SB268-SSA1, s. 1
7Section
1. 67.05 (6a) (a) 2. (intro.) of the statutes is amended to read:
SB268-SSA1,2,58
67.05
(6a) (a) 2. (intro.) Except as provided under pars. (b)
, (bg) and (c) and
9subs. (7) and (15), if the board of any school district, or the electors at a regularly
10called school district meeting, by a majority vote adopt an initial resolution to raise
11an amount of money by a bond issue, the school district clerk shall, within 10 days,
1publish notice of such adoption as a class 1 notice under ch. 985 or post the notice as
2provided under s. 10.05. The notice shall state the maximum amount proposed to
3be borrowed, the purpose of the borrowing, that the resolution was adopted under
4this subdivision and the place where and the hours during which the resolution may
5be inspected. The school board shall also do one of the following:
SB268-SSA1, s. 2
6Section
2. 67.05 (6a) (b) (intro.) of the statutes is amended to read:
SB268-SSA1,2,127
67.05
(6a) (b) (intro.) Paragraph (a) 2.
applies only does not apply if the amount
8of money to be raised by the bond issue will
not cause the aggregate amount of
9outstanding indebtedness of the school district incurred without a referendum since
10August 9, 1989,
excluding indebtedness incurred without a referendum as a result
11of par. (bg) and excluding amounts specified in par. (bm), to exceed $1,000,000 or an
12amount determined as follows, whichever is less:
SB268-SSA1, s. 3
13Section
3. 67.05 (6a) (bg) of the statutes is created to read:
SB268-SSA1,2,2014
67.05
(6a) (bg) Paragraph (a) 2. does not apply if the amount of money to be
15raised by the bond issue will not cause the aggregate amount of outstanding
16indebtedness of the school district incurred without a referendum as a result of this
17paragraph since the effective date of this paragraph .... [revisor inserts date],
18excluding amounts specified in par. (bm), to exceed $250,000 or an amount
19determined by multiplying the school district's membership, as defined in s. 121.004
20(5), by $350, whichever is greater.
SB268-SSA1, s. 4
21Section
4. 67.05 (6a) (bm) (intro.) of the statutes is amended to read:
SB268-SSA1,2,2322
67.05
(6a) (bm) (intro.) In
par.
pars. (b)
and (bg) and in s. 67.12 (12) (e) 2g.
and
232r., "outstanding indebtedness" does not include the amount of any of the following:
SB268-SSA1, s. 5
24Section
5. 67.05 (6a) (d) of the statutes is created to read:
SB268-SSA1,3,3
167.05
(6a) (d) If a school board raises funds by a bond issue and par. (a) 2. does
2not apply as a result of par. (bg), the school board may use the funds only for a capital
3expenditure.
SB268-SSA1, s. 6
4Section
6. 67.12 (12) (e) 2. of the statutes is amended to read:
SB268-SSA1,4,25
67.12
(12) (e) 2. Unless the purpose and amount of the borrowing have been
6approved by the electors under s. 67.05 (6a) or deemed approved by the electors under
7s. 67.05 (7) (d) 3., the purpose is to refund any outstanding municipal obligation, the
8purpose is to pay unfunded prior service liability contributions under the Wisconsin
9retirement system if all of the proceeds of the note will be used for that purpose, the
10borrowing would not be subject to a referendum as a bond issue under s. 67.05 (7) (cc),
11(h) or (i), or subd. 2g.
or 2r. applies, the school district clerk shall, within 10 days after
12a school board adopts a resolution under subd. 1. to issue a promissory note in excess
13of $5,000, publish notice of such adoption as a class 1 notice, under ch. 985.
14Alternatively, the notice may be posted as provided under s. 10.05. The notice need
15not set forth the full contents of the resolution, but shall state the maximum amount
16proposed to be borrowed, the purpose thereof, that the resolution was adopted under
17this subsection, and the place where, and the hours during which, the resolution may
18be inspected. If, within 30 days after publication or posting, a petition conforming
19to the requirements of s. 8.40 is filed with the school district clerk for a referendum
20on the resolution signed by at least 7,500 electors of the district or at least 20% of the
21number of district electors voting for governor at the last general election, as
22determined under s. 115.01 (13), whichever is the lesser, then the resolution shall not
23be effective unless adopted by a majority of the district electors voting at the
24referendum. The referendum shall be called in the manner provided under s. 67.05
25(6a), except that the question which appears on the ballot shall be "Shall .... (name
1of district) borrow the sum of $.... for (state purpose) by issuing its general obligation
2promissory note (or notes) under section 67.12 (12) of the Wisconsin Statutes?".
SB268-SSA1, s. 7
3Section
7. 67.12 (12) (e) 2g. (intro.) of the statutes is amended to read:
SB268-SSA1,4,94
67.12
(12) (e) 2g. (intro.) Subdivision 2.
applies only does not apply if the
5amount of money to be raised by the promissory note will
not cause the aggregate
6amount of outstanding indebtedness of the school district incurred without a
7referendum since August 9, 1989,
excluding indebtedness incurred without a
8referendum as a result of subd. 2r. and excluding amounts specified in s. 67.05 (6a)
9(bm), to exceed $1,000,000 or an amount determined as follows, whichever is less:
SB268-SSA1, s. 8
10Section
8. 67.12 (12) (e) 2r. of the statutes is created to read:
SB268-SSA1,4,1711
67.12
(12) (e) 2r. Subdivision 2. does not apply if the amount of money to be
12raised by the promissory note will not cause the aggregate amount of outstanding
13indebtedness of the school district incurred without a referendum as a result of this
14subdivision since the effective date of this subdivision .... [revisor inserts date],
15excluding amounts specified in s. 67.05 (6a) (bm), to exceed $250,000 or an amount
16determined by multiplying the school district's membership, as defined in s. 121.004
17(5), by $350, whichever is greater.
SB268-SSA1, s. 9
18Section
9. 67.12 (12) (e) 2w. of the statutes is created to read:
SB268-SSA1,4,2119
67.12
(12) (e) 2w. If a school board borrows funds under this section and subd.
202. does not apply as a result of subd. 2r., the school board may use the funds only for
21a capital expenditure.
SB268-SSA1, s. 10
22Section
10. 121.07 (6) (a) (intro.) of the statutes is amended to read:
SB268-SSA1,5,523
121.07
(6) (a) (intro.) "Shared cost" is the sum of the net cost of the general fund
24and the net cost of the debt service fund, except that "shared cost" excludes any costs,
25including attorney fees, incurred by a school district as a result of its participation
1in a lawsuit commenced against the state, beginning with such costs incurred in the
2fiscal year in which the lawsuit is commenced.
In this paragraph, "net cost of the debt
3service fund" excludes debt service on debt that was not subject to a referendum as
4a result of s. 67.05 (6a) (bg) or 67.12 (12) (e) 2r. In this paragraph, "net cost of the debt
5service fund" includes all of the following amounts:
SB268-SSA1,5,158
121.15
(3m) (a) 1. "Partial school revenues" means the sum of state school aids,
9other than the amounts appropriated under s. 20.255 (2) (bi) and (cv), and property
10taxes levied for school districts
, other than property taxes levied to pay debt service
11on debt that was not subject to a referendum as a result of s. 67.05 (6a) (bg) or 67.12
12(12) (e) 2r., less the amount of any revenue limit increase under s. 121.91 (4) (a) 2.
13due to a school board's increasing the services that it provides by adding
14responsibility for providing a service transferred to it from another school board and
15less the amount of any revenue limit increase under s. 121.91 (4) (a) 3.
SB268-SSA1, s. 12
16Section
12. 121.91 (4) (c) 3. of the statutes is created to read:
SB268-SSA1,5,2417
121.91
(4) (c) 3. Funds needed for the payment of any general obligation debt
18service, including debt service on debt issued or reissued to fund or refund
19outstanding municipal obligations, interest on outstanding municipal obligations or
20the payment of related issuance costs or redemption premiums, authorized on or
21after the effective date of this subdivision .... [revisor inserts date], by a resolution
22of the school board and secured by the full faith and credit of the school district if the
23issuance of the debt was not subject to a referendum as a result of s. 67.05 (6a) (bg)
24or 67.12 (12) (e) 2r.
SB268-SSA1,6,8
1121.92
(2) (c) If the amount of the deductions under pars. (a) and (b) is
2insufficient to cover the excess revenue, order the school board to reduce the property
3tax obligations of its taxpayers by an amount that represents the remainder of the
4excess revenue. The school district's refunds to taxpayers who have already paid
5their taxes shall be increased by interest at the rate of 0.5% per month. If the school
6board violates the order, any resident of the school district may seek injunctive relief.
7This paragraph does not apply to property taxes levied for the purpose of paying the
8principal and interest on valid bonds or notes issued by the school board.
SB268-SSA1,6,1110
(1) The treatment of section 121.07 (6) (a) (intro.) of the statutes first applies
11to the payment of state aid in the school year beginning after publication.
SB268-SSA1,6,1412
(2) The treatment of sections 67.05 (6a) (a) 2. (intro.), (b) (intro.), (bg) and (d)
13and 67.12 (12) (e) 2., 2g. (intro.), 2r. and 2w. of the statutes first applies to initial
14resolutions adopted on the effective date of this subsection.
SB268-SSA1,6,1616
(1)
This act takes effect on the July 1 after publication.