reserve fund. A
12district shall accumulate in each special debt service reserve fund an amount equal
13to the special debt service reserve fund requirement under sub. (5) for the special
14debt service reserve fund. A district may not at any time issue bonds secured in whole
15or in part by a special debt service reserve fund if upon the issuance of these bonds
16the amount in the special debt service reserve fund will be less than the special debt
17service reserve fund requirement under sub. (5) for the special debt service reserve
18fund.
AB1-ASA,38,9 19(5) Special debt service reserve fund requirement. The special debt service
20reserve fund requirement for a special debt service reserve fund, as of any particular
21date of computation, is equal to an amount of money, as provided in the bond
22resolution authorizing the bonds with respect to which the special debt service
23reserve fund is established, that may not exceed the maximum annual debt service
24on the bonds of the district for that fiscal year or any future fiscal year of the district
25secured in whole or in part by that special debt service reserve fund. In computing

1the annual debt service for any fiscal year, bonds deemed to have been paid in
2accordance with the defeasance provisions of the bond resolution authorizing the
3issuance of the bonds shall not be included in bonds outstanding on such date of
4computation. The annual debt service for any fiscal year is the amount of money
5equal to the aggregate of all of the following calculated on the assumption that the
6bonds will, after the date of computation, cease to be outstanding by reason, but only
7by reason, of the payment of bonds when due, and the payment when due, and
8application in accordance with the bond resolution authorizing those bonds, of all of
9the sinking fund payments payable at or after the date of computation:
AB1-ASA,38,1210 (a) All interest payable during the fiscal year on all bonds that are secured in
11whole or in part by the special debt service reserve fund and that are outstanding on
12the date of computation.
AB1-ASA,38,1513 (b) The principal amount of all of the bonds that are secured in whole or in part
14by the special debt service reserve fund, are outstanding on the date of computation
15and mature during the fiscal year.
AB1-ASA,38,1916 (c) All amounts specified in bond resolutions of the district authorizing any of
17the bonds that are secured in whole or in part by the special debt service reserve fund
18to be payable during the fiscal year as a sinking fund payment with respect to any
19of the bonds that mature after the fiscal year.
AB1-ASA,38,23 20(6) Valuation of securities. In computing the amount of a special debt service
21reserve fund for the purposes of this section, securities in which all or a portion of the
22special debt service reserve fund is invested shall be valued at par, or, if purchased
23at less than par, at their cost to the district.
AB1-ASA,39,15 24(7) State moral obligation pledge. If at any time of valuation the special debt
25service reserve fund requirement under sub. (5) for a special debt service reserve

1fund exceeds the amount of moneys in the special debt service reserve fund, the
2district board shall certify to the secretary of administration, the governor, the joint
3committee on finance and the governing body of each county in the district the
4amount necessary to restore the special debt service reserve fund to an amount equal
5to the special debt service reserve fund requirement under sub. (5) for the special
6debt service reserve fund. If this certification is received by the secretary of
7administration in an even-numbered year prior to the completion of the budget
8compilation under s. 16.43, the secretary shall include the certified amount in the
9budget compilation. In any case, the joint committee on finance shall introduce in
10either house, in bill form, an appropriation of the amount so certified to the
11appropriate special debt service reserve fund of the district. Recognizing its moral
12obligation to do so, the legislature hereby expresses its expectation and aspiration
13that, if ever called upon to do so, it shall make this appropriation. This subsection
14applies only with respect to bonds the issuance of which has been approved by the
15joint committee on finance.
AB1-ASA,39,19 16(8) Information to joint committee on finance. The district shall provide to
17the cochairpersons of the joint committee on finance information concerning the
18district's projected cashflows and security features underlying each issuance of
19bonds under this subchapter.
AB1-ASA,39,25 20229.75 Bonds not public debt. (1) The state and each county in the district's
21jurisdiction are not liable on bonds and the bonds are not a debt of the state or either
22county in the district. All bonds shall contain a statement to this effect on the face
23of the bond. A bond issue does not, directly or indirectly or contingently, obligate the
24state or a political subdivision of the state to levy any tax or make any appropriation
25for payment of the bonds.
AB1-ASA,40,11
1(2) Nothing in this subchapter authorizes a district to create a debt of the state
2or a county in the district's jurisdiction, and all bonds issued by a district are payable,
3and shall state that they are payable, solely from the funds pledged for their payment
4in accordance with the bond resolution authorizing their issuance or in any trust
5indenture or mortgage or deed of trust executed as security for the bonds. The state
6and each county in the district's jurisdiction are not liable for the payment of the
7principal of or interest on a bond or for the performance of any pledge, mortgage,
8obligation or agreement that may be undertaken by a district. The breach of any
9pledge, mortgage, obligation or agreement undertaken by a district does not impose
10pecuniary liability upon the state or a county in the district's jurisdiction or a charge
11upon its general credit or against its taxing power.
AB1-ASA,40,18 12(3) Bonds issued by the district shall be secured only by the district's interest
13in any baseball park facilities, including any interest in a lease with the department
14of administration under s. 16.82 (7); by income from these facilities; by proceeds of
15bonds issued by the district and other amounts placed in a special redemption fund
16and investment earnings on such amounts; and by the taxes imposed by the district
17under subch. V of ch. 77. The district may not pledge its full faith and credit on the
18bonds and the bonds are not a liability of the district.
AB1-ASA,40,25 19229.76 State pledge. The state pledges to and agrees with the bondholders,
20and persons that enter into contracts with a district under this subchapter, that the
21state will not limit or alter the rights and powers vested in a district by this
22subchapter, including the rights and powers under s. 229.68 (15), before the district
23has fully met and discharged the bonds, and any interest due on the bonds, and has
24fully performed its contracts, unless adequate provision is made by law for the
25protection of the bondholders or those entering into contracts with a district.
AB1-ASA,41,7
1229.77 Trust funds. All moneys received under this subchapter, whether as
2proceeds from the sale of bonds or from any other source, are trust funds to be held
3and applied solely as provided in this subchapter. Any officer with whom, or any
4bank or trust company with which, those moneys are deposited shall act as trustee
5of those moneys and shall hold and apply the moneys for the purposes of this
6subchapter, subject to this subchapter and the bond resolution authorizing issuance
7of the bonds.
AB1-ASA,41,15 8229.79 Budgets; rates and charges; audit. A district shall adopt a calendar
9year as its fiscal year for accounting purposes. The district board shall annually
10prepare a budget for the district. Rates and other charges received by the district
11shall be used for the general expenses and capital expenditures of the district and
12to pay interest, amortization, and retirement charges on bonds. A district shall
13maintain an accounting system in accordance with generally accepted accounting
14principles and shall have its financial statements and debt covenants audited
15annually by an independent certified public accountant.
AB1-ASA,41,17 16229.81 Assistance by state agencies. (1) Definition. In this section, "state
17agency" has the meaning given in s. 20.001 (1).
AB1-ASA,41,20 18(2) Assistance with respect to granted land or property. All state agencies
19may provide assistance to a district if the district has entered into a lease agreement
20with the department of administration under s. 16.82 (7).
AB1-ASA, s. 52 21Section 52. 234.65 (1) (c) of the statutes is amended to read:
AB1-ASA,41,2522 234.65 (1) (c) The authority may not issue more than $200,000,000 in aggregate
23principal amount of bonds and notes under this section, excluding bonds or notes
24secured by a capital reserve fund pursuant to sub. (6) (am) and excluding
bonds and
25notes issued to refund outstanding bonds or notes issued under this section.
AB1-ASA, s. 53
1Section 53. 234.65 (1) (h) of the statutes is created to read:
AB1-ASA,42,42 234.65 (1) (h) Bonds and notes issued by the authority to finance an economic
3development loan for a project described under s. 234.01 (4n) (d) are not general
4obligations of the authority.
AB1-ASA, s. 54 5Section 54. 234.65 (1) (hm) of the statutes is created to read:
AB1-ASA,42,106 234.65 (1) (hm) The authority may not make a loan under this section for an
7economic development project described under s. 234.01 (4n) (d) to any professional
8athletic team unless the team first obtains all approvals necessary to grant an
9enforceable lien on the franchise as security for the loan and unless the team first
10grants the lien as security for the loan.
AB1-ASA, s. 55 11Section 55. 234.65 (6) (b) of the statutes is amended to read:
AB1-ASA,42,1712 234.65 (6) (b) The Except as provided in sub. (8), the authority may issue bonds
13and notes secured by a capital reserve fund pursuant to par. (am) in an aggregate
14principal amount not exceeding $35,000,000 $50,000,000 plus such additional
15amount as the authority considers necessary or desirable to fund a deposit into the
16capital reserve fund to pay costs of issuing the bonds and notes or to pay capitalized
17interest on the bonds and notes
.
AB1-ASA, s. 56 18Section 56. 234.65 (8) to (10) of the statutes are created to read:
AB1-ASA,42,2419 234.65 (8) The authority shall not issue bonds or notes under this section to
20finance the construction of baseball park facilities, as defined in s. 229.65 (1), in
21relation to any single professional baseball park in an aggregate principal amount
22exceeding $50,000,000, excluding bonds and notes issued to fund a deposit into the
23capital reserve fund, to pay costs of issuing the bonds and notes or to pay capitalized
24interest on the bonds and notes.
AB1-ASA,43,4
1(9) The authority shall not issue bonds or notes under this section to finance
2the construction of baseball park facilities, as defined in s. 229.65 (1), for a local
3professional baseball park district created under subch. III of ch. 229 unless the joint
4committee on finance approves the issuance.
AB1-ASA,43,8 5(10) The authority shall provide to the cochairpersons of the joint committee
6on finance information concerning the authority's projected cashflows and security
7features underlying each issuance of bonds to a business for the purpose of financing
8baseball park facilities, as defined in s. 229.65 (1).
AB1-ASA, s. 57 9Section 57. 704.31 (3) of the statutes is created to read:
AB1-ASA,43,1110 704.31 (3) This section does not apply to a lease to which a local professional
11baseball park district created under subch. III of ch. 229 is a party.
AB1-ASA, s. 58 12Section 58. Appropriation changes; administration.
AB1-ASA,43,18 13(1) In the schedule under section 20.005 (3) of the statutes for the
14appropriation to the department of administration under section 20.505 (1) (kc) of
15the statutes, as affected by the acts of 1995, the dollar amount is increased by
16$336,200 for fiscal year 1995-96 and the dollar amount is increased by $790,100 for
17fiscal year 1996-97 to provide funding for services provided to local professional
18baseball park districts, as created by this act.
AB1-ASA,43,1919 (End)
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