SB77-ASA1,2,2523
d. The projected ratio of annual pledged revenues from the school district
24operating under ch.119 to annual debt service on the bonds, taking into account
25capitalized interest.
SB77-ASA1,3,3
1e. Whether an understanding exists providing for repayment by the authority
2to the state of all amounts appropriated to the special debt service reserve fund
3pursuant to par. (j).
SB77-ASA1,3,64
f. Whether the authority has agreed that the department of administration will
5have direct and immediate access, at any time and without notice, to all records of
6the authority relating to the bonds.
SB77-ASA1,3,97
3. `Limit on bonds issued.' The principal amount of all bonds, other than
8refunding bonds, that would be secured by all special debt service reserve funds of
9the authority as designated under par. (d) will not exceed $200,000,000.
SB77-ASA1,3,1110
4. `Refunding bonds.' All refunding bonds to be secured by the special debt
11service reserve fund meet all of the following conditions:
SB77-ASA1,3,1312
a. The refunding bonds are to be issued to fund, refund or advance refund bonds
13secured by a special debt service reserve fund.
SB77-ASA1,3,1514
b. The refunding will not adversely affect the risk that the state will be called
15on to make a payment under par. (j).
SB77-ASA1,3,2116
5. `Approval of outstanding debt.' All outstanding bonds of the authority issued
17under this subsection have been reviewed and approved by the secretary of
18administration. In determining whether to approve outstanding bonds under this
19subdivision, the secretary may consider any factor that the secretary determines to
20have a bearing on whether the state moral obligation pledge under par. (j) should be
21granted with respect to an issuance of bonds.
SB77-ASA1,3,2422
6. `Financial reports.' The authority has agreed to provide to the department
23of administration all financial reports of the authority and all regular monthly
24statements of any trustee of the bonds on a direct and ongoing basis.
SB77-ASA1,4,7
1(e)
Payment of funds into a special debt service reserve fund. The authority shall
2pay into any special debt service reserve fund of the authority any moneys
3appropriated and made available by the state for the purposes of the special debt
4service reserve fund, any proceeds of a sale of bonds to the extent provided in the bond
5resolution authorizing the issuance of the bonds and any other moneys that are made
6available to the authority for the purpose of the special debt service reserve fund from
7any other source.
SB77-ASA1,4,228
(f)
Use of moneys in the special debt service reserve fund. All moneys held in any
9special debt service reserve fund of the authority for bonds issued under this
10subsection, except as otherwise specifically provided, shall be used solely for the
11payment of the principal of the bonds, the making of sinking fund payments with
12respect to the bonds, the purchase or redemption of the bonds, the payment of
13interest on the bonds or the payment of any redemption premium required to be paid
14when the bonds are redeemed prior to maturity. If moneys in a special debt service
15reserve fund at any time are less than the special debt service reserve fund
16requirement under par. (h) for the special debt service reserve fund, the authority
17may not use these moneys for any optional purchase or optional redemption of the
18bonds. Any income or interest earned by, or increment to, any special debt service
19reserve fund due to the investment of moneys in the special debt service reserve fund
20in excess of the special debt service reserve fund requirement under par. (h) may be
21transferred by the authority to other funds or accounts of the authority relating to
22the bonds.
SB77-ASA1,5,523
(g)
Limitation on bonds secured by a special debt service reserve fund. The
24authority shall accumulate in each special debt service reserve fund an amount equal
25to the special debt service reserve fund requirement under par. (h) for the special debt
1service reserve fund. The authority may not at any time issue bonds under this
2subsection secured in whole or in part by a special debt service reserve fund if upon
3the issuance of these bonds the amount in the special debt service reserve fund will
4be less than the special debt service reserve fund requirement under par. (h) for the
5special debt service reserve fund.
SB77-ASA1,5,216
(h)
Special debt service reserve fund requirement. The special debt service
7reserve fund requirement for a special debt service reserve fund, as of any particular
8date of computation, is equal to an amount as provided in the bond resolution
9authorizing bonds under this subsection with respect to which the special debt
10service reserve fund is established, and that amount may not exceed the maximum
11annual debt service on the bonds of the authority for that fiscal year or any future
12fiscal year of the authority secured in whole or in part by that special debt service
13reserve fund. In computing the annual debt service for any fiscal year, bonds deemed
14to have been paid in accordance with the defeasance provisions of the bond resolution
15authorizing the issuance of the bonds shall not be included in bonds outstanding on
16such date of computation. The annual debt service for any fiscal year is the amount
17of money equal to the aggregate of all of the following calculated on the assumption
18that the bonds will, after the date of computation, cease to be outstanding by reason,
19but only by reason, of the payment of bonds when due, and the payment when due,
20and application in accordance with the bond resolution authorizing those bonds, of
21all of the sinking fund payments payable at or after the date of computation:
SB77-ASA1,5,2422
1. All interest payable during the fiscal year on all bonds that are secured in
23whole or in part by the special debt service reserve fund and that are outstanding on
24the date of computation.
SB77-ASA1,6,3
12. The principal amount of all of the bonds that are secured in whole or in part
2by the special debt service reserve fund, are outstanding on the date of computation
3and mature during the fiscal year.
SB77-ASA1,6,74
3. All amounts specified in bond resolutions of the authority authorizing any
5of the bonds that are secured in whole or in part by the special debt service reserve
6fund to be payable during the fiscal year as a sinking fund payment with respect to
7any of the bonds that mature after the fiscal year.
SB77-ASA1,6,118
(i)
Valuation of securities. In computing the amount of a special debt service
9reserve fund for the purposes of this subsection, securities in which all or a portion
10of the special debt service reserve fund is invested shall be valued at par, or, if
11purchased at less than par, at their cost to the authority.
SB77-ASA1,7,212
(j)
State moral obligation pledge. If at any time of valuation the special debt
13service reserve fund requirement under par. (h) for a special debt service reserve
14fund exceeds the amount of moneys in the special debt service reserve fund, the
15authority shall certify to the secretary of administration, the governor and the joint
16committee on finance the amount necessary to restore the special debt service
17reserve fund to an amount equal to the special debt service reserve fund requirement
18under par. (h) for the special debt service reserve fund. If this certification is received
19by the secretary of administration in an even-numbered year prior to the completion
20of the budget compilation under s. 16.43, the secretary shall include the certified
21amount in the budget compilation. In any case, the joint committee on finance shall
22introduce in either house, in bill form, an appropriation of the amount so certified to
23the appropriate special debt service reserve fund of the authority. Recognizing its
24moral obligation to do so, the legislature hereby expresses its expectation and
25aspiration that, if ever called upon to do so, it shall make this appropriation. This
1paragraph applies only to bonds issued under, and in compliance with, this
2subsection.
SB77-ASA1, s. 2
3Section
2. 67.12 (12) (a) of the statutes is amended to read:
SB77-ASA1,7,124
67.12
(12) (a) Any municipality may issue promissory notes as evidence of
5indebtedness for any public purpose, as defined in s. 67.04 (1) (b), including but not
6limited to paying any general and current municipal expense, and refunding any
7municipal obligations, including interest on them. Each note, plus interest if any,
8shall be repaid within 10 years after the original date of the note, except that notes
9issued under this section for purposes of ss.
119.498, 145.245 (12m), 281.58, 281.59,
10281.60 and 281.61, or to raise funds to pay a portion of the capital costs of a
11metropolitan sewerage district, shall be repaid within 20 years after the original date
12of the note.
SB77-ASA1, s. 3
13Section
3. 119.49 (5) of the statutes is amended to read:
SB77-ASA1,7,1914
119.49
(5) The
sum of the amount of such school bonds outstanding
and the
15amount of notes under s. 119.498 outstanding at any time shall not be greater than
162% of the total value of all taxable property in the city as certified under s. 121.06 (2).
17The tax levied to pay the interest and principal on such school bonds shall be in
18addition to the tax levied for general purposes upon all the taxable property of the
19city.
The limit under s. 67.03 (1) (a) does not apply to bonds under this section.
SB77-ASA1,8,2
21119.498 Promissory notes; unfunded prior service liability
22contributions. (1) The Subject to s. 119.499 (1), the board may adopt a resolution
23directing requesting the common council
of the city to
issue authorize the issuance
24of promissory notes under s. 67.12 (12) for
the purpose school purposes consisting of
1paying unfunded prior service liability contributions under the Wisconsin
2retirement system Retirement System.
SB77-ASA1,8,9
3(2) If the board adopts a resolution under sub. (1)
, and the city issues the notes,
4annually the board shall include in its budget transmitted to the common council
5under s. 119.16 (8) (b)
a written notice specifying the an amount
of borrowing to be
6authorized in the budget for the ensuing year. The common council shall issue the
7notes and levy a direct annual irrepealable tax sufficient to pay the principal
of and
8interest
and redemption premium on the notes as they become due. The common
9council may
issue authorize the issuance of the notes
by at public or private sale.
SB77-ASA1, s. 5
10Section
5. 119.498 (3) and (4) of the statutes are created to read:
SB77-ASA1,8,1511
119.498
(3) The sum of the amount of notes under this section that are
12outstanding and the amount of bonds under s. 119.49 that are outstanding at any
13time may not exceed 2% of the total value of all taxable property in the city as certified
14under s. 121. 06 (2). The limit under s. 67.03 (1) (a) does not apply to notes under this
15section.
SB77-ASA1,8,18
16(4) The city's budgetary authorization for borrowing in 2003 is increased by
17$200,000,000 for the purposes of this section, and notes in that amount may be
18omitted from the city's 2003 budget.
SB77-ASA1,8,23
20119.499 Borrowing; unfunded prior service liability. (1) The board may
21not request the redevelopment authority of the city to issue bonds under s. 66.1333
22(5s) or adopt a resolution under s. 119.498 (1) unless it develops information on both
23options and chooses the option that is in the best public interest.
SB77-ASA1,9,4
24(1m) If the redevelopment authority of the city issues bonds under s. 66.1333
25(5s), the board may borrow money from the redevelopment authority to pay
1unfunded prior service liability contributions under the Wisconsin Retirement
2System for the board. If the board borrows money from the redevelopment authority
3of the city to make such payments, it may use any school district revenues, including
4state aid, to repay the loan.
SB77-ASA1,9,9
5(2) (a) If the board decides to use school district revenues to repay the loan, it
6may request the city to remit designated revenues of the school district to the
7redevelopment authority of the city at such times and in such amounts as the board
8determines. The city may agree to the request, which is irrevocable while any
9amount due under the loan remains outstanding.
SB77-ASA1,9,1410
(b) If the board decides to use state aid to repay the loan, it may request the
11department to remit the aid to the redevelopment authority of the city in an annual
12amount agreed to by the board and the department, and the department shall ensure
13that the aid remittance does not affect the amount determined to be received by the
14board as state aid under s. 121.08 for any other purpose.