Amendment SSA1-SB105

LRBs0132/2

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1997 - 1998 LEGISLATURE

SENATE SUBSTITUTE AMENDMENT 1, TO 1997 SENATE BILL 105

May 13, 1997 - Offered by Committee on Judiciary, Campaign Finance Reform and Consumer Affairs.

SB105-SSA1,1,3 An Act to repeal 13.94 (10) and 229.74; to amend 66.066 (1) (c) and 229.64 (1); and to create 229.82 of the statutes; relating to: reporting requirements for, and bonding authority of, local professional baseball park districts.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB105-SSA1, s. 1 Section 1. 13.94 (10) of the statutes is repealed.

SB105-SSA1, s. 2 Section 2. 66.066 (1) (c) of the statutes is amended to read:

SB105-SSA1,1,10 66.066 (1) (c) "Revenue" means all moneys received from any source by a public utility and all rentals and fees and in the case of a local professional baseball park district created under subch. III of ch. 229 includes tax revenues deposited into a special fund under s. 229.685 and payments made into a special debt service reserve fund under s. 229.74.

SB105-SSA1, s. 3 Section 3. 229.64 (1) of the statutes is amended to read:

SB105-SSA1,2,10 229.64 (1) The legislature determines that the provision of assistance by state agencies to a district under this subchapter, and any appropriation of funds to a district under this subchapter and the moral obligation pledge under s. 229.74 (7) serve serves a statewide public purpose by assisting the development of a professional baseball park in the state for providing recreation, by encouraging economic development and tourism, by reducing unemployment and by bringing needed capital into the state for the benefit and welfare of people throughout the state. The legislature determines that the taxes that may be imposed by a district under subch. V of ch. 77 are special taxes that are generated apart from any direct annual tax on taxable property.

SB105-SSA1, s. 4 Section 4. 229.74 of the statutes is repealed.

SB105-SSA1, s. 5 Section 5. 229.82 of the statutes is created to read:

SB105-SSA1,2,18 229.82 Reporting requirements. (1) Quarterly reports. For any calendar quarter in which a district levies a tax under s. 77.705, the district shall submit a report to the cochairpersons of the joint committee on finance. The report shall be submitted no later than the 15th day after the end of the calendar quarter. The report shall be submitted on a form prescribed by the legislative audit bureau and shall include at least all of the following:

SB105-SSA1,2,21 (a) Capital expenditures. For capital expenditures for a baseball stadium and, separately, for all other capital expenditures of a district, all of the following information:

SB105-SSA1,2,23 1. A comparison of projected capital expenditures and actual capital expenditures for that quarter and since the creation of the district.

SB105-SSA1,2,25 2. An itemized list of continuing expenditures for the lease of capital items, for the quarter and since the creation of the district.

SB105-SSA1,3,2 3. A listing of outstanding financial obligations under contracts entered into by the district.

SB105-SSA1,3,4 (b) Operating expenditures. For all operating expenditures of the district, all of the following information:

SB105-SSA1,3,6 1. A comparison of projected capital expenditures and actual capital expenditures for that quarter and since the creation of the district.

SB105-SSA1,3,8 2. An itemized list of continuing expenditures for the lease of capital items, for the quarter and since the creation of the district.

SB105-SSA1,3,10 3. A listing of outstanding financial obligations under contracts entered into by the district.

SB105-SSA1,3,12 (c) Revenues. The amount collected by the district, for that quarter and since the creation of the district, from all of the following sources:

SB105-SSA1,3,13 1. The tax levied under s. 77.705.

SB105-SSA1,3,14 2. Interest income.

SB105-SSA1,3,15 3. Assistance from governmental entities, other than the state.

SB105-SSA1,3,16 4. Income sources not specified in subds. 1. to 3.

SB105-SSA1,3,17 (d) Overall financial status. All of the following information:

SB105-SSA1,3,19 1. A comparison of actual expenditures and revenues collected for the quarter and since the creation of the district.

SB105-SSA1,3,22 2. The total amount of bonds to be retired by the district, for which the tax levied under s. 77.705 is pledged in repayment, the interest rate on those bonds and the date on which those bonds mature.

SB105-SSA1,3,24 3. An itemized listing of any debt, not listed under subd. 2., of the district, the interest rate on that debt, and the date on which the debt will be fully repaid.

SB105-SSA1,4,2 4. The district board's best estimate, as of the last day of the quarter, of the date on which the district's tax will be sunset under s. 77.707.

SB105-SSA1,4,4 (e) Capital improvement and maintenance fund. All of the following information:

SB105-SSA1,4,6 1. The amount expended by the district from the fund for capital improvements and maintenance, for that quarter and since the creation of the district.

SB105-SSA1,4,8 2. The balance of the fund for capital improvements and maintenance, as of the last day of the quarter.

SB105-SSA1,4,11 (f) Overall project status. If the district has commenced construction of a stadium and has not yet completed it, the percentage of the total project completed during that quarter and since construction began.

SB105-SSA1,4,15 (g) Leasing. For that quarter and since the district was created, an itemized list of items acquired through a lease arrangement rather than through a direct purchase, including the present value of each lease and whether the lease is considered an operating or capital lease.

SB105-SSA1,4,25 (2) Annual reports. One year after the date that baseball park facilities constructed by the district are first used for playing professional baseball, and annually thereafter, the district board shall submit to the cochairpersons of the joint committee on finance, to the secretary of administration and to the secretary of revenue an estimate of the date on which the certification under s. 229.685 (2) will be made. The estimate of the date shall be based on the best information available to the board regarding current and projected revenues and expenditures. The district board shall include, with the estimate, a detailed description of the assumptions and calculations that were made by the board in arriving at the estimate.

SB105-SSA1, s. 6 Section 6. Initial applicability.

SB105-SSA1,5,3 (1) The treatment of section 229.82 (1) of the statutes first applies with respect to calendar quarters ending after the effective date of this subsection.

SB105-SSA1,5,4 (End)