SB40-ASA1,68,98 (d) With respect to any interest exchange agreement or agreements specified
9in par. (a), all of the following shall apply:
SB40-ASA1,68,1210 1. The commission shall contract with an independent financial consulting firm
11to determine if the terms and conditions of the agreement reflect a fair market value,
12as of the proposed date of the execution of the agreement.
SB40-ASA1,68,1513 2. The interest exchange agreement must identify the note to which the
14agreement is related. The determination of the commission included in an interest
15exchange agreement that such agreement relates to a note shall be conclusive.
SB40-ASA1,68,2016 3. The resolution authorizing the commission to enter into any interest
17exchange agreement shall require that the terms and conditions of the agreement
18reflect a fair market value as of the date of execution of the agreement, as reflected
19by the determination of the independent financial consulting firm under subd. 1.,
20and shall establish guidelines for any such agreement, including the following:
SB40-ASA1,68,2121 a. The conditions under which the commission may enter into the agreements.
SB40-ASA1,68,2222 b. The form and content of the agreements.
SB40-ASA1,68,2323 c. The aspects of risk exposure associated with the agreements.
SB40-ASA1,68,2424 d. The standards and procedures for counterparty selection.
SB40-ASA1,69,2
1e. The standards for the procurement of, and the setting aside of reserves, if
2any, in connection with, the agreements.
SB40-ASA1,69,43 f. The provisions, if any, for collateralization or other requirements for securing
4any counterparty's obligations under the agreements.
SB40-ASA1,69,65 g. A system for financial monitoring and periodic assessment of the
6agreements.
SB40-ASA1,69,137 (e) 1. Subject to subd. 2., the terms and conditions of an interest exchange
8agreement under par. (a) shall not be structured so that, as of the trade date of the
9agreement, the aggregate expected debt service and net exchange payments relating
10to the agreement during the fiscal year in which the trade date occurs will be less
11than the aggregate expected debt service and net exchange payments relating to the
12agreement that would be payable during that fiscal year if the agreement is not
13executed.
SB40-ASA1,69,1414 2. Subdivision 1. shall not apply if either of the follow occurs:
SB40-ASA1,69,1815 a. The commission receives a determination by the independent financial
16consulting firm under par. (d) 1. that the terms and conditions of the agreement
17reflect payments by the state that represent on-market rates as of the trade date for
18the particular type of agreement.
SB40-ASA1,69,2319 b. The commission provides written notice to the joint committee on finance of
20its intention to enter into an agreement that is reasonably expected to satisfy subd.
211., and the joint committee on finance either approves or disapproves, in writing, the
22commission's entering into the agreement within 14 days of receiving the written
23notice from the commission.
SB40-ASA1,70,3
13. This paragraph shall not limit the liability of the state under an agreement
2if actual contracted net exchange payments in any fiscal year are less than or exceed
3original expectations.
SB40-ASA1,70,74 (f) Semiannually, during any year in which the state is a party to an agreement
5entered into pursuant to par. (a), the department of administration shall submit a
6report to the commission and to the cochairpersons of the joint committee on finance
7listing all such agreements. The report shall include all of the following:
SB40-ASA1,70,98 1. A description of each agreement, including a summary of its terms and
9conditions, rates, maturity, and the estimated market value of each agreement.
SB40-ASA1,70,1110 2. An accounting of amounts that were required to be paid and received on each
11agreement.
SB40-ASA1,70,1312 3. Any credit enhancement, liquidity facility, or reserves, including an
13accounting of the costs and expenses incurred by the state.
SB40-ASA1,70,1414 4. A description of the counterparty to each agreement.
SB40-ASA1,70,1615 5. A description of the counterparty risk, the termination risk, and other risks
16associated with each agreement.
SB40-ASA1, s. 101 17Section 101. 18.74 of the statutes is amended to read:
SB40-ASA1,70,24 1818.74 Application of operating note proceeds. All moneys resulting from
19the contracting of operating notes or any payment to be received under an agreement
20or ancillary arrangement entered into under s. 18.73 (5) with respect to any such
21operating notes
shall be credited to the general fund, except that moneys which
22represent premium and accrued interest on operating notes, or moneys for purposes
23of funding or refunding operating notes pursuant to s. 18.72 (1) shall be credited to
24the operating note redemption fund.
SB40-ASA1, s. 102 25Section 102. 18.75 (2) of the statutes is amended to read:
SB40-ASA1,71,6
118.75 (2) The operating note redemption fund shall be expended and all
2moneys from time to time on hand therein are irrevocably appropriated, in sums
3sufficient, only for the payment of principal and interest on operating notes giving
4rise to it and premium, if any, due upon refunding or early redemption of such
5operating notes, and for the payment due, if any, under an agreement or ancillary
6arrangement entered into under s. 18.73 (5) with respect to such operating notes
.
SB40-ASA1, s. 103 7Section 103. 18.75 (4) of the statutes is amended to read:
SB40-ASA1,71,228 18.75 (4) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient
9for the payment of the principal, interest and premium due, if any, on the and for the
10payment due, if any, under an agreement or ancillary arrangement entered into
11pursuant to s. 18.73 (5) with respect to
operating notes giving rise to it as the same
12falls due. Such transfers shall be so timed that there is at all times on hand in the
13fund an amount not less than the amount to be paid out of it during the ensuing 30
14days or such other period if so provided for in the authorizing resolution. The
15commission may pledge the deposit of additional amounts at periodic intervals and
16the secretary of the department may impound moneys of the general fund, including
17moneys temporarily reallocated from other funds under s. 20.002 (11), in accordance
18with the pledge of revenues in the authorizing resolution, and all such
19impoundments are deemed to be payments for purposes of s. 16.53 (10), but no such
20impoundment may be made until the amounts to be paid into the bond security and
21redemption fund under s. 18.09 during the ensuing 30 days have been deposited in
22the bond security and redemption fund.
SB40-ASA1, s. 104 23Section 104. 19.32 (1) of the statutes is amended to read:
SB40-ASA1,72,924 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 long-term care district under s. 46.2895;
5any court of law; the assembly or senate; a nonprofit corporation which receives more
6than 50% of its funds from a county or a municipality, as defined in s. 59.001 (3), and
7which provides services related to public health or safety to the county or
8municipality; a nonprofit corporation operating the Olympic ice training center
9under s. 42.11 (3); or a formally constituted subunit of any of the foregoing.
SB40-ASA1, s. 105 10Section 105. 19.42 (10) (p) of the statutes is amended to read:
SB40-ASA1,72,1211 19.42 (10) (p) A member, the executive staff director, or the deputy director of
12the sentencing commission bureau of criminal justice research.
SB40-ASA1, s. 158e 13Section 158e. 19.42 (10) (r) of the statutes is created to read:
SB40-ASA1,72,1514 19.42 (10) (r) The employees and members of the board of directors of the Lower
15Fox River Remediation Authority.
SB40-ASA1, s. 106 16Section 106. 19.42 (13) (o) of the statutes is amended to read:
SB40-ASA1,72,1817 19.42 (13) (o) The position of member, executive staff director, or deputy
18director of the sentencing commission bureau of criminal justice research.
SB40-ASA1, s. 107 19Section 107. 19.55 (2) (b) of the statutes is amended to read:
SB40-ASA1,73,420 19.55 (2) (b) Records obtained or prepared by the board in connection with an
21investigation, except that the board shall permit inspection of records that are made
22public in the course of a hearing by the board to determine if a violation of this
23subchapter or subch. III of ch. 13 has occurred. Whenever the board refers such
24investigation and hearing records to a district attorney or to the attorney general,
25they may be made public in the course of a prosecution initiated under this

1subchapter. The board shall also provide information from investigation and hearing
2records that pertains to the location of individuals and assets of individuals as
3requested under s. 49.22 (2m) by the department of workforce development children
4and families
or by a county child support agency under s. 59.53 (5).
SB40-ASA1, s. 108 5Section 108. 19.55 (2) (d) of the statutes is amended to read:
SB40-ASA1,73,106 19.55 (2) (d) Records of the social security number of any individual who files
7an application for licensure as a lobbyist under s. 13.63 or who registers as a principal
8under s. 13.64, except to the department of workforce development children and
9families
for purposes of administration of s. 49.22 or to the department of revenue
10for purposes of administration of s. 73.0301.
SB40-ASA1, s. 162h 11Section 162h. 19.62 (8) of the statutes is amended to read:
SB40-ASA1,73,1712 19.62 (8) "State authority" means an authority that is a state elected official,
13agency, board, commission, committee, council, department or public body corporate
14and politic created by constitution, statute, rule or order; a state governmental or
15quasi-governmental corporation; the supreme court or court of appeals; or the
16assembly or senate; or a nonprofit corporation operating the Olympic Ice Training
17Center under s. 42.11 (3)
.
SB40-ASA1, s. 109 18Section 109. 19.82 (1) of the statutes is amended to read:
SB40-ASA1,74,319 19.82 (1) "Governmental body" means a state or local agency, board,
20commission, committee, council, department or public body corporate and politic
21created by constitution, statute, ordinance, rule or order; a governmental or
22quasi-governmental corporation except for the Bradley center sports and
23entertainment corporation; a local exposition district under subch. II of ch. 229; a
24family long-term care district under s. 46.2895; a nonprofit corporation operating
25the Olympic ice training center under s. 42.11 (3);
or a formally constituted subunit

1of any of the foregoing, but excludes any such body or committee or subunit of such
2body which is formed for or meeting for the purpose of collective bargaining under
3subch. I, IV or V of ch. 111.
SB40-ASA1, s. 163p 4Section 163p. 19.84 (5) of the statutes is amended to read:
SB40-ASA1,74,95 19.84 (5) Departments and their subunits in any University of Wisconsin
6System institution or campus and a nonprofit corporation operating the Olympic Ice
7Training Center under s. 42.11 (3)
are exempt from the requirements of subs. (1) to
8(4) but shall provide meeting notice which is reasonably likely to apprise interested
9persons, and news media who have filed written requests for such notice.
SB40-ASA1, s. 163v 10Section 163v. 19.85 (1) (j) of the statutes is repealed.
SB40-ASA1, s. 110 11Section 110. 19.86 of the statutes is amended to read:
SB40-ASA1,74,19 1219.86 Notice of collective bargaining negotiations. Notwithstanding s.
1319.82 (1), where notice has been given by either party to a collective bargaining
14agreement under subch. I, IV or V of ch. 111 to reopen such agreement at its
15expiration date, the employer shall give notice of such contract reopening as provided
16in s. 19.84 (1) (b). If the employer is not a governmental body, notice shall be given
17by the employer's chief officer or such person's designee. This section does not apply
18to a nonprofit corporation operating the Olympic Ice Training Center under s. 42.11
19(3).
SB40-ASA1, s. 111 20Section 111. 20.001 (2) (e) of the statutes is amended to read:
SB40-ASA1,75,321 20.001 (2) (e) Federal revenues. "Federal revenues" consist of moneys received
22from the federal government, except that under s. 20.445 (3) 20.437 (2) (md) "federal
23revenues" also include moneys treated as refunds of expenditures, and under s.
2420.445 (3) 20.437 (2) (me) "federal revenues" consist only of moneys treated as
25received from the federal government. Federal revenues may be deposited as

1program revenues in the general fund or as segregated revenues in a segregated
2fund. In either case they are indicated in s. 20.005 by the addition of "-F" after the
3abbreviation assigned under pars. (b) and (d).
SB40-ASA1, s. 112 4Section 112. 20.001 (5) of the statutes is amended to read:
SB40-ASA1,76,65 20.001 (5) Refunds of expenditures. Any amount not otherwise appropriated
6under this chapter that is received by a state agency as a result of an adjustment
7made to a previously recorded expenditure from a sum certain appropriation to that
8agency due to activities that are of a temporary nature or activities that could not be
9anticipated during budget development and which serves to reduce or eliminate the
10previously recorded expenditure in the same fiscal year in which the previously
11recorded expenditure was made, except as provided in s. 20.445 (3) 20.437 (2) (md),
12may, upon request of the agency, be designated by the secretary of administration as
13a refund of an expenditure. Except as otherwise provided in this subsection, the
14secretary of administration may designate an amount received by a state agency as
15a refund of an expenditure only if the agency submits to the secretary a written
16explanation of the circumstances under which the amount was received that
17includes a specific reference in a statutory or nonstatutory law to a function of the
18agency under which the amount was received and the appropriation from which the
19previously recorded expenditure was made. A refund of an expenditure shall be
20deposited by the receiving state agency in the appropriation account from which the
21previously recorded expenditure was made. Except as otherwise provided in this
22subsection, a state agency which proposes to make an expenditure from moneys
23designated as a refund of an expenditure shall submit to the secretary of
24administration a written explanation of the purpose of the expenditure, including a
25specific reference in a statutory or nonstatutory law to a function of the agency under

1which the expenditure is to be made and the appropriation from which the
2expenditure is to be made. After submission and approval of an estimate of the
3amount proposed to be expended under s. 16.50 (2), a state agency may expend the
4moneys received from the refund of the expenditure. The secretary of administration
5may waive submission of any explanation required by this subsection for categories
6of refunds of expenditures or proposed refunds of expenditures.
SB40-ASA1, s. 167e 7Section 167e. 20.003 (2) of the statutes is amended to read:
SB40-ASA1,76,148 20.003 (2) Revisor's Legislative reference bureau authority. All
9appropriations made by the legislature shall be listed in this chapter. The revisor of
10statutes
legislative reference bureau shall assign numbers in this chapter to any
11appropriation not so numbered and if appropriation laws are enacted which are not
12numbered to correspond with the numbering system of this chapter as outlined in
13sub. (3), the revisor of statutes legislative reference bureau shall renumber such laws
14accordingly.
SB40-ASA1, s. 113 15Section 113. 20.003 (4) (fm) of the statutes is repealed.
SB40-ASA1, s. 114 16Section 114. 20.003 (4) (fr) of the statutes is repealed.
SB40-ASA1, s. 115 17Section 115. 20.003 (4) (ft) of the statutes is amended to read:
SB40-ASA1,76,1818 20.003 (4) (ft) For fiscal year 2007-08, $65,000,000 $130,000,000.
SB40-ASA1, s. 116 19Section 116. 20.003 (4) (fv) of the statutes is amended to read:
SB40-ASA1,76,2020 20.003 (4) (fv) For fiscal year 2008-09, $65,000,000 $130,000,000.
SB40-ASA1, s. 117 21Section 117. 20.003 (4) (fw) of the statutes is created to read:
SB40-ASA1,76,2222 20.003 (4) (fw) For fiscal year 2009-10, $130,000,000.
SB40-ASA1, s. 118 23Section 118. 20.003 (4) (fx) of the statutes is created to read:
SB40-ASA1,76,2424 20.003 (4) (fx) For fiscal year 2010-11, $130,000,000.
SB40-ASA1, s. 119 25Section 119. 20.003 (4) (g) of the statutes is amended to read:
SB40-ASA1,77,2
120.003 (4) (g) For fiscal year 2009-10 2011-12 and each fiscal year thereafter,
22%.
SB40-ASA1, s. 174e 3Section 174e. 20.004 (2) of the statutes is amended to read:
SB40-ASA1,77,184 20.004 (2) Immediately following the final adjournment of the legislature, or
5at convenient intervals prior thereto, the department of administration shall amend
6the schedule and summaries set forth in s. 20.005 to include all fiscal acts of the
7legislature, and submit the composite amended schedule and summaries to the joint
8committee on finance for approval. When approved, the department of
9administration shall then submit the schedule and summaries to the revisor of
10statutes who
legislative reference bureau, which shall print the revised schedules
11and summaries of all state funds in the ensuing issue of the statutes as part of s.
1220.005 and in lieu of the schedules and summaries printed in the preceding issue of
13the statutes. If any conflict exists between ss. 20.115 to 20.875 and s. 20.005, ss.
1420.115 to 20.875 shall control and s. 20.005 shall be changed to correspond with ss.
1520.115 to 20.875. All appropriations are to be rounded to the nearest $100 and if any
16appropriation is made which is not so rounded the department of administration,
17when preparing the composite amended schedule and summaries, shall show the
18appropriation increased to the next $100.
SB40-ASA1, s. 120 19Section 120. 20.005 (1) of the statutes is repealed and recreated to read:
SB40-ASA1,77,2220 20.005 (1) Summary of all funds. The budget governing fiscal operations for
21the state of Wisconsin for all funds beginning on July 1, 2007, and ending on June
2230, 2009, is summarized as follows: [See Figure 20.005 (1) following]

SB40-ASA1,78,22 Figure: 20.005 (1)
SB40-ASA1,78,33 GENERAL FUND SUMMARY - See PDF for table PDF
SUMMARY OF APPROPRIATIONS — ALL FUNDS - See PDF for table PDF
SUMMARY OF COMPENSATION RESERVES — ALL FUNDS - See PDF for table PDF
LOTTERY FUND SUMMARY - See PDF for table PDF
SB40-ASA1, s. 121 2Section 121. 20.005 (2) of the statutes is repealed and recreated to read:
SB40-ASA1,80,53 20.005 (2) State borrowing program summary. The following schedule sets
4forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b)
5following]

SB40-ASA1,81,22 Figure: 20.005 (2) (a)
SB40-ASA1,81,33 SUMMARY OF BONDING AUTHORITY MODIFICATIONS
2007-09 FISCAL BIENNIUM - See PDF for table PDF
SB40-ASA1,83,22 Figure: 20.005 (2) (b)
SB40-ASA1,83,33 GENERAL OBLIGATION AND
BUILDING CORPORATION DEBT SERVICE
FISCAL YEARS 2007-08 AND 2008-09 - See PDF for table PDF
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