Amendment SSA2-SB86

SB86-SSA2,13,20 (a) If the fund created under sub. (1) is in an account maintained by a trustee under s. 18.561 (9) (j) or 18.562 (5) (e), the moneys shall be paid over to the treasury and the.

SB86-SSA2,13,21 (b) The fund created under sub. (1) shall be closed.

SB86-SSA2, s. 27 Section 27. 18.58 (1) of the statutes is amended to read:

SB86-SSA2,14,10 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 18.561 (9) (j) or 18.562 (5) (e) 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.

SB86-SSA2, s. 28 Section 28. 18.60 (1) of the statutes is amended to read:

SB86-SSA2,15,3 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. Refunding bonds may be issued, subject to any contract rights vested in holders owners of bonds or notes being refinanced, to refinance more than one issue of bonds or notes notwithstanding that the bonds 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 may be public debt or building-corporation indebtedness. The principal amount of refunding bonds shall not exceed the sum of: the principal amount of the bonds or notes being refinanced; applicable redemption premiums; unpaid interest on the bonds or notes to the date of delivery or exchange of the refunding bonds; in the event the proceeds are to be deposited in trust as provided in sub. (3), interest to accrue on the bonds 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 and the payment of the bonds 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.

SB86-SSA2, s. 29 Section 29. 18.60 (2) of the statutes is amended to read:

SB86-SSA2,15,20 18.60 (2) If the commission determines to exchange refunding bonds, they may be exchanged privately for and in payment and discharge of any of the outstanding bonds or notes being refinanced. Refunding bonds may be exchanged for a like or greater principal amount of the bonds or notes being exchanged therefor except that the principal amount of the refunding bonds may exceed the principal amount of the bonds 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 or notes being refunded who elect to exchange need not pay accrued interest on the refunding bonds if and to the extent that interest is accrued and unpaid on the bonds or notes being refunded and to be surrendered. If any of the bonds 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, provide for notice of redemption to be given in the manner and at the times required by the proceedings authorizing the outstanding bonds or notes.

SB86-SSA2, s. 30 Section 30. 18.60 (5) of the statutes is renumbered 18.60 (5) (intro.) and amended to read:

SB86-SSA2,16,2 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, except that the maximum permissible term shall be 50 years from the date of original issue of the oldest note or bond issue being refunded.:

SB86-SSA2, s. 31 Section 31. 18.60 (5) (a) to (c) of the statutes are created to read:

SB86-SSA2,16,4 18.60 (5) (a) Section 18.56.

SB86-SSA2,16,5 (b) In the case of enterprise obligations, s. 18.561.

SB86-SSA2,16,6 (c) In the case of special fund obligations, s. 18.562.

SB86-SSA2, s. 32 Section 32. 18.61 (2) of the statutes is amended to read:

SB86-SSA2,16,16 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.

SB86-SSA2, s. 33 Section 33. 18.61 (3) (a) of the statutes is amended to read:

SB86-SSA2,17,2 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.

SB86-SSA2, s. 34 Section 34. 18.61 (3) (b) (intro.) of the statutes is amended to read:

SB86-SSA2,17,6 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:

SB86-SSA2, s. 35 Section 35. 18.61 (3) (b) 1. of the statutes is amended to read:

SB86-SSA2,17,13 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 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;

SB86-SSA2, s. 36 Section 36. 18.61 (3) (b) 3. of the statutes is amended to read:

SB86-SSA2,17,16 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;

SB86-SSA2, s. 37 Section 37. 18.61 (3) (b) 4. of the statutes is amended to read:

SB86-SSA2,17,19 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

SB86-SSA2, s. 38 Section 38. 18.61 (3) (c) of the statutes is amended to read:

SB86-SSA2,17,24 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.

SB86-SSA2, s. 39 Section 39. 18.61 (4) of the statutes is amended to read:

SB86-SSA2,18,7 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.

SB86-SSA2, s. 40 Section 40. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert the following amounts for the purposes indicated: - See PDF for table

SB86-SSA2, s. 41 Section 41. 20.143 (3) (Lm) of the statutes is created to read:

SB86-SSA2,18,13 20.143 (3) (Lm) Petroleum storage remedial action fees. The amounts in the schedule for the administration of ss. 101.143 and 101.144. All moneys received under s. 101.143 (2) (L) shall be credited to this appropriation account.

SB86-SSA2, s. 42 Section 42. 20.143 (3) (s) of the statutes is created to read:

SB86-SSA2,19,3 20.143 (3) (s) Petroleum inspection fund — revenue obligation proceeds. As a continuing appropriation, all proceeds from revenue obligations that are issued under subch. II or IV of ch. 18, authorized under s. 101.143 (9m) and deposited in a fund in the state treasury created under s. 18.57 (1), to provide for reserves and for expenses of issuance and management of the revenue obligations, and the remainder to be transferred to the petroleum inspection fund for the purposes of the petroleum storage remedial action program under s. 101.143. Estimated disbursements under this paragraph shall not be included in the schedule under s. 20.005.

SB86-SSA2, s. 43 Section 43. 20.143 (3) (t) of the statutes is created to read:

SB86-SSA2,19,9 20.143 (3) (t) Petroleum inspection fund -- revenue obligation repayment. From the petroleum inspection fund, a sum sufficient to repay the fund in the state treasury created under s. 18.57 (1), or the separate and distinct fund outside the state treasury under s. 18.562 (3) and (5) (e), the amount needed to retire revenue obligations issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m).

SB86-SSA2, s. 44 Section 44. 20.143 (3) (u) of the statutes is created to read:

SB86-SSA2,19,20 20.143 (3) (u) Revenue obligation debt service -- petroleum inspection fund. From the fund in the state treasury created under s. 18.57 (1), all moneys received by the fund for the purpose of the retirement of revenue obligations, providing for reserves and for operations relating to the management and retirement of revenue obligations issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m). All moneys received by the fund are irrevocably appropriated in accordance with subch. II of ch. 18 and further established in resolutions authorizing the issuance of the revenue obligations and setting forth the distribution of funds to be received thereafter. Estimated disbursements under this paragraph shall not be included in the schedule under s. 20.005.

SB86-SSA2, s. 45 Section 45. 20.143 (3) (v) of the statutes is amended to read:

SB86-SSA2,20,3 20.143 (3) (v) Petroleum storage environmental remedial action; awards. Biennially, from the petroleum inspection fund, the amounts in the schedule to pay awards under s. 101.143 and, legal costs incurred under s. 101.143 (7m), amounts to reduce principal of outstanding revenue obligations issued pursuant to s. 101.143 (9m) and, if the department promulgates rules under s. 101.143 (2) (em) 1., to purchase, or provide funding to purchase, insurance described in s. 101.143 (2) (em) 2.

SB86-SSA2, s. 46 Section 46. 20.143 (3) (vb) of the statutes is created to read:

SB86-SSA2,20,10 20.143 (3) (vb) Petroleum storage environmental remedial action revenue bonding; awards. From the petroleum inspection fund, a sum sufficient not to exceed the net proceeds of special fund obligations issued pursuant to s. 101.143 (9m) to pay awards under s. 101.143 (4) and legal costs incurred under s. 101.143 (7m). Estimated disbursements under this paragraph shall not be included in the schedule under s. 20.005.

SB86-SSA2, s. 47 Section 47. 25.47 of the statutes is renumbered 25.47 (intro.) and amended to read:

SB86-SSA2,20,14 25.47 Petroleum inspection fund. (intro.) There is established a separate nonlapsible trust fund designated as the petroleum inspection fund, to consist of the:

SB86-SSA2,20,15 (1) The fees imposed under s. 168.12 (1), the.

SB86-SSA2,20,16 (2) The payments under s. 101.143 (4) (h) 1m., the

SB86-SSA2,20,17 (3) The payments under s. 101.143 (5) (a) and the.

SB86-SSA2,20,18 (4) The net recoveries under s. 101.143 (5) (c).

SB86-SSA2, s. 48 Section 48. 25.47 (1m) of the statutes is created to read:

SB86-SSA2,20,20 25.47 (1m) Any fees imposed under s. 101.143 (2) (em) 1.

SB86-SSA2, s. 49 Section 49. 25.47 (5) of the statutes is created to read:

SB86-SSA2,20,23 25.47 (5) The moneys transferred from the appropriation account under s. 20.143 (3) (s).

SB86-SSA2, s. 50 Section 50. 25.47 (6) of the statutes is created to read:

SB86-SSA2,21,3 25.47 (6) The net proceeds of revenue obligations issued under s. 101.143 (9m) that are transferred from a separate and distinct fund outside the state treasury, in an account maintained by a trustee, under s. 18.562 (3) and (5) (e).

SB86-SSA2, s. 51 Section 51. 45.79 (9) (a) of the statutes is amended to read:

SB86-SSA2,21,15 45.79 (9) (a) All moneys received from any source for repayment of loans, mortgages or mortgage loan notes funded with proceeds of revenue obligations issued under sub. (6) (c) shall be deposited into one or more separate nonlapsible trust funds in the state treasury or with a trustee as provided in s. 18.56 18.561 (9) (j) or 18.562 (5) (e). The board may pledge revenues received by the funds to secure revenue obligations issued under sub. (6) (c) and shall have all other powers necessary and convenient to distribute the proceeds of the revenue obligations and loan repayments in accordance with subch. II of ch. 18. Unrestricted balances in the funds may be used to fund additional loans issued under sub. (6) (c) and pay the balances owing on loans after the assumptions of the loans or the closings of the sales of residences under sub. (10) (c).

SB86-SSA2, s. 52 Section 52. 84.59 (2) of the statutes is amended to read:

SB86-SSA2,21,22 84.59 (2) The department may, under s. 18.56 18.561 (5) and (9) (j) or 18.562 (3) and (5) (e), deposit in a separate and distinct fund outside the state treasury, in an account maintained by a trustee, revenues derived under s. 341.25. The revenues deposited are the trustee's revenues in accordance with the agreement between this state and the trustee or in accordance with the resolution pledging the revenues to the repayment of revenue obligations issued under this section.

SB86-SSA2, s. 53 Section 53. 85.52 (5) (c) of the statutes is amended to read:

SB86-SSA2,22,6 85.52 (5) (c) The department of administration may, under s. 18.56 18.561 (5) and (9) (j) or 18.562 (3) and (5) (e), deposit in a separate and distinct fund in the state treasury or in an account maintained by a trustee outside the state treasury, any portion of the revenues derived under s. 25.405 (2). The revenues deposited with a trustee outside the state treasury are the trustee's revenues in accordance with the agreement between this state and the trustee or in accordance with the resolution pledging the revenues to the repayment of revenue obligations issued under this subsection.

SB86-SSA2, s. 54 Section 54. 101.143 (1) (bm) of the statutes is created to read:

SB86-SSA2,22,9 101.143 (1) (bm) "Enforcement standard" has the meaning given in s. 160.01 (2).

SB86-SSA2, s. 55 Section 55. 101.143 (1) (cq) of the statutes is created to read:

SB86-SSA2,22,13 101.143 (1) (cq) "Natural attenuation" means the reduction in the concentration and mass of a substance, and the products into which the substance breaks down, due to naturally occurring physical, chemical and biological processes.

SB86-SSA2, s. 56 Section 56. 101.143 (2) (em) of the statutes is created to read:

SB86-SSA2,22,19 101.143 (2) (em) 1. The department may promulgate rules that specify a fee that must be paid by a service provider as a condition of submitting a bid to conduct an activity under sub. (3) (c) for which a claim for reimbursement under this section will be submitted. Any fees collected under the rules shall be deposited into the petroleum inspection fund.

SB86-SSA2,22,23 2. If the department promulgates rules under subd. 1., the department may purchase, or provide funding for the purchase of, insurance to cover the amount by which the costs of conducting activities under sub. (3) (c) exceed the amount bid to conduct those activities.

SB86-SSA2, s. 57 Section 57. 101.143 (2) (h) of the statutes is created to read:

SB86-SSA2,23,4 101.143 (2) (h) The department of commerce and the department of natural resources, jointly, shall promulgate rules designed to facilitate effective and cost-efficient administration of the program under this section that specify all of the following:

SB86-SSA2,23,7 1. Information that must be submitted under this section, including quarterly summaries of costs incurred with respect to a discharge for which a claim is intended to be submitted under sub. (3) but for which a final claim has not been submitted.

SB86-SSA2,23,8 2. Formats for submitting the information under subd. 1.

SB86-SSA2,23,11 3. Review procedures that must be followed by employes of the department of natural resources and the department of commerce in reviewing the information submitted under subd. 1.

SB86-SSA2, s. 58 Section 58. 101.143 (2) (i) of the statutes is created to read:

SB86-SSA2,23,18 101.143 (2) (i) The department of commerce and the department of natural resources, jointly, shall promulgate rules specifying procedures for evaluating remedial action plans and procedures to be used by employes of the department of commerce and the department of natural resources while remedial actions are being conducted. The departments shall specify procedures that include all of the following:

SB86-SSA2,23,21 1. Annual reviews that include application of the method in the rules promulgated under sub. (2e) (b) to determine the risk posed by discharges that are the subject of the remedial actions.

SB86-SSA2,23,23 2. Annual reports by consultants estimating the additional costs that must be incurred to comply with sub. (3) (c) 3. and with enforcement standards.

SB86-SSA2,23,25 3. A definition of "reasonable time" for the purpose of determining whether natural attenuation may be used to achieve enforcement standards.

SB86-SSA2,24,1 4. Procedures to be used to measure concentrations of contaminants.

SB86-SSA2, s. 59 Section 59. 101.143 (2) (j) of the statutes is created to read:

SB86-SSA2,24,4 101.143 (2) (j) The department of commerce and the department of natural resources, jointly, shall promulgate rules specifying all of the following:

SB86-SSA2,24,6 1. The conditions under which employes of the department of commerce and the department of natural resources must issue approvals under sub. (3) (c) 4.

SB86-SSA2,24,8 2. Training and management procedures to ensure that employes comply with the requirements under subd. 1.

SB86-SSA2, s. 60 Section 60. 101.143 (2) (k) of the statutes is created to read:

SB86-SSA2,24,21 101.143 (2) (k) In promulgating rules under pars. (h) to (j), the department of commerce and the department of natural resources shall attempt to reach an agreement that is consistent with those provisions. If the department of commerce and the department of natural resources are unable to reach an agreement, they shall refer the matters on which they are unable to agree to the secretary of administration for resolution. The secretary of administration shall resolve any matters on which the departments disagree in a manner that is consistent with pars. (h) to (j). The department of commerce and the department of natural resources, jointly, shall promulgate rules incorporating any agreement between the department of commerce and the department of natural resources under this paragraph and any resolution of disagreements between the departments by the secretary of administration under this paragraph.

SB86-SSA2, s. 61 Section 61. 101.143 (2) (L) of the statutes is created to read:

SB86-SSA2,25,2 101.143 (2) (L) The department may promulgate rules for the assessment and collection of fees to recover its costs for providing approval under sub. (3) (c) 4. and for providing other assistance requested by applicants under this section. Any moneys collected under this paragraph shall be credited to the appropriation account under s. 20.143 (3) (Lm).

SB86-SSA2, s. 62 Section 62. 101.143 (2e) of the statutes is created to read:

SB86-SSA2,25,9 101.143 (2e) Risk-based analysis. (a) The department of commerce and the department of natural resources, shall attempt to agree on a method, which shall include consideration of the routes for migration of petroleum product contamination, for determining the risk to public health, safety and welfare and to the environment posed by discharges for which the department of commerce receives notification under sub. (3) (a) 3.