Amendment ASA1-AB133

AB133-ASA1, s. 134 Section 134. 18.56 (7) and (8) of the statutes are renumbered 18.561 (7) and (8).

AB133-ASA1, s. 135 Section 135. 18.56 (9) (intro.) of the statutes is renumbered 18.561 (9) and amended to read:

AB133-ASA1,71,25 18.561 (9) Authorizing resolution. The commission may provide in the authorizing resolution for bonds enterprise obligations or by subsequent action all things necessary to carry into effect this section. Any authorizing resolution shall constitute a contract with the holder owners of any bonds enterprise obligations issued pursuant to such the resolution. Any authorizing resolution may contain such provisions or covenants, without limiting the generality of the power to adopt the resolution, as is are deemed necessary or desirable for the security of bondholders the owners of enterprise obligations or the marketability of the bonds, including but not limited to provisions as to: enterprise obligations.

AB133-ASA1, s. 136m Section 136m. 18.56 (9) (a) to (j) of the statutes are repealed.

AB133-ASA1, s. 137 Section 137. 18.56 (10) of the statutes is renumbered 18.561 (10) and amended to read:

AB133-ASA1,73,4 18.561 (10) Sinking fund. The authorizing resolution may set apart bonds enterprise obligations the par value of which are equal to the principal amount of any secured obligation or charge subject to which a revenue-producing enterprise or program is to be purchased or acquired, and shall set aside in a sinking fund from the income of the revenue-producing enterprise or program, a sum sufficient to comply with the requirements of the instrument creating the security , or if interest. If the instrument does not make any provision therefor for a sinking fund, the resolution shall fix and determine the amount which that shall be set aside into such the sinking fund from month to month for interest on the secured obligation or charge, and a fixed amount or proportion not exceeding a stated sum, which shall be not less than one percent of the principal, to be set aside into the fund to pay the principal of the secured obligation or charge. Any balance in the fund after satisfying the secured obligations or charge, shall be transferred to the redemption fund. Bonds Enterprise obligations set aside for the secured obligation or charge may, from time to time, be issued to an amount sufficient with the amount then in the sinking fund, to pay and retire the secured obligation or charge or any portion thereof. The bonds enterprise obligations may be issued in exchange for or satisfaction of the secured obligation or charge, or may be sold in the manner provided in this subchapter, and the proceeds applied in payment of the same at maturity or before maturity by agreement with the holder owner of the secured obligation or charge. The commission and the owners of any revenue-producing enterprise or program acquired or purchased may, upon such terms and conditions as are satisfactory, contract that bonds enterprise obligations to provide for the discharge of the secured obligation or charge, or for the whole purchase price shall be deposited with a trustee or depository and released from the deposit from time to time on such terms and conditions as are necessary to secure the payment of the secured obligation or charge.

AB133-ASA1, s. 138 Section 138. 18.561 (title) of the statutes is created to read:

AB133-ASA1,73,6 18.561 (title) Enterprise obligations.

AB133-ASA1, s. 139 Section 139. 18.561 (1) of the statutes is created to read:

AB133-ASA1,73,10 18.561 (1) Payment with revenue obligations. The state and a contracting party may provide, in any contract for purchasing or acquiring a revenue-producing enterprise or program, that payment shall be made in revenue obligations.

AB133-ASA1, s. 140 Section 140. 18.561 (7) (title) of the statutes is created to read:

AB133-ASA1,73,12 18.561 (7) (title) Payment for services.

AB133-ASA1, s. 141 Section 141. 18.561 (8) (title) of the statutes is created to read:

AB133-ASA1,73,14 18.561 (8) (title) Rates for services.

AB133-ASA1, s. 143 Section 143. 18.562 of the statutes is created to read:

AB133-ASA1,74,2 18.562 Special fund obligations. (1) Security interest in special fund. There is a security interest, for the benefit of the owners of the special fund obligations, in the amounts that arise after the creation of the special fund program in the special fund related to the special fund obligations. For this purpose, amounts in the special fund shall be accounted for on a first-in, first-out basis. No physical delivery, recordation or other action is required to perfect the security interest. The special fund shall remain subject to the security interest until provision for payment in full of the principal and interest of the special fund obligations has been made, as provided in the authorizing resolution. An owner of special fund obligations may either at law or in equity protect and enforce the security interest and compel performance of all duties required by this section.

AB133-ASA1,74,8 (2) Use of special fund moneys. The commission and the state agency carrying out the special fund program responsibilities shall jointly determine, and the commission shall fix in the authorizing resolution for the obligations, the conditions under which money in the special fund shall be set aside and applied to the payment of the principal and interest of the obligations, deposited in funds established under the authorizing resolution or made available for other purposes.

AB133-ASA1,74,20 (3) Redemption fund. The special fund revenues that are to be set aside for the payment of the principal and interest of the special fund obligations shall be paid into a separate fund in the treasury or in an account maintained by a trustee appointed for that purpose in the authorizing resolution to be identified as "the ... redemption fund". Each redemption fund shall be expended, and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on the special fund obligations giving rise to it and premium, if any, due upon redemption of any such obligations. Moneys in the redemption funds may be commingled only for the purpose of investment with other public funds, but they shall be invested only in investment instruments permitted in s. 25.17 (3) (dr). All such investments shall be the exclusive property of the fund and all earnings on or income from such investments shall be credited to the fund.

AB133-ASA1,74,23 (4) Surplus. If any surplus is accumulated in any of the redemption funds, subject to contract rights vested in the owners of special fund obligations secured thereby, it shall be paid over to the treasury.

AB133-ASA1,75,6 (5) Authorizing resolution. The commission may provide in the authorizing resolution for special fund obligations or by subsequent action all things necessary to carry into effect this section. Any authorizing resolution shall constitute a contract with the owners of any special fund obligations issued pursuant to the resolution. An authorizing resolution may contain such provisions or covenants, without limiting the generality of the power to adopt the resolution, as are deemed necessary or desirable for the security of owners of special fund obligations or the marketability of the special fund obligations.

AB133-ASA1, s. 144 Section 144. 18.57 (title) of the statutes is repealed and recreated to read:

AB133-ASA1,75,8 18.57 (title) Funds established for revenue obligations.

AB133-ASA1, s. 145 Section 145. 18.57 (1) of the statutes is amended to read:

AB133-ASA1,75,22 18.57 (1) A separate and distinct fund shall be established in the state treasury or in an account maintained by a trustee under s. 18.56 appointed for that purpose by the authorizing resolution with respect to each revenue-producing enterprise or program the income from which is to be applied to the payment of any revenue enterprise obligation. A separate and distinct fund shall be established in the state treasury or in an account maintained by a trustee appointed for that purpose by the authorizing resolution with respect to any special fund that is created by the imposition of fees, penalties or excise taxes and is applied to the payment of special fund obligations. All moneys resulting from the issuance of evidences of revenue obligation shall be credited to the appropriate fund or applied for refunding or note renewal purposes, except that moneys which represent premium or accrued interest received on the issuance of evidences shall be credited to the appropriate redemption fund.

AB133-ASA1, s. 146 Section 146. 18.57 (4) of the statutes is renumbered 18.57 (4) (intro.) and amended to read:

AB133-ASA1,76,3 18.57 (4) (intro.) If, after all outstanding related revenue obligations have been paid or payment provided for, moneys remain in any such a fund, they created under sub. (1), all of the following shall occur:

AB133-ASA1,76,6 (a) If the fund created under sub. (1) is in an account maintained by a trustee appointed by an authorizing resolution, the moneys shall be paid over to the treasury and the.

AB133-ASA1,76,7 (b) The fund created under sub. (1) shall be closed.

AB133-ASA1, s. 147 Section 147. 18.58 (1) of the statutes is amended to read:

AB133-ASA1,76,21 18.58 (1) Management of funds and records. All funds established under this subchapter which are deposited in the state treasury shall be managed as provided by law for other state funds, subject to any contract rights vested in holders owners of evidences of revenue obligation secured by such fund. The department of administration shall maintain full and correct records of each fund. The legislative audit bureau shall audit each fund as of January 1 of each year reconciling all transactions and showing the fair market value of all property on hand. All records and audits shall be public documents. All funds established under this subchapter which are deposited with a trustee under s. 18.56 (9) (j) appointed for that purpose by the authorizing resolution shall be managed in accordance with resolutions authorizing the issuance of revenue obligations, agreements between the commission and the trustee and any contract rights vested in holders of evidence owners of revenue obligations secured by such fund.

AB133-ASA1, s. 147m Section 147m. 18.60 (title) of the statutes is amended to read:

AB133-ASA1,76,23 18.60 (title) Refunding bonds obligations.

AB133-ASA1, s. 148 Section 148. 18.60 (1) of the statutes is amended to read:

AB133-ASA1,77,19 18.60 (1) The commission may authorize, for any one or more of the purposes described in s. 18.53 (1), the issuance of revenue-obligation refunding bonds obligations. Refunding bonds obligations may be issued, subject to any contract rights vested in holders owners of bonds obligations or notes being refinanced, to refinance more than one issue of bonds obligations or notes notwithstanding that the bonds obligations or notes may have been issued at different times for different purposes and may be secured by the property or income of more than one enterprise or program or special fund or may be public debt or building-corporation indebtedness. The principal amount of refunding bonds obligations shall not exceed the sum of: the principal amount of the bonds obligations or notes being refinanced; applicable redemption premiums; unpaid interest on the bonds obligations or notes to the date of delivery or exchange of the refunding bonds obligations; in the event the proceeds are to be deposited in trust as provided in sub. (3), interest to accrue on the bonds obligations or notes from the date of delivery to the date of maturity or to the redemption date selected by the commission, whichever is earlier; and the expenses incurred in the issuance of the refunding bonds obligations and the payment of the bonds obligations or notes. A determination by the commission that a refinancing is advantageous or that any of the amounts provided in the preceding sentence should be included in the refinancing shall be conclusive.

AB133-ASA1, s. 149 Section 149. 18.60 (2) of the statutes is amended to read:

AB133-ASA1,78,13 18.60 (2) If the commission determines to exchange refunding bonds obligations, they may be exchanged privately for and in payment and discharge of any of the outstanding bonds obligations or notes being refinanced. Refunding bonds obligations may be exchanged for a like or greater principal amount of the bonds obligations or notes being exchanged therefor except that the principal amount of the refunding bonds obligations may exceed the principal amount of the bonds obligations or notes being exchanged therefor only to the extent determined by the commission to be necessary or advisable to pay redemption premiums and unpaid interest to the date of exchange not otherwise provided for. The holders owners of the bonds obligations or notes being refunded who elect to exchange need not pay accrued interest on the refunding bonds obligations if and to the extent that interest is accrued and unpaid on the bonds obligations or notes being refunded and to be surrendered. If any of the bonds obligations or notes to be refinanced are to be called for redemption, the commission shall determine which redemption dates shall be used, if more than one date is applicable and shall, prior to the issuance of the refunding bonds obligations, provide for notice of redemption to be given in the manner and at the times required by the proceedings authorizing the outstanding bonds obligations or notes.

AB133-ASA1, s. 149g Section 149g. 18.60 (3) of the statutes is amended to read:

AB133-ASA1,79,20 18.60 (3) The principal proceeds from the sale of any refunding bonds obligations shall be applied either to the immediate payment and retirement of the bonds obligations or notes being refinanced or, if the bonds obligations or notes have not matured and are not presently redeemable, to the creation of a trust for and shall be pledged to the payment of the bonds obligations or notes being refinanced. If a trust is created, a separate deposit shall be made for each issue of bonds obligations or notes being refinanced. Each deposit shall be with the state treasurer or a bank or trust company that is then a member of the federal deposit insurance corporation. If the total amount of any deposit, including money other than sale proceeds but legally available for such purpose, is less than the principal amount of the bonds obligations or notes being refinanced and for the payment of which the deposit has been created and pledged, together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption, then the application of the sale proceeds shall be legally sufficient only if the money deposited is invested in securities issued by the United States or one of its agencies, or securities fully guaranteed by the United States, and only if the principal amount of the securities at maturity and the income therefrom to maturity will be sufficient and available, without the need for any further investment or reinvestment, to pay at maturity or upon redemption the principal amount of the bonds obligations or notes being refinanced together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption. The income from the principal proceeds of the securities shall be applied solely to the payment of the principal of and interest and redemption premiums on the bonds obligations or notes being refinanced, but provision may be made for the pledging and disposition of any surplus. Nothing in this subsection shall be construed as a limitation on the duration of any deposit in trust for the retirement of bonds obligations or notes being refinanced, but which have not matured and which are not presently redeemable. Nothing in this subsection shall be construed to prohibit reinvestment of the income of a trust if the reinvestments will mature at such times that sufficient cash will be available to pay interest, applicable premiums and principal on the bonds obligations or notes being refinanced.

AB133-ASA1, s. 149r Section 149r. 18.60 (4) of the statutes is amended to read:

AB133-ASA1,80,2 18.60 (4) The commission may in addition to the other powers conferred by this subchapter, include a provision in any authorizing resolution for refunding bonds obligations pledging all or any part of the special fund or income of any enterprise or program originally financed from the proceeds of any of the bonds obligations or notes being refinanced, or pledging all or any part of the surplus income derived from the investment of any trust created under sub. (3), or both.

AB133-ASA1, s. 150 Section 150. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and amended to read:

AB133-ASA1,80,8 18.60 (5) (intro.) All of the following provisions of s. 18.56 that are not inconsistent with the express provisions of this section shall apply to refunding bonds obligations, except that the maximum permissible term shall be 50 years from the date of original issue of the oldest note or bond obligation issue being refunded.:

AB133-ASA1, s. 151 Section 151. 18.60 (5) (a) to (c) of the statutes are created to read:

AB133-ASA1,80,10 18.60 (5) (a) Section 18.56.

AB133-ASA1,80,11 (b) In the case of enterprise obligations, s. 18.561.

AB133-ASA1,80,12 (c) In the case of special fund obligations, s. 18.562.

AB133-ASA1, s. 152 Section 152. 18.61 (2) of the statutes is amended to read:

AB133-ASA1,80,22 18.61 (2) The state pledges and agrees with the holders owners of any evidences of revenue obligation obligations that the state will not limit or alter its powers to fulfill the terms of any agreements made with the holders owners or in any way impair the rights and remedies of the holders owners until the revenue obligations, together with interest including interest on any unpaid instalments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders owners, are fully met and discharged. The commission may include this pledge and agreement of the state in any agreement with the holders of notes or bonds and in any evidence owners of revenue obligation.

AB133-ASA1, s. 153 Section 153. 18.61 (3) (a) of the statutes is amended to read:

AB133-ASA1,81,7 18.61 (3) (a) If the state fails to pay any revenue obligation in accordance with its terms, and default continues for a period of 30 days or if the state fails or refuses to comply with this subchapter or defaults in any agreement made with the holders owners of any issue of revenue obligations, the holders owners of 25% in aggregate principal amount of the revenue obligations of the issue then outstanding by instrument recorded in the office of the register of deeds of Dane county and approved or acknowledged in the same manner as a deed to be recorded may appoint a trustee to represent the holders owners of the notes or bonds revenue obligations for the purposes specifically provided in the instrument.

AB133-ASA1, s. 154 Section 154. 18.61 (3) (b) (intro.) of the statutes is amended to read:

AB133-ASA1,81,11 18.61 (3) (b) (intro.) The trustee may, and upon written request of the holders owners of 25% in aggregate principal amount of the revenue obligations of the issue then outstanding shall, in the trustee's own name:

AB133-ASA1, s. 155 Section 155. 18.61 (3) (b) 1. of the statutes is amended to read:

AB133-ASA1,81,18 18.61 (3) (b) 1. By action or proceeding, enforce all rights of all holders owners of the issue of revenue obligations, including the right to require the state to collect enterprise or program income or special fund income adequate to carry out any agreement as to, or pledge of, such income and to require the state to carry out any other agreements with the holders owners of the revenue obligations and to perform its duties under this subchapter;

AB133-ASA1, s. 156 Section 156. 18.61 (3) (b) 3. of the statutes is amended to read:

AB133-ASA1,81,21 18.61 (3) (b) 3. By action, require the state to account as if it were the trustee of an express trust for the holders owners of the revenue obligations;

AB133-ASA1, s. 157 Section 157. 18.61 (3) (b) 4. of the statutes is amended to read:

AB133-ASA1,81,24 18.61 (3) (b) 4. By action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders owners of the revenue obligations; and

AB133-ASA1, s. 158 Section 158. 18.61 (3) (c) of the statutes is amended to read:

AB133-ASA1,82,4 18.61 (3) (c) The trustee shall have all of the powers necessary or appropriate for the exercise of any functions specifically set forth in this subchapter or incident to the general representation of the holders owners of revenue obligations in the enforcement and protection of their rights.

AB133-ASA1, s. 159 Section 159. 18.61 (4) of the statutes is amended to read:

AB133-ASA1,82,12 18.61 (4) Any public officer or public employe, as defined in s. 939.22 (30), and the surety on the person's official bond, or any other person participating in any direct or indirect impairment of any fund established under this subchapter, shall be liable in any action brought by the attorney general in the name of the state, or by any taxpayer of the state, or by the holder of any evidence owner of revenue obligation payable in whole or in part, directly or indirectly, out of such fund, to restore to the fund all diversions from the fund.

AB133-ASA1, s. 159m Section 159m. 18.61 (5) of the statutes is amended to read:

AB133-ASA1,82,22 18.61 (5) The legislature may provide, with respect to any specific issue of revenue obligations, prior to their issuance, that if the special fund income or the enterprise or program income pledged to the payment of the principal and interest of the issue is insufficient for that purpose, it will consider supplying the deficiency by appropriation of funds, from time to time, out of the treasury. If the legislature so provides, the commission may make the necessary provisions therefor in the authorizing resolution and other proceedings of the issue. Thereafter, if the contingency occurs, recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that it shall make such appropriation.

AB133-ASA1, s. 160 Section 160. 19.32 (1) of the statutes is amended to read:

AB133-ASA1,83,9 19.32 (1) "Authority" means any of the following having custody of a record: a state or local office, elected official, agency, board, commission, committee, council, department or public body corporate and politic created by constitution, law, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family care district under s. 46.2895; any court of law; the assembly or senate; a nonprofit corporation which receives more than 50% of its funds from a county or a municipality, as defined in s. 59.001 (3), and which provides services related to public health or safety to the county or municipality; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing.

AB133-ASA1, s. 164m Section 164m. 19.42 (13) (n) of the statutes is created to read:

AB133-ASA1,83,11 19.42 (13) (n) The members of the public broadcasting transitional board.

AB133-ASA1, s. 165 Section 165. 19.82 (1) of the statutes is amended to read:

AB133-ASA1,83,22 19.82 (1) "Governmental body" means a state or local agency, board, commission, committee, council, department or public body corporate and politic created by constitution, statute, ordinance, rule or order; a governmental or quasi-governmental corporation except for the Bradley center sports and entertainment corporation; a local exposition district under subch. II of ch. 229; a family care district under s. 46.2895; a nonprofit corporation operating the Olympic ice training center under s. 42.11 (3); or a formally constituted subunit of any of the foregoing, but excludes any such body or committee or subunit of such body which is formed for or meeting for the purpose of collective bargaining under subch. I, IV or V of ch. 111.

AB133-ASA1, s. 166 Section 166. 20.002 (11) (b) of the statutes is renumbered 20.002 (11) (b) 1. and amended to read:

AB133-ASA1,84,3 20.002 (11) (b) 1. The secretary of administration shall limit the total amount of any temporary reallocations to a fund other than the general fund to $400,000,000. The

AB133-ASA1,84,8 2. Except as provided in subd. 3, the secretary of administration shall limit the total amount of any temporary reallocations to the general fund at any one time during a fiscal year to an amount equal to 5% of the total amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, calculated by the secretary as of that time and for that fiscal year.

AB133-ASA1,84,10 4. This paragraph does not apply to reallocations from the budget stabilization fund to the general fund.

AB133-ASA1, s. 167 Section 167. 20.002 (11) (b) 3. of the statutes is created to read:

AB133-ASA1,84,18 20.002 (11) (b) 3. In addition to the amount permitted for temporary reallocations in subd. 2., the secretary may permit an additional 3% of the total amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, calculated by the secretary as of that time and for that fiscal year, to be used for temporary reallocations to the general fund but only if the reallocation is for a period not to exceed 30 days. Reallocations may not be made under this subdivision for consecutive periods.

AB133-ASA1, s. 168 Section 168. 20.003 (4) of the statutes is renumbered 20.003 (4) (intro.) and amended to read:

AB133-ASA1,85,3 20.003 (4) Required general fund balance. (intro.) No bill directly or indirectly affecting general purpose revenues as defined in s. 20.001 (2) (a) may be enacted by the legislature if the bill would cause the estimated general fund balance on June 30 of any fiscal year specified in this subsection, as projected under s. 20.005 (1), to be an amount equal to less than one percent the following percentage of the total general purpose revenue appropriations for that fiscal year plus any amount from general purpose revenue designated as "Compensation Reserves" for that fiscal year in the summary under s. 20.005 (1).:

AB133-ASA1, s. 169 Section 169. 20.003 (4) (a) to (g) of the statutes are created to read:

AB133-ASA1,85,5 20.003 (4) (a) For fiscal year 1999-2000, 1%.

AB133-ASA1,85,6 (b) For fiscal year 2000-01, 1.1%.

AB133-ASA1,85,7 (c) For fiscal year 2001-02, 1.2%.

AB133-ASA1,85,8 (d) For fiscal year 2002-03, 1.4%.

AB133-ASA1,85,9 (e) For fiscal year 2003-04, 1.6%.

AB133-ASA1,85,10 (f) For fiscal year 2004-05, 1.8%.

AB133-ASA1,85,11 (g) For fiscal year 2005-06 and each fiscal year thereafter, 2%.

AB133-ASA1, s. 170 Section 170. 20.005 (1) of the statutes is repealed and recreated to read:

AB133-ASA1,85,15 20.005 (1) Summary of all funds. The budget governing fiscal operations for the state of Wisconsin for all funds beginning on July 1, 1999, and ending on June 30, 2001, is summarized as follows: [See Figure 20.005 (1) following]