AB133-ASA1, s. 134 13Section 134. 18.56 (7) and (8) of the statutes are renumbered 18.561 (7) and
14(8).
AB133-ASA1, s. 135 15Section 135. 18.56 (9) (intro.) of the statutes is renumbered 18.561 (9) and
16amended to read:
AB133-ASA1,71,2517 18.561 (9) Authorizing resolution. The commission may provide in the
18authorizing resolution for bonds enterprise obligations or by subsequent action all
19things necessary to carry into effect this section. Any authorizing resolution shall
20constitute a contract with the holder owners of any bonds enterprise obligations
21issued pursuant to such the resolution. Any authorizing resolution may contain such
22provisions or covenants, without limiting the generality of the power to adopt the
23resolution, as is are deemed necessary or desirable for the security of bondholders
24the owners of enterprise obligations or the marketability of the bonds, including but
25not limited to provisions as to:
enterprise obligations.
AB133-ASA1, s. 136m
1Section 136m. 18.56 (9) (a) to (j) of the statutes are repealed.
AB133-ASA1, s. 137 2Section 137. 18.56 (10) of the statutes is renumbered 18.561 (10) and amended
3to read:
AB133-ASA1,73,44 18.561 (10) Sinking fund. The authorizing resolution may set apart bonds
5enterprise obligations the par value of which are equal to the principal amount of any
6secured obligation or charge subject to which a revenue-producing enterprise or
7program is to be purchased or acquired, and shall set aside in a sinking fund from
8the income of the revenue-producing enterprise or program, a sum sufficient to
9comply with the requirements of the instrument creating the security , or if interest.
10If
the instrument does not make any provision therefor for a sinking fund, the
11resolution shall fix and determine the amount which that shall be set aside into such
12the sinking fund from month to month for interest on the secured obligation or
13charge, and a fixed amount or proportion not exceeding a stated sum, which shall be
14not less than one percent of the principal, to be set aside into the fund to pay the
15principal of the secured obligation or charge. Any balance in the fund after satisfying
16the secured obligations or charge, shall be transferred to the redemption fund. Bonds
17Enterprise obligations set aside for the secured obligation or charge may, from time
18to time, be issued to an amount sufficient with the amount then in the sinking fund,
19to pay and retire the secured obligation or charge or any portion thereof. The bonds
20enterprise obligations may be issued in exchange for or satisfaction of the secured
21obligation or charge, or may be sold in the manner provided in this subchapter, and
22the proceeds applied in payment of the same at maturity or before maturity by
23agreement with the holder owner of the secured obligation or charge. The
24commission and the owners of any revenue-producing enterprise or program
25acquired or purchased may, upon such terms and conditions as are satisfactory,

1contract that bonds enterprise obligations to provide for the discharge of the secured
2obligation or charge, or for the whole purchase price shall be deposited with a trustee
3or depository and released from the deposit from time to time on such terms and
4conditions as are necessary to secure the payment of the secured obligation or charge.
AB133-ASA1, s. 138 5Section 138. 18.561 (title) of the statutes is created to read:
AB133-ASA1,73,6 618.561 (title) Enterprise obligations.
AB133-ASA1, s. 139 7Section 139. 18.561 (1) of the statutes is created to read:
AB133-ASA1,73,108 18.561 (1) Payment with revenue obligations. The state and a contracting
9party may provide, in any contract for purchasing or acquiring a revenue-producing
10enterprise or program, that payment shall be made in revenue obligations.
AB133-ASA1, s. 140 11Section 140. 18.561 (7) (title) of the statutes is created to read:
AB133-ASA1,73,1212 18.561 (7) (title) Payment for services.
AB133-ASA1, s. 141 13Section 141. 18.561 (8) (title) of the statutes is created to read:
AB133-ASA1,73,1414 18.561 (8) (title) Rates for services.
AB133-ASA1, s. 143 15Section 143. 18.562 of the statutes is created to read:
AB133-ASA1,74,2 1618.562 Special fund obligations. (1) Security interest in special fund.
17There is a security interest, for the benefit of the owners of the special fund
18obligations, in the amounts that arise after the creation of the special fund program
19in the special fund related to the special fund obligations. For this purpose, amounts
20in the special fund shall be accounted for on a first-in, first-out basis. No physical
21delivery, recordation or other action is required to perfect the security interest. The
22special fund shall remain subject to the security interest until provision for payment
23in full of the principal and interest of the special fund obligations has been made, as
24provided in the authorizing resolution. An owner of special fund obligations may

1either at law or in equity protect and enforce the security interest and compel
2performance of all duties required by this section.
AB133-ASA1,74,8 3(2) Use of special fund moneys. The commission and the state agency carrying
4out the special fund program responsibilities shall jointly determine, and the
5commission shall fix in the authorizing resolution for the obligations, the conditions
6under which money in the special fund shall be set aside and applied to the payment
7of the principal and interest of the obligations, deposited in funds established under
8the authorizing resolution or made available for other purposes.
AB133-ASA1,74,20 9(3) Redemption fund. The special fund revenues that are to be set aside for the
10payment of the principal and interest of the special fund obligations shall be paid into
11a separate fund in the treasury or in an account maintained by a trustee appointed
12for that purpose in the authorizing resolution to be identified as "the ... redemption
13fund". Each redemption fund shall be expended, and all moneys from time to time
14on hand therein are irrevocably appropriated, in sums sufficient, only for the
15payment of principal and interest on the special fund obligations giving rise to it and
16premium, if any, due upon redemption of any such obligations. Moneys in the
17redemption funds may be commingled only for the purpose of investment with other
18public funds, but they shall be invested only in investment instruments permitted
19in s. 25.17 (3) (dr). All such investments shall be the exclusive property of the fund
20and all earnings on or income from such investments shall be credited to the fund.
AB133-ASA1,74,23 21(4) Surplus. If any surplus is accumulated in any of the redemption funds,
22subject to contract rights vested in the owners of special fund obligations secured
23thereby, it shall be paid over to the treasury.
AB133-ASA1,75,6 24(5) Authorizing resolution. The commission may provide in the authorizing
25resolution for special fund obligations or by subsequent action all things necessary

1to carry into effect this section. Any authorizing resolution shall constitute a
2contract with the owners of any special fund obligations issued pursuant to the
3resolution. An authorizing resolution may contain such provisions or covenants,
4without limiting the generality of the power to adopt the resolution, as are deemed
5necessary or desirable for the security of owners of special fund obligations or the
6marketability of the special fund obligations.
AB133-ASA1, s. 144 7Section 144. 18.57 (title) of the statutes is repealed and recreated to read:
AB133-ASA1,75,8 818.57 (title) Funds established for revenue obligations.
AB133-ASA1, s. 145 9Section 145. 18.57 (1) of the statutes is amended to read:
AB133-ASA1,75,2210 18.57 (1) A separate and distinct fund shall be established in the state treasury
11or in an account maintained by a trustee under s. 18.56 appointed for that purpose
12by the authorizing resolution
with respect to each revenue-producing enterprise or
13program the income from which is to be applied to the payment of any revenue
14enterprise obligation. A separate and distinct fund shall be established in the state
15treasury or in an account maintained by a trustee appointed for that purpose by the
16authorizing resolution with respect to any special fund that is created by the

17imposition of fees, penalties or excise taxes and is applied to the payment of special
18fund obligations.
All moneys resulting from the issuance of evidences of revenue
19obligation shall be credited to the appropriate fund or applied for refunding or note
20renewal purposes, except that moneys which represent premium or accrued interest
21received on the issuance of evidences shall be credited to the appropriate redemption
22fund.
AB133-ASA1, s. 146 23Section 146. 18.57 (4) of the statutes is renumbered 18.57 (4) (intro.) and
24amended to read:
AB133-ASA1,76,3
118.57 (4) (intro.) If, after all outstanding related revenue obligations have been
2paid or payment provided for, moneys remain in any such a fund, they created under
3sub. (1), all of the following shall occur:
AB133-ASA1,76,6 4(a) If the fund created under sub. (1) is in an account maintained by a trustee
5appointed by an authorizing resolution, the moneys
shall be paid over to the treasury
6and the.
AB133-ASA1,76,7 7(b) The fund created under sub. (1) shall be closed.
AB133-ASA1, s. 147 8Section 147. 18.58 (1) of the statutes is amended to read:
AB133-ASA1,76,219 18.58 (1) Management of funds and records. All funds established under this
10subchapter which are deposited in the state treasury shall be managed as provided
11by law for other state funds, subject to any contract rights vested in holders owners
12of evidences of revenue obligation secured by such fund. The department of
13administration shall maintain full and correct records of each fund. The legislative
14audit bureau shall audit each fund as of January 1 of each year reconciling all
15transactions and showing the fair market value of all property on hand. All records
16and audits shall be public documents. All funds established under this subchapter
17which are deposited with a trustee under s. 18.56 (9) (j) appointed for that purpose
18by the authorizing resolution
shall be managed in accordance with resolutions
19authorizing the issuance of revenue obligations, agreements between the
20commission and the trustee and any contract rights vested in holders of evidence
21owners of revenue obligations secured by such fund.
AB133-ASA1, s. 147m 22Section 147m. 18.60 (title) of the statutes is amended to read:
AB133-ASA1,76,23 2318.60 (title) Refunding bonds obligations.
AB133-ASA1, s. 148 24Section 148. 18.60 (1) of the statutes is amended to read:
AB133-ASA1,77,19
118.60 (1) The commission may authorize, for any one or more of the purposes
2described in s. 18.53 (1), the issuance of revenue-obligation refunding bonds
3obligations. Refunding bonds obligations may be issued, subject to any contract
4rights vested in holders owners of bonds obligations or notes being refinanced, to
5refinance more than one issue of bonds obligations or notes notwithstanding that the
6bonds obligations or notes may have been issued at different times for different
7purposes and may be secured by the property or income of more than one enterprise
8or program or special fund or may be public debt or building-corporation
9indebtedness. The principal amount of refunding bonds obligations shall not exceed
10the sum of: the principal amount of the bonds obligations or notes being refinanced;
11applicable redemption premiums; unpaid interest on the bonds obligations or notes
12to the date of delivery or exchange of the refunding bonds obligations; in the event
13the proceeds are to be deposited in trust as provided in sub. (3), interest to accrue on
14the bonds obligations or notes from the date of delivery to the date of maturity or to
15the redemption date selected by the commission, whichever is earlier; and the
16expenses incurred in the issuance of the refunding bonds obligations and the
17payment of the bonds obligations or notes. A determination by the commission that
18a refinancing is advantageous or that any of the amounts provided in the preceding
19sentence should be included in the refinancing shall be conclusive.
AB133-ASA1, s. 149 20Section 149. 18.60 (2) of the statutes is amended to read:
AB133-ASA1,78,1321 18.60 (2) If the commission determines to exchange refunding bonds
22obligations, they may be exchanged privately for and in payment and discharge of
23any of the outstanding bonds obligations or notes being refinanced. Refunding
24bonds obligations may be exchanged for a like or greater principal amount of the
25bonds obligations or notes being exchanged therefor except that the principal

1amount of the refunding bonds obligations may exceed the principal amount of the
2bonds obligations or notes being exchanged therefor only to the extent determined
3by the commission to be necessary or advisable to pay redemption premiums and
4unpaid interest to the date of exchange not otherwise provided for. The holders
5owners of the bonds obligations or notes being refunded who elect to exchange need
6not pay accrued interest on the refunding bonds obligations if and to the extent that
7interest is accrued and unpaid on the bonds obligations or notes being refunded and
8to be surrendered. If any of the bonds obligations or notes to be refinanced are to
9be called for redemption, the commission shall determine which redemption dates
10shall be used, if more than one date is applicable and shall, prior to the issuance of
11the refunding bonds obligations, provide for notice of redemption to be given in the
12manner and at the times required by the proceedings authorizing the outstanding
13bonds obligations or notes.
AB133-ASA1, s. 149g 14Section 149g. 18.60 (3) of the statutes is amended to read:
AB133-ASA1,79,2015 18.60 (3) The principal proceeds from the sale of any refunding bonds
16obligations shall be applied either to the immediate payment and retirement of the
17bonds obligations or notes being refinanced or, if the bonds obligations or notes have
18not matured and are not presently redeemable, to the creation of a trust for and shall
19be pledged to the payment of the bonds obligations or notes being refinanced. If a
20trust is created, a separate deposit shall be made for each issue of bonds obligations
21or notes being refinanced. Each deposit shall be with the state treasurer or a bank
22or trust company that is then a member of the federal deposit insurance corporation.
23If the total amount of any deposit, including money other than sale proceeds but
24legally available for such purpose, is less than the principal amount of the bonds
25obligations or notes being refinanced and for the payment of which the deposit has

1been created and pledged, together with applicable redemption premiums and
2interest accrued and to accrue to maturity or to the date of redemption, then the
3application of the sale proceeds shall be legally sufficient only if the money deposited
4is invested in securities issued by the United States or one of its agencies, or
5securities fully guaranteed by the United States, and only if the principal amount
6of the securities at maturity and the income therefrom to maturity will be sufficient
7and available, without the need for any further investment or reinvestment, to pay
8at maturity or upon redemption the principal amount of the bonds obligations or
9notes being refinanced together with applicable redemption premiums and interest
10accrued and to accrue to maturity or to the date of redemption. The income from the
11principal proceeds of the securities shall be applied solely to the payment of the
12principal of and interest and redemption premiums on the bonds obligations or notes
13being refinanced, but provision may be made for the pledging and disposition of any
14surplus. Nothing in this subsection shall be construed as a limitation on the duration
15of any deposit in trust for the retirement of bonds obligations or notes being
16refinanced, but which have not matured and which are not presently redeemable.
17Nothing in this subsection shall be construed to prohibit reinvestment of the income
18of a trust if the reinvestments will mature at such times that sufficient cash will be
19available to pay interest, applicable premiums and principal on the bonds
20obligations or notes being refinanced.
AB133-ASA1, s. 149r 21Section 149r. 18.60 (4) of the statutes is amended to read:
AB133-ASA1,80,222 18.60 (4) The commission may in addition to the other powers conferred by this
23subchapter, include a provision in any authorizing resolution for refunding bonds
24obligations pledging all or any part of the special fund or income of any enterprise
25or program originally financed from the proceeds of any of the bonds obligations or

1notes being refinanced, or pledging all or any part of the surplus income derived from
2the investment of any trust created under sub. (3), or both.
AB133-ASA1, s. 150 3Section 150. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and
4amended to read:
AB133-ASA1,80,85 18.60 (5) (intro.) All of the following provisions of s. 18.56 that are not
6inconsistent with the express provisions of this section shall apply to refunding
7bonds obligations, except that the maximum permissible term shall be 50 years from
8the date of original issue of the oldest note or bond obligation issue being refunded.:
AB133-ASA1, s. 151 9Section 151. 18.60 (5) (a) to (c) of the statutes are created to read:
AB133-ASA1,80,1010 18.60 (5) (a) Section 18.56.
AB133-ASA1,80,1111 (b) In the case of enterprise obligations, s. 18.561.
AB133-ASA1,80,1212 (c) In the case of special fund obligations, s. 18.562.
AB133-ASA1, s. 152 13Section 152. 18.61 (2) of the statutes is amended to read:
AB133-ASA1,80,2214 18.61 (2) The state pledges and agrees with the holders owners of any evidences
15of
revenue obligation obligations that the state will not limit or alter its powers to
16fulfill the terms of any agreements made with the holders owners or in any way
17impair the rights and remedies of the holders owners until the revenue obligations,
18together with interest including interest on any unpaid instalments of interest, and
19all costs and expenses in connection with any action or proceeding by or on behalf of
20the holders owners, are fully met and discharged. The commission may include this
21pledge and agreement of the state in any agreement with the holders of notes or
22bonds and in any evidence
owners of revenue obligation.
AB133-ASA1, s. 153 23Section 153. 18.61 (3) (a) of the statutes is amended to read:
AB133-ASA1,81,724 18.61 (3) (a) If the state fails to pay any revenue obligation in accordance with
25its terms, and default continues for a period of 30 days or if the state fails or refuses

1to comply with this subchapter or defaults in any agreement made with the holders
2owners of any issue of revenue obligations, the holders owners of 25% in aggregate
3principal amount of the revenue obligations of the issue then outstanding by
4instrument recorded in the office of the register of deeds of Dane county and approved
5or acknowledged in the same manner as a deed to be recorded may appoint a trustee
6to represent the holders owners of the notes or bonds revenue obligations for the
7purposes specifically provided in the instrument.
AB133-ASA1, s. 154 8Section 154. 18.61 (3) (b) (intro.) of the statutes is amended to read:
AB133-ASA1,81,119 18.61 (3) (b) (intro.) The trustee may, and upon written request of the holders
10owners of 25% in aggregate principal amount of the revenue obligations of the issue
11then outstanding shall, in the trustee's own name:
AB133-ASA1, s. 155 12Section 155. 18.61 (3) (b) 1. of the statutes is amended to read:
AB133-ASA1,81,1813 18.61 (3) (b) 1. By action or proceeding, enforce all rights of all holders owners
14of the issue of revenue obligations, including the right to require the state to collect
15enterprise or program income or special fund income adequate to carry out any
16agreement as to, or pledge of, such income and to require the state to carry out any
17other agreements with the holders owners of the revenue obligations and to perform
18its duties under this subchapter;
AB133-ASA1, s. 156 19Section 156. 18.61 (3) (b) 3. of the statutes is amended to read:
AB133-ASA1,81,2120 18.61 (3) (b) 3. By action, require the state to account as if it were the trustee
21of an express trust for the holders owners of the revenue obligations;
AB133-ASA1, s. 157 22Section 157. 18.61 (3) (b) 4. of the statutes is amended to read:
AB133-ASA1,81,2423 18.61 (3) (b) 4. By action, enjoin any acts or things which may be unlawful or
24in violation of the rights of the holders owners of the revenue obligations; and
AB133-ASA1, s. 158 25Section 158. 18.61 (3) (c) of the statutes is amended to read:
AB133-ASA1,82,4
118.61 (3) (c) The trustee shall have all of the powers necessary or appropriate
2for the exercise of any functions specifically set forth in this subchapter or incident
3to the general representation of the holders owners of revenue obligations in the
4enforcement and protection of their rights.
AB133-ASA1, s. 159 5Section 159. 18.61 (4) of the statutes is amended to read:
AB133-ASA1,82,126 18.61 (4) Any public officer or public employe, as defined in s. 939.22 (30), and
7the surety on the person's official bond, or any other person participating in any
8direct or indirect impairment of any fund established under this subchapter, shall
9be liable in any action brought by the attorney general in the name of the state, or
10by any taxpayer of the state, or by the holder of any evidence owner of revenue
11obligation payable in whole or in part, directly or indirectly, out of such fund, to
12restore to the fund all diversions from the fund.
AB133-ASA1, s. 159m 13Section 159m. 18.61 (5) of the statutes is amended to read:
AB133-ASA1,82,2214 18.61 (5) The legislature may provide, with respect to any specific issue of
15revenue obligations, prior to their issuance, that if the special fund income or the
16enterprise or program income pledged to the payment of the principal and interest
17of the issue is insufficient for that purpose, it will consider supplying the deficiency
18by appropriation of funds, from time to time, out of the treasury. If the legislature
19so provides, the commission may make the necessary provisions therefor in the
20authorizing resolution and other proceedings of the issue. Thereafter, if the
21contingency occurs, recognizing its moral obligation to do so, the legislature hereby
22expresses its expectation and aspiration that it shall make such appropriation.
AB133-ASA1, s. 160 23Section 160. 19.32 (1) of the statutes is amended to read:
AB133-ASA1,83,924 19.32 (1) "Authority" means any of the following having custody of a record: a
25state or local office, elected official, agency, board, commission, committee, council,

1department or public body corporate and politic created by constitution, law,
2ordinance, rule or order; a governmental or quasi-governmental corporation except
3for the Bradley center sports and entertainment corporation; a local exposition
4district under subch. II of ch. 229; a family care district under s. 46.2895; any court
5of law; the assembly or senate; a nonprofit corporation which receives more than 50%
6of its funds from a county or a municipality, as defined in s. 59.001 (3), and which
7provides services related to public health or safety to the county or municipality; a
8nonprofit corporation operating the Olympic ice training center under s. 42.11 (3);
9or a formally constituted subunit of any of the foregoing.
AB133-ASA1, s. 164m 10Section 164m. 19.42 (13) (n) of the statutes is created to read:
AB133-ASA1,83,1111 19.42 (13) (n) The members of the public broadcasting transitional board.
AB133-ASA1, s. 165 12Section 165. 19.82 (1) of the statutes is amended to read:
AB133-ASA1,83,2213 19.82 (1) "Governmental body" means a state or local agency, board,
14commission, committee, council, department or public body corporate and politic
15created by constitution, statute, ordinance, rule or order; a governmental or
16quasi-governmental corporation except for the Bradley center sports and
17entertainment corporation; a local exposition district under subch. II of ch. 229; a
18family care district under s. 46.2895;
a nonprofit corporation operating the Olympic
19ice training center under s. 42.11 (3); or a formally constituted subunit of any of the
20foregoing, but excludes any such body or committee or subunit of such body which
21is formed for or meeting for the purpose of collective bargaining under subch. I, IV
22or V of ch. 111.
AB133-ASA1, s. 166 23Section 166. 20.002 (11) (b) of the statutes is renumbered 20.002 (11) (b) 1. and
24amended to read:
AB133-ASA1,84,3
120.002 (11) (b) 1. The secretary of administration shall limit the total amount
2of any temporary reallocations to a fund other than the general fund to $400,000,000.
3The
AB133-ASA1,84,8 42. Except as provided in subd. 3, the secretary of administration shall limit the
5total amount of any temporary reallocations to the general fund at any one time
6during a fiscal year to an amount equal to 5% of the total amounts shown in the
7schedule under s. 20.005 (3) of appropriations of general purpose revenues,
8calculated by the secretary as of that time and for that fiscal year.
AB133-ASA1,84,10 94. This paragraph does not apply to reallocations from the budget stabilization
10fund to the general fund.
AB133-ASA1, s. 167 11Section 167. 20.002 (11) (b) 3. of the statutes is created to read:
AB133-ASA1,84,1812 20.002 (11) (b) 3. In addition to the amount permitted for temporary
13reallocations in subd. 2., the secretary may permit an additional 3% of the total
14amounts shown in the schedule under s. 20.005 (3) of appropriations of general
15purpose revenues, calculated by the secretary as of that time and for that fiscal year,
16to be used for temporary reallocations to the general fund but only if the reallocation
17is for a period not to exceed 30 days. Reallocations may not be made under this
18subdivision for consecutive periods.
AB133-ASA1, s. 168 19Section 168. 20.003 (4) of the statutes is renumbered 20.003 (4) (intro.) and
20amended to read:
AB133-ASA1,85,321 20.003 (4) Required general fund balance. (intro.) No bill directly or
22indirectly affecting general purpose revenues as defined in s. 20.001 (2) (a) may be
23enacted by the legislature if the bill would cause the estimated general fund balance
24on June 30 of any fiscal year specified in this subsection, as projected under s. 20.005
25(1), to be an amount equal to less than one percent the following percentage of the

1total general purpose revenue appropriations for that fiscal year plus any amount
2from general purpose revenue designated as "Compensation Reserves" for that fiscal
3year in the summary under s. 20.005 (1).:
AB133-ASA1, s. 169 4Section 169. 20.003 (4) (a) to (g) of the statutes are created to read:
AB133-ASA1,85,55 20.003 (4) (a) For fiscal year 1999-2000, 1%.
AB133-ASA1,85,66 (b) For fiscal year 2000-01, 1.1%.
AB133-ASA1,85,77 (c) For fiscal year 2001-02, 1.2%.
AB133-ASA1,85,88 (d) For fiscal year 2002-03, 1.4%.
AB133-ASA1,85,99 (e) For fiscal year 2003-04, 1.6%.
AB133-ASA1,85,1010 (f) For fiscal year 2004-05, 1.8%.
AB133-ASA1,85,1111 (g) For fiscal year 2005-06 and each fiscal year thereafter, 2%.
AB133-ASA1, s. 170 12Section 170. 20.005 (1) of the statutes is repealed and recreated to read:
AB133-ASA1,85,1513 20.005 (1) Summary of all funds. The budget governing fiscal operations for
14the state of Wisconsin for all funds beginning on July 1, 1999, and ending on June
1530, 2001, is summarized as follows: [See Figure 20.005 (1) following]
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