Amendment ASA4-AB892

AB892-ASA4,28,9 (8) Subject to s. 229.8245, issue revenue bonds under s. 66.066, subject to ss. 229.829 to 229.834, and enter into agreements related to the issuance of bonds, including liquidity and credit facilities, remarketing agreements, insurance policies, guaranty agreements, letter of credit or reimbursement agreements, indexing agreements, interest exchange agreements and currency exchange agreements.

AB892-ASA4,28,11 (9) Maintain funds and invest the funds in any investment that the district board considers appropriate.

AB892-ASA4,28,13 (10) Promote, advertise and publicize its football stadium facilities and related activities.

AB892-ASA4,28,16 (11) Set standards governing the use of, and the conduct within, its football stadium facilities in order to promote public safety and convenience and to maintain order.

AB892-ASA4,28,18 (12) Establish and collect fees or other charges for the use of its football stadium facilities or for services rendered by the district.

AB892-ASA4,28,22 (13) Establish and collect fees or other charges for the right to purchase admission to events at the football stadium if the proceeds from any amount that is collected under this subsection are used for purposes related to football stadium facilities.

AB892-ASA4,28,24 (14) Enter into partnerships, joint ventures, common ownership or other arrangements with other persons to further the district's purposes.

AB892-ASA4,29,24 (15) Impose, by the adoption of a resolution, the taxes under subch. V of ch. 77, except that the taxes imposed by the resolution may not take effect until the resolution is approved by a majority of the electors in the district's jurisdiction voting on the resolution at a referendum, to be held at the first spring primary or September primary following by at least 45 days the date of adoption of the resolution. One or two questions shall appear on the ballot. The first question shall be substantially as follows: "Shall a sales tax and a use tax be imposed at the rate of 0.5% in .... County for purposes related to football stadium facilities in the .... Professional Football Stadium District?" The county board may also submit a 2nd question which shall ask whether available revenues from the 0.5% sales tax and use tax will be permitted to be used for property and sales tax relief purposes in that county. The text of the 2nd question shall be specified by the county board. Approval of the first question constitutes approval of the resolution of the district board. Approval of the 2nd question is not effective unless the first question is approved. The clerk of the district shall publish the notices required under s. 10.06 (4) (c), (f) and (i) for any referendum held under this subsection. Notwithstanding s. 10.06 (4) (c), the type A notice under s. 10.01 (2) (a) relating to the referendum is valid even if given and published late as long as it is given and published prior to the election as early as practicable. A district may not levy any taxes that are not expressly authorized under subch. V of ch. 77. If a district board adopts a resolution that imposes taxes and the resolution is approved by the electors, the district shall deliver a certified copy of the resolution to the secretary of revenue at least 30 days before its effective date. If a district board adopts a resolution that imposes taxes and the resolution is not approved by the electors, the district is dissolved.

AB892-ASA4,29,25 (16) Accept gifts, loans and other aid.

AB892-ASA4,30,2 (17) Administer the receipt of revenues, and oversee the payment of bonds issued by the district.

AB892-ASA4,30,3 (18) Adopt and alter an official seal.

AB892-ASA4,30,9 (19) Subject to the limitation in this subsection, sell engraved tiles or bricks, which may be placed in or around football stadium facilities. The net proceeds from the sale of engraved tiles or bricks shall be used by the district to retire bonds issued for purposes related to football stadium facilities. No tiles or bricks may be sold under this subsection if the net proceeds from such sales would exceed the amount that would jeopardize the federal tax-exempt status of the bonds.

AB892-ASA4,30,12 229.8245 Limitations on district, state actions. (1) The name of a football stadium may not be changed without the written consent of the municipality in which it is located.

AB892-ASA4,30,15 (2) The district may not issue bonds under s. 229.824 (8), and the department of transportation may not make any payments under s. 85.62, unless all of the following apply:

AB892-ASA4,30,18 (a) The district has entered into a lease with a professional football team, as described in s. 229.823, under which the team agrees to be the principal tenant of the football stadium for a term of not less than 30 years.

AB892-ASA4,30,23 (b) The district and a professional football team, as described in s. 229.823, enter into an agreement under which the team agrees to purchase any unsold tickets to a professional football game that is held at the home stadium in order to ensure that, if the game is televised, there will be a live television broadcast of the game within the district's jurisdiction.

AB892-ASA4,31,4 (c) A professional football team, as described in s. 229.823, certifies to the district that it has applied to the league of professional football teams to which it belongs for approval of a policy that allows a person who paid a onetime license or similar right, as described in s. 77.54 (45), to receive a payment in an amount that is equal to the amount of the license or right from any person who subsequently receives that license or right.

AB892-ASA4,31,7 (3) The district may not use any of the revenue that is derived from the taxes imposed under subch. V of ch. 77 for any compensation paid to players and coaching staff of the professional football team described in s. 229.823.

AB892-ASA4,31,15 229.825 Special fund tax revenues. (1) The district board shall maintain one special fund into which it deposits all of the revenue received from the department of revenue, that is derived from the taxes imposed under subch. V of ch. 77 and from football donations, as defined in s. 71.10 (5e) (a) 2., and may use this revenue only for the purposes specified in sub. (2). The district may not deposit any other moneys into the special fund, except that the district shall credit all earnings on the revenues in the special fund to the special fund. The earnings on the revenues shall be used only for the purposes specified in sub. (2).

AB892-ASA4,31,21 (2) The district shall first use the revenues in the special fund maintained under sub. (1) for the payment of current debt service on bonds issued by the district for purposes related to football stadium facilities. If the revenues in the special fund exceed the amount required to pay current debt service on bonds issued by the district for purposes related to football stadium facilities, the district shall apply the excess revenues for the following purposes in the following order:

AB892-ASA4,32,5 (a) If the 2nd question under s. 229.824 (15) is submitted and approved by the electors, in the first and 2nd years after the year in which the 2nd question is approved, the district shall pay the county that is in the district's jurisdiction an amount equal to the remaining revenues in the fund but not exceeding $4,031,000. In the 3rd year after the year in which the 2nd question submitted under s. 229.824 (15) is approved by the electors, the district shall pay the county that is in the district's jurisdiction an amount equal to the remaining revenues in the fund but not exceeding 20% of the revenues that is derived from taxes imposed by the district under subch. V of ch. 77.

AB892-ASA4,32,13 (b) Beginning in the year that occurs immediately after the year in which the tax is first imposed under s. 77.706, an amount equal to not more than $750,000 may be used to pay the district board's administration expenses. In the succeeding year, an amount equal to not more than $500,000 may be used to pay the district board's administration expenses. In the 2nd succeeding year, and each year thereafter, an amount equal to not more than $200,000 may be used to pay the district board's administration expenses. The amount authorized to be expended under this paragraph may be expended annually until the earlier of the following:

AB892-ASA4,32,15 1. The 30th year beginning after the initial year in which the revenues are first used to pay the district board's administration expenses.

AB892-ASA4,32,19 2. The year in which the district board determines that the balance of moneys in the reserve created under par. (d) 2. or (e) 2., whichever is applicable, plus all projected earnings on the moneys, are sufficient to pay the costs specified under subd. 1.

AB892-ASA4,33,3 (c) If the 2nd question under s. 229.824 (15) is submitted and approved by the electors, beginning in the 3rd year after the year in which the 2nd question is approved, or in the 3rd year that occurs immediately after the year in which the tax is first imposed under s. 77.706 if the 2nd question under s. 229.824 (15) is not submitted or not approved by the electors, an amount equal to not more than $4,031,000 shall be deposited into a reserve that is used to pay the maintenance and operating costs of the football stadium facilities. This amount may be increased each year thereafter by not more than 3% and may be expended annually until the earlier of the following:

AB892-ASA4,33,5 1. The 28th year beginning after the initial year in which the revenues are first used to pay the maintenance and operating costs of the football stadium facilities.

AB892-ASA4,33,8 2. The year in which the district board determines that the balance of moneys in the reserve created, plus all projected earnings on the moneys, are sufficient to pay the costs specified under subd. 1.

AB892-ASA4,33,13 (d) If the 2nd question under s. 229.824 (15) is submitted and approved by the electors, the district shall pay the remainder to the county that is in the district's jurisdiction for the purpose of reducing the county's property tax levy or, if the county board otherwise requires, the district shall use any portion of the remainder for the following purposes:

AB892-ASA4,33,15 1. To retire bonds issued for purposes related to football stadium facilities, and any bonds issued to fund or refund those bonds, prior to their maturity.

AB892-ASA4,33,21 2. To fully fund the reserve to pay the maintenance and operating costs of the football stadium facilities specified in par. (c) and to establish a reserve to pay the district board's administration expenses specified in par. (b), but only after all bonds issued for purposes related to football stadium facilities and all bonds issued to fund or refund those bonds are retired or have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds.

AB892-ASA4,33,23 (e) If the 2nd question under s. 229.824 (15) is not submitted or not approved by the electors, the district shall use the remainder for the following purposes:

AB892-ASA4,33,25 1. To retire bonds issued for purposes related to football stadium facilities, and any bonds issued to fund or refund those bonds, prior to their maturity.

AB892-ASA4,34,6 2. To fully fund the reserve to pay the maintenance and operating costs of the football stadium facilities specified in par. (c) and to establish a reserve to pay the district board's administration expenses specified in par. (b), but only after all bonds issued for purposes related to football stadium facilities and all bonds issued to fund or refund those bonds are retired or have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds.

AB892-ASA4,34,7 (3) The district board shall do all of the following:

AB892-ASA4,34,12 (a) As soon as practicable after all bonds issued for purposes related to football stadium facilities and all bonds issued to fund or refund those bonds are retired or have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds, the district board shall make a certification to the department of revenue to that effect.

AB892-ASA4,34,15 (b) As soon as practicable after fully funding the reserves specified under sub. (2) (d) 2. or (e) 2., whichever is applicable, the district board shall make a certification to the department of revenue to that effect.

AB892-ASA4,34,18 229.826 Powers granted to a municipality or county. In addition to any powers that it may otherwise have, a county or municipality located wholly or partly within a district's jurisdiction may do any of the following:

AB892-ASA4,34,20 (1) Make grants or loans to a district upon terms that the county or municipality considers appropriate.

AB892-ASA4,34,21 (2) Expend public funds to subsidize a district.

AB892-ASA4,34,23 (3) Borrow money under ss. 67.04 and 67.12 (12) for football stadium facilities or to fund grants, loans or subsidies to a district.

AB892-ASA4,34,25 (4) Lease or transfer property to a district upon terms that the county or municipality considers appropriate.

AB892-ASA4,35,4 (5) With the consent of a district, establish and collect fees or other charges applicable only to a football stadium for the right to purchase admission to events at the stadium, if the proceeds from any amount that is collected under this subsection are used for purposes related to football stadium facilities.

AB892-ASA4,35,10 229.827 Contracting. (1) Unless a district board determines that it is not feasible to do so, the district shall enter into a contract with a professional football team, as described in s. 229.823, or a related party, that requires the team or related party to acquire and construct football stadium facilities that are part of any facilities that are leased by the district to the team or to a related party, without regard to whether the football stadium facilities are financed by the district.

AB892-ASA4,35,14 (2) Unless otherwise provided in an agreement with a professional football team, as described in s. 229.823, the district shall be responsible only for the maintenance and operating costs of the football stadium facilities up to an amount that is in the reserve specified in s. 229.825 (2) (c).

AB892-ASA4,35,20 229.8275 Prevailing wage. A district may not enter into a contract under s. 229.827 with a professional football team, as described in s. 229.823, or a related party that requires the team or related party to acquire and construct football stadium facilities that are part of any facilities that are leased by the district to the team or to a related party unless the professional football team or related party agrees as follows:

AB892-ASA4,36,2 (1) Not to permit any employe working on the football stadium facilities who would be entitled to receive the prevailing wage rate under s. 66.293 and who would not be required or permitted to work more than the prevailing hours of labor, if the football stadium facilities were a project of public works subject to s. 66.293, to be paid less than the prevailing wage rate or to be required or permitted to work more than the prevailing hours of labor, except as permitted under s. 66.293 (4) (a).

AB892-ASA4,36,7 (2) To require any contractor, subcontractor or agent thereof performing work on the football stadium facilities to keep and permit inspection of records in the same manner as a contractor, subcontractor or agent thereof performing work on a project of public works that is subject to s. 66.293 is required to keep and permit inspection of records under s. 66.293 (10).

AB892-ASA4,36,14 (3) Otherwise to comply with s. 66.293 in the same manner as a local governmental unit contracting for the erection, construction, remodeling, repairing or demolition of a project of public works is required to comply with s. 66.293 and to require any contractor, subcontractor or agent thereof performing work on the football stadium facilities to comply with s. 66.293 in the same manner as a contractor, subcontractor or agent thereof performing work on a project of public works that is subject to s. 66.293 is required to comply with s. 66.293.

AB892-ASA4,36,24 229.828 Dissolution of a district. Subject to providing for the payment of its bonds, including interest on the bonds, and the performance of its other contractual obligations, a district may be dissolved by the action of the district board. If a district board adopts a resolution that imposes taxes and the resolution is not approved by the electors, as described in s. 229.824 (15), the district is dissolved. If the district is dissolved, the property of the district shall be transferred to the political subdivisions that compose the district's jurisdiction in such proportions as the secretary of administration determines fairly and reasonably represent the contributions of each political subdivision to the development or improvement of the football stadium facilities.

AB892-ASA4,37,3 229.829 Issuance and negotiability of bonds. (1) Negotiability. All bonds are negotiable for all purposes, notwithstanding their payment from a limited source.

AB892-ASA4,37,6 (2) Employment of financial consultant. A district may retain the building commission or any other person as its financial consultant to assist with and coordinate the issuance of bonds.

AB892-ASA4,37,10 (3) No personal liability. Neither the members of the district board nor any person executing the bonds is liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance of the bonds, unless the personal liability or accountability is the result of wilful misconduct.

AB892-ASA4,37,14 (4) Limit on bonds. The principal amount of bonds, other than refunding bonds, that are issued by a district may not exceed $160,000,000. The limitation under this subsection does not include the proceeds of any bonds that are used for any of the following purposes:

AB892-ASA4,37,15 (a) To pay issuance costs of the bonds.

AB892-ASA4,37,16 (b) To pay any original issue discount.

AB892-ASA4,37,17 (c) To make a deposit into a special debt service reserve fund.

AB892-ASA4,37,18 (d) To pay costs of credit enhancement.

AB892-ASA4,37,20 (5) Date of issuance. All bonds, other than refunding bonds, that are issued by a district shall be issued no later than December 31, 2004.

AB892-ASA4,38,2 229.830 Special debt service reserve funds for moral obligation pledge. (1) Designation of special debt service reserve funds. A district may designate one or more accounts in funds created under s. 66.066 (2) (e) as special debt service reserve funds, if, prior to each issuance of bonds to be secured by each special debt service reserve fund, the secretary of administration determines that all of the following conditions are met with respect to the bonds:

AB892-ASA4,38,4 (a) Purpose. The proceeds of the bonds, other than refunding bonds, will be used for purposes related to football stadium facilities.

AB892-ASA4,38,10 (b) Feasibility. The proceeds of bonds, other than refunding bonds, will be used for feasible projects and there is a reasonable likelihood that the bonds will be repaid without the necessity of drawing on funds in the special debt service reserve fund that secures the bonds. The secretary of administration may make the determinations required under this paragraph only after considering all of the following:

AB892-ASA4,38,12 1. Whether a pledge of the tax revenues of the district is made under the bond resolution.

AB892-ASA4,38,13 2. How the tax revenues of the district are pledged to the payment of the bonds.

AB892-ASA4,38,16 3. Revenue projections for the project to be financed by the bonds, including tax revenues, and the reasonableness of the assumptions on which these revenue projections are based.

AB892-ASA4,38,18 4. The proposed interest rates of the bonds and the resulting cash-flow requirements.

AB892-ASA4,38,20 5. The projected ratio of annual tax revenues to annual debt service of the district, taking into account capitalized interest.

AB892-ASA4,38,23 6. Whether an understanding exists providing for repayment by the district to the state of all amounts appropriated to the special debt service reserve fund pursuant to sub. (7).

AB892-ASA4,39,3 7. Whether the district has agreed that the department of administration will have direct and immediate access, at any time and without notice, to all records of the district.

AB892-ASA4,39,7 (c) Limit on bonds issued backed by moral obligation pledge. The principal amount of all bonds, other than refunding bonds, that would be secured by all special debt service reserve funds of the district will not exceed the amount of bonds, other than refunding bonds, that may be issued under s. 229.829 (4).

AB892-ASA4,39,9 (d) Date of issuance. The bonds, other than refunding bonds, will be issued no later than December 31, 2004.

AB892-ASA4,39,11 (e) Refunding bonds. All refunding bonds to be secured by the special debt service reserve fund meet all of the following conditions:

AB892-ASA4,39,13 1. The refunding bonds are to be issued to fund, refund or advance refund bonds secured by a special debt service reserve fund.

AB892-ASA4,39,15 2. The refunding of bonds by the refunding bonds will not adversely affect the risk that the state will be called on to make a payment under sub. (7).

AB892-ASA4,39,21 (f) Approval of outstanding debt. All outstanding debt of the district has been reviewed and approved by the secretary of administration. In determining whether to approve outstanding debt under this paragraph, the secretary may consider any factor which the secretary determines to have a bearing on whether the state moral obligation pledge under sub. (7) should be granted with respect to an issuance of bonds.

AB892-ASA4,39,25 (g) Financial reports. The district has agreed to provide to the department of administration, the legislative fiscal bureau and the legislative audit bureau all financial reports of the district and all regular monthly statements of any trustee of the bonds on a direct and ongoing basis.

AB892-ASA4,40,7 (2) Payment of funds into a special debt service reserve fund. A district shall pay into any special debt service reserve fund of the district any moneys appropriated and made available by the state under sub. (7) for the purposes of the special debt service reserve fund, any proceeds of a sale of bonds to the extent provided in the bond resolution authorizing the issuance of the bonds and any other moneys that are made available to the district for the purpose of the special debt service reserve fund from any other source.

AB892-ASA4,40,23 (3) Use of moneys in the special debt service reserve fund. All moneys held in any special debt service reserve fund of a district, except as otherwise specifically provided, shall be used, as required, solely for the payment of the principal of bonds secured in whole or in part by the special debt service reserve fund, the making of sinking fund payments with respect to these bonds, the purchase or redemption of these bonds, the payment of interest on these bonds or the payment of any redemption premium required to be paid when these bonds are redeemed prior to maturity. If moneys in a special debt service reserve fund at any time are less than the special debt service reserve fund requirement under sub. (5) for the special debt service reserve fund, the district may not use these moneys for any optional purchase or optional redemption of the bonds. Any income or interest earned by, or increment to, any special debt service reserve fund due to the investment of moneys in the special debt service reserve fund may be transferred by the district to other funds or accounts of the district to the extent that the transfer does not reduce the amount of the special debt service reserve fund below the special debt service reserve fund requirement under sub. (5) for the special debt service reserve fund.

AB892-ASA4,41,6 (4) Limitation on bonds secured by a special debt service reserve fund. A district shall accumulate in each special debt service reserve fund an amount equal to the special debt service reserve fund requirement under sub. (5) for the special debt service reserve fund. A district may not at any time issue bonds secured in whole or in part by a special debt service reserve fund if upon the issuance of these bonds the amount in the special debt service reserve fund will be less than the special debt service reserve fund requirement under sub. (5) for the special debt service reserve fund.

AB892-ASA4,41,23 (5) Special debt service reserve fund requirement. The special debt service reserve fund requirement for a special debt service reserve fund, as of any particular date of computation, is equal to an amount of money, as provided in the bond resolution authorizing the bonds with respect to which the special debt service reserve fund is established, that may not exceed the maximum annual debt service on the bonds of the district for the fiscal year in which the computation is made or any future fiscal year of the district secured in whole or in part by that special debt service reserve fund. In computing the annual debt service for any fiscal year, bonds deemed to have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds shall not be included in bonds outstanding on the date of computation. The annual debt service for any fiscal year is the amount of money equal to the aggregate of all of the following calculated on the assumption that the bonds will, after the date of computation, cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due, and application in accordance with the bond resolution authorizing those bonds, of all of the sinking fund payments payable at or after the date of computation:

AB892-ASA4,42,3 (a) All interest payable during the fiscal year on all bonds that are secured in whole or in part by the special debt service reserve fund and that are outstanding on the date of computation.

AB892-ASA4,42,6 (b) The principal amount of all of the bonds that are secured in whole or in part by the special debt service reserve fund, are outstanding on the date of computation and mature during the fiscal year.

AB892-ASA4,42,10 (c) All amounts specified in bond resolutions of the district authorizing any of the bonds that are secured in whole or in part by the special debt service reserve fund to be payable during the fiscal year as a sinking fund payment with respect to any of the bonds that mature after the fiscal year.

AB892-ASA4,42,14 (6) Valuation of securities. In computing the amount of a special debt service reserve fund for the purposes of this section, securities in which all or a portion of the special debt service reserve fund is invested shall be valued at par, or, if purchased at less than par, at their cost to the district.

AB892-ASA4,43,4 (7) State moral obligation pledge. If at any time of valuation the special debt service reserve fund requirement under sub. (5) for a special debt service reserve fund exceeds the amount of moneys in the special debt service reserve fund, the district board shall certify to the secretary of administration, the governor, the joint committee on finance and the governing body of the county in the district the amount necessary to restore the special debt service reserve fund to an amount equal to the special debt service reserve fund requirement under sub. (5) for the special debt service reserve fund. If this certification is received by the secretary of administration in an even-numbered year prior to the completion of the budget compilation under s. 16.43, the secretary shall include the certified amount in the budget compilation. In any case, the joint committee on finance shall introduce in either house, in bill form, an appropriation of the amount so certified to the appropriate special debt service reserve fund of the district. Recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that, if ever called upon to do so, it shall make this appropriation.

AB892-ASA4,43,8 (8) Information to joint committee on finance. The district shall provide to the cochairpersons of the joint committee on finance information concerning the district's projected cashflows and security features underlying each issuance of bonds under this subchapter.

AB892-ASA4,43,15 229.831 Bonds not public debt. (1) The state and the county and municipalities located wholly or partly within the district's jurisdiction are not liable on bonds and the bonds are not a debt of the state or the county or any municipality located wholly or partly within the district. All bonds shall contain a statement to this effect on the face of the bond. A bond issue does not, directly or indirectly or contingently, obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of the bonds.

AB892-ASA4,44,2 (2) Nothing in this subchapter authorizes a district to create a debt of the state or the county or any municipality located wholly or partly within the district's jurisdiction, and all bonds issued by a district are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security for the bonds. Neither the state nor the county or any such municipality is liable for the payment of the principal of or interest on a bond or for the performance of any pledge, mortgage, obligation or agreement that may be undertaken by a district. The breach of any pledge, mortgage, obligation or agreement undertaken by a district does not impose pecuniary liability upon the state or the county or any such municipality in the district's jurisdiction or a charge upon its general credit or against its taxing power.

AB892-ASA4,44,8 (3) Bonds issued by the district may be secured only by the district's interest in any football stadium facilities, by income from these facilities, by proceeds of bonds issued by the district and by other amounts placed in a special redemption fund and investment earnings on such amounts, including any taxes imposed by the district under subch. V of ch. 77. The district may not pledge its full faith and credit on the bonds and the bonds are not a general obligation liability of the district.

AB892-ASA4,44,15 229.832 State pledge. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a district under this subchapter, that the state will not limit or alter the rights and powers vested in a district by this subchapter, including the rights and powers under s. 229.824 (15), before the district has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with a district.