SB40-SSA1,1332,24 20279.05 Application for bond issuance. (1) One or more owners of affected
21property may submit an application requesting the authority to issue bonds to
22finance all or a portion of the waterway improvement costs associated with the
23affected property. An application under this subsection shall include all of the
24following:
SB40-SSA1,1333,3
1(a) A copy of an administrative or judicial order or decree or an administratively
2or judicially approved agreement that imposes financial responsibility for a
3waterway improvement on the applicant or applicants.
SB40-SSA1,1333,54 (b) An acknowledgement by the applicant or applicants that the waterway
5improvement will confer a benefit on the affected property.
SB40-SSA1,1333,86 (c) The consent of the applicant or applicants to the levy of an assessment by
7the authority on the affected property at the times and in the amounts that the
8authority determines.
SB40-SSA1,1333,109 (d) A waiver by the applicant or applicants of any requirement for notice and
10hearing and of any right to oppose the levy of the assessment.
SB40-SSA1,1333,13 11(2) A consenting land owner who submits an application under sub. (1) may
12recommend to the authority an underwriter for the bonds that the owner of affected
13property requests the authority to issue.
SB40-SSA1,1333,20 14279.06 Approval of application and issuance of bonds. (1) The board
15may approve an application under s. 279.05 (1) if the application complies with s.
16279.05 (1) and if the authority makes a determination that the waterway
17improvement will last for many years and will result in long-term benefits to this
18state. The authority may issue bonds as provided in this section and s. 279.07 to
19finance all or a portion of the waterway improvement to which an approved
20application relates.
SB40-SSA1,1333,23 21(2) The authority shall notify the department of natural resources of its action
22on an application under s. 279.05 (1) at the same time that it notifies the applicant
23or applicants.
SB40-SSA1,1333,25 24(3) All of the authority's bonds are negotiable for all purposes, notwithstanding
25their payment from a limited source.
SB40-SSA1,1334,2
1(4) The authority shall use the building commission as its financial consultant
2to assist in and coordinate the issuance of bonds under this chapter.
SB40-SSA1,1334,5 3(5) The bonds of each issue shall be payable solely out of a special fund into
4which the authority deposits the assessments imposed by the authority against the
5affected property with respect to which the bonds are issued.
SB40-SSA1,1334,16 6(6) The authority may not issue bonds unless the issuance is authorized by a
7bond resolution. The bonds shall bear the dates; mature at the times not exceeding
830 years from their dates of issue; bear interest at the rates, fixed or variable; be
9payable at the times; be in the denominations; be in fully registered form; carry the
10registration and conversion privileges; be executed in the manner; be payable in
11money of the United States at the places; and be subject to the terms of redemption
12that the bond resolution provides. The bonds shall be executed by the manual or
13facsimile signatures of the officers of the authority designated by the board. The
14bonds may be sold at public or private sale at the price, in the manner, and at the time
15determined by the board. The bonds may be issued as serial bonds payable in annual
16installments, as term bonds, or as a combination of both types.
SB40-SSA1,1334,18 17(7) Any bond resolution may contain provisions, that shall be a part of the
18contract with the holders of the bonds, regarding any of the following:
SB40-SSA1,1334,2019 (a) Setting aside reserves or sinking funds, and the regulation, investment, and
20disposition of the reserves or sinking funds.
SB40-SSA1,1334,2221 (b) Limitations on the purpose to which, or the investments in which, the
22proceeds of the sale of any issue of bonds may be applied.
SB40-SSA1,1334,2323 (c) Refunding of outstanding bonds.
SB40-SSA1,1335,3
1(d) Procedures by which the terms of any contract with bondholders may be
2amended or abrogated, the amount of bonds the holders of which must consent to the
3amendment or abrogation, and the manner in which this consent may be given.
SB40-SSA1,1335,64 (e) Defining the acts or omissions to act that constitute a default in the duties
5of the authority to the bondholders, and providing the rights and remedies of the
6bondholders in the event of a default.
SB40-SSA1,1335,77 (f) Any other matter relating to the bonds that the board considers desirable.
SB40-SSA1,1335,10 8(8) Neither the members of the board nor any person executing the bonds of
9the authority is liable personally on the bonds or subject to any personal liability or
10accountability by reason of the issuance of the bonds.
SB40-SSA1,1335,14 11(9) (a) The authority shall pay the net proceeds of bonds issued under this
12section to the entity to which moneys for waterway improvements are required to be
13paid by the administrative or judicial order or decree or administratively or judicially
14approved agreement described in s. 279.05 (1) (a).
SB40-SSA1,1335,1915 (b) An entity that receives moneys under par. (a) may use those moneys only
16for the waterway improvement costs for which the bonds are issued. If the actual
17waterway improvement costs to be paid from the authority's bonds are less than the
18assessments levied by the authority, the entity shall return the excess to the
19authority.
SB40-SSA1,1336,2 20279.07 Assessments. (1) Before it issues bonds, the authority shall follow the
21procedures in this section for levying an assessment on the affected property of any
22consenting landowner whose application for issuance of the bonds is approved under
23s. 279.06 (1). The consenting landowner shall pay the assessment to the authority.
24An assessment under this section is a lien against the affected property. The

1authority shall provide notice of the lien of assessment to the register of deeds of the
2county in which the affected property is located for recording.
SB40-SSA1,1336,4 3(2) The assessment levied with respect to a bond issue shall be sufficient to do
4all of the following:
SB40-SSA1,1336,65 (a) Pay the share of the administrative costs of the authority that is allocated
6to the bond issue.
SB40-SSA1,1336,107 (b) Pay the costs of any financial and legal services incurred by the authority
8and any other item of direct or indirect cost that may reasonably be attributed to
9processing the application under s. 279.05 (1), issuing the bonds, and imposing the
10assessment on the affected property.
SB40-SSA1,1336,1211 (c) Pay the principal of and the premium, if any, and interest on the bonds as
12they become due and payable.
SB40-SSA1,1336,1413 (d) Create and maintain any reserve that is required or provided for in the bond
14resolution.
SB40-SSA1,1336,24 15(3) If the authority assesses more than one consenting landowner in connection
16with a bond issue, it shall determine the amount to be assessed on the affected
17property of each consenting landowner in a manner that is consistent with the
18administrative or judicial order or decree or administratively or judicially approved
19agreement described in s. 279.05 (1) (a) and that considers such factors as present
20and past capacity for discharges; estimates of actual discharges; the degree of
21toxicity and water quality characteristics of past and present discharges;
22involvement in the generation, treatment, transportation, storage, or disposal of
23discharged substances; the degree of care exercised in reducing discharges; and the
24amount of impervious surface on each affected property.
SB40-SSA1,1337,4
1(4) Before finalizing its determination of the amount of the assessment to be
2levied on affected property under this section, the board shall pass a preliminary
3resolution declaring its intent with respect to the assessment. In the resolution, the
4board shall include all of the following:
SB40-SSA1,1337,55 (a) A general description of the contemplated purpose of the assessment.
SB40-SSA1,1337,66 (b) A description of the affected property proposed to be assessed.
SB40-SSA1,1337,97 (c) The number of installments in which the assessments may be paid or a
8statement that the number of payments will be determined at the hearing required
9under sub. (8).
SB40-SSA1,1337,1110 (d) A direction to an officer or employee of the authority to make a report on the
11proposed assessment.
SB40-SSA1,1337,13 12(5) The officer or employee directed to make a report under sub. (4) (d) shall
13include all of the following in the report:
SB40-SSA1,1337,1514 (a) A reference to the administrative or judicial order or decree or
15administratively or judicially approved agreement described in s. 279.05 (1) (a).
SB40-SSA1,1337,1616 (b) A schedule of the proposed assessments.
SB40-SSA1,1337,1717 (c) An estimate, as to each affected property, of the assessment to be levied.
SB40-SSA1,1337,19 18(6) The officer or employee making the report under sub. (5) shall file a copy
19of the report with the authority for public inspection.
SB40-SSA1,1337,21 20(7) After the report has been filed under sub. (6), the authority shall publish
21a class 1 notice, under ch. 985, that describes all of the following:
SB40-SSA1,1337,2222 (a) The affected property that is proposed to be assessed.
SB40-SSA1,1337,2323 (b) The place and time at which the report may be inspected.
SB40-SSA1,1338,3
1(c) The place and time at which all interested persons or their agents or
2attorneys may appear before the authority and be heard concerning the matters
3contained in the preliminary resolution and the report.
SB40-SSA1,1338,6 4(8) The authority shall conduct a hearing concerning the levying of a proposed
5assessment not less than 10 days and not more than 40 days after publishing the
6notice under sub. (7).
SB40-SSA1,1338,10 7(9) After the hearing under sub. (8), the board may approve, disapprove, or
8modify the report under sub. (6) or it may refer the report to the designated officer
9or employee of the authority with directions to change the proposal to accomplish a
10fair and equitable assessment.
SB40-SSA1,1338,16 11(10) After approving a report under sub. (9), the authority shall adopt a
12resolution specifying the amount of the assessments, authorizing the issuance of
13bonds, and directing that the net proceeds of the bonds be paid as provided in s.
14279.06 (9) (a). The authority shall publish the resolution as a class 1 notice, under
15ch. 985. After publication of the resolution, the authority shall levy the assessments
16and issue the bonds.
SB40-SSA1,1339,3 17(11) If the actual waterway improvement costs to be paid from a bond issue vary
18materially from the estimates, if any assessment is invalid, or if the board decides
19to reopen and reconsider any assessment, it may, after publishing a class 1 notice,
20under ch. 985, that describes its proposed action and after a public hearing, adopt a
21resolution amending, canceling, or confirming the prior assessment. If an
22assessment is amended to provide for the refunding of bonds, all of the direct and
23indirect costs reasonably attributable to the refunding of the bonds may be included
24in the amended assessment. If moneys are returned to the authority under s. 279.06
25(9) (b), the authority may pay a portion of the outstanding bonds and reduce each

1assessment proportionately. The authority shall publish a class 1 notice, under ch.
2985, describing the resolution amending, canceling, or confirming the prior
3assessment.
SB40-SSA1,1339,7 4(12) After the 90th day after the day on which a bond is issued under this
5chapter, the bond is conclusive evidence of the legality of all proceedings up to and
6including the issuance of the bond and is prima facie evidence of the proper
7application of the proceeds of the bond.
SB40-SSA1,1339,11 8279.08 Bond security. (1) The authority may enter into a trust agreement
9or trust indenture between the authority and one or more corporate trustees for any
10bonds issued under this chapter. Any trust company or bank having the powers of
11a trust company may be a trustee.
SB40-SSA1,1339,24 12(2) The bond resolution providing for the issuance of bonds shall pledge the
13assessments to be received by the authority with respect to the bonds referred to in
14the bond resolution. The pledge is valid and binding from the time that the resolution
15is adopted. The revenues pledged are immediately subject to the lien of the pledge
16without any physical delivery or any further act. The lien is valid and binding as
17against all persons having claims in tort, contract, or otherwise against the
18authority, irrespective of whether the persons have notice of the lien. Neither the
19bond resolution nor any financing statement, continuation statement, or other
20instrument by which a pledge is created or by which the authority's interest in
21revenues is assigned need be filed or recorded in any public records in order to perfect
22the lien of the pledge as against 3rd parties, except that the authority shall file a copy
23of the instrument in the records of the authority and with the department of financial
24institutions.
SB40-SSA1,1340,6
1(3) A bond resolution may contain provisions for protecting and enforcing the
2rights and remedies of the bondholders that are reasonable and proper and not in
3violation of law. A bond resolution may restrict the individual right of action by
4bondholders. A bond resolution may contain any other provisions that are
5determined by the board to be reasonable and proper for the security of the
6bondholders.
SB40-SSA1,1340,10 7279.09 Refunding bonds. (1) The authority may issue bonds to refund any
8outstanding bond, including the payment of any redemption premium on the
9outstanding bond and any interest accrued or to accrue to the earliest or any
10subsequent date of redemption, purchase, or maturity.
SB40-SSA1,1340,16 11(2) The authority may apply the proceeds of any bond issued to refund any
12outstanding bond to the purchase, retirement at maturity, or redemption of the
13outstanding bond on the earliest or any subsequent redemption date, upon purchase,
14or at the maturity of the bond. The authority may, pending application of the
15proceeds, place the proceeds in escrow to be applied to the purchase, retirement at
16maturity, or redemption of any outstanding bond at any time.
SB40-SSA1,1340,23 17(3) If the authority determines that it is necessary to amend the prior
18assessments in connection with the issuance of refunding bonds under this section,
19it may reconsider and reopen the assessments as provided in s. 279.07 (11). If the
20assessments are amended, the refunding bonds shall be secured by, and be payable
21from, the assessments as amended. If the assessments are amended, all direct and
22indirect costs reasonably attributable to the refunding of the bonds may be included
23in the cost of the waterway improvements being financed.
SB40-SSA1,1340,25 24(4) All refunding bonds are subject to this chapter in the same manner and to
25the same extent as other bonds issued under this chapter.
SB40-SSA1,1341,7
1279.10 Bonds not public debt. (1) The state is not liable on bonds of the
2authority and the bonds are not debt of the state. Each bond of the authority shall
3contain a statement to this effect on the face of the bond. The issuance of bonds under
4this chapter does not, directly, indirectly, or contingently, obligate the state or any
5political subdivision of the state to levy any tax or to make any appropriation for
6payment of the bonds. The authority may not pledge its full faith and credit to the
7payment of bonds issued under this chapter.
SB40-SSA1,1341,18 8(2) Nothing in this chapter authorizes the authority to create a debt of the state,
9and all bonds issued by the authority under this chapter are payable, and shall state
10that they are payable, solely from the special fund containing the assessments and
11other moneys pledged for their payment in accordance with the bond resolution
12authorizing their issuance or in any trust agreement or trust indenture entered into
13to provide terms and conditions for the bonds. The state is not liable for the payment
14of the principal of or interest on any bonds of the authority or for the performance
15of any pledge, obligation, or agreement that is undertaken by the authority. The
16breach of any pledge, obligation, or agreement undertaken by the authority does not
17impose any pecuniary liability upon the state or any charge upon its general credit
18or against its taxing power.
SB40-SSA1,1341,25 19279.11 State pledge. The state pledges to and agrees with the holders of bonds
20issued under this chapter, and with persons that enter into contracts with the
21authority under this chapter, that the state will not limit or alter the rights vested
22in the authority before the authority has fully met and discharged the bonds,
23including any interest due on the bonds, and has fully performed its contracts, unless
24adequate provision is made by law for the protection of the bondholders or persons
25entering into contracts with the authority.
SB40-SSA1,1342,7
1279.17 Trust funds. All moneys received by the authority, whether as
2proceeds from the sale of bonds or as assessments or fees, shall be considered to be
3trust funds to be held and applied solely as provided in this chapter. Any officer with
4whom, or any bank or trust company with which, those moneys are deposited shall
5act as trustee of the moneys and shall hold and apply the moneys for the purposes
6of this chapter, subject to any regulations that this chapter and the bond resolution
7authorizing the bonds of any issue provide.
SB40-SSA1,1342,22 8279.18 Rights of bondholders. Any holder of bonds issued under this
9chapter or trustee under a trust agreement, trust indenture, or deed of trust entered
10into under this chapter may, by any suitable form of legal proceedings, protect and
11enforce any rights under the laws of this state or granted by the bond resolution,
12except to the extent that the rights of the bondholder or trustee are restricted by the
13bond resolution. These rights include the right to compel the performance of all
14duties of the authority required by this chapter or the bond resolution; to enjoin
15unlawful activities; and in the event of default with respect to the payment of any
16principal of and the premium, if any, and interest on any bond or in the performance
17of any covenant or agreement on the part of the authority in the bond resolution, to
18apply to a court to appoint a receiver with full power to pay, and to provide for
19payment of, principal of and premium, if any, and interest on the bonds, and with the
20powers, subject to the direction of the court, as are permitted by law and are accorded
21receivers, excluding any power to pledge additional revenues of the authority to the
22payment of the principal, premium, and interest.
SB40-SSA1,1342,24 23279.19 Investment of funds. (1) The authority may invest any funds in any
24of the following:
SB40-SSA1,1343,3
1(a) Bonds, notes, certificates of indebtedness, treasury bills, or other securities
2constituting direct obligations of the United States or obligations the principal and
3interest of which are guaranteed by the United States.
SB40-SSA1,1343,54 (b) Certificates of deposit or time deposits constituting direct obligations of any
5bank that are insured by the federal deposit insurance corporation.
SB40-SSA1,1343,76 (c) Certificates of deposit constituting direct obligations of any credit union that
7are insured by the national board, as defined in s. 186.01 (3m).
SB40-SSA1,1343,108 (d) Certificates of deposit constituting direct obligations of any savings and
9loan association or savings bank that are insured by the federal deposit insurance
10corporation.
SB40-SSA1,1343,1211 (e) Short-term discount obligations of the federal national mortgage
12association.
SB40-SSA1,1343,1313 (f) Any of the investments provided under s. 66.0603 (1m) (a).
SB40-SSA1,1343,15 14(2) Any securities described in sub. (1) may be purchased at the offering or
15market price of the securities at the time of purchase.
SB40-SSA1,1343,21 16279.20 Investment authorization. The bonds of the authority are securities
17in which all public officers and bodies of this state; all political subdivisions and their
18public officers; all banks, trust companies, savings banks and institutions, savings
19and loan associations, and investment companies; and all personal representatives,
20guardians, trustees, and other fiduciaries may legally invest any sinking funds,
21moneys, or other funds belonging to them or within their control.
SB40-SSA1,1344,5 22279.21 Reports and records. (1) The authority shall keep an accurate
23account of all of its activities and of all of its receipts and expenditures, and shall
24annually in January make a report of its activities, receipts, and expenditures to the
25governor and to the chief clerk of each house of the legislature, for distribution to the

1legislature under s. 13.172 (2). The reports shall be in a form approved by the state
2auditor. The state auditor may investigate the affairs of the authority, may examine
3the property and records of the authority, and may prescribe methods of accounting
4and the rendering of periodical reports in relation to activities undertaken by the
5authority.
SB40-SSA1,1344,11 6(2) The authority, annually on January 15, shall file with the department of
7administration and the joint legislative council a complete and current listing of all
8forms, reports, and papers required by the authority to be completed by any person,
9other than a governmental body, as a condition of obtaining the approval of the
10authority or for any other reason. The authority shall attach a blank copy of each
11such form, report, or paper to the listing.
SB40-SSA1, s. 3074 12Section 3074. 281.59 (3e) (b) 1. and 3. of the statutes are amended to read:
SB40-SSA1,1344,1413 281.59 (3e) (b) 1. Equal to $109,600,000 $114,700,000 during the 2005-07
142007-09 biennium.
SB40-SSA1,1344,1515 3. Equal to $1,000 for any biennium after the 2005-07 2007-09 biennium.
SB40-SSA1, s. 3075 16Section 3075. 281.59 (3m) (b) 1. and 2. of the statutes are amended to read:
SB40-SSA1,1344,1717 281.59 (3m) (b) 1. Equal to $2,700,000 during the 2005-07 2007-09 biennium.
SB40-SSA1,1344,1818 2. Equal to $1,000 for any biennium after the 2005-07 2007-09 biennium.
SB40-SSA1, s. 3076 19Section 3076. 281.59 (3s) (b) 1. and 2. of the statutes are amended to read:
SB40-SSA1,1344,2120 281.59 (3s) (b) 1. Equal to $12,800,000 $13,400,000 during the 2005-07
212007-09 biennium.
SB40-SSA1,1344,2222 2. Equal to $1,000 for any biennium after the 2005-07 2007-09 biennium.
SB40-SSA1, s. 3077 23Section 3077. 281.59 (4) (b) of the statutes is amended to read:
SB40-SSA1,1345,724 281.59 (4) (b) The department of administration may, under s. 18.561 or 18.562,
25deposit in a separate and distinct fund in the state treasury or in an account

1maintained by a trustee outside the state treasury, any portion of the revenues
2derived under s. 25.43 (1). The revenues deposited with a trustee outside the state
3treasury are the trustee's revenues in accordance with the agreement between this
4state and the trustee or in accordance with the resolution pledging the revenues to
5the repayment of revenue obligations issued under this subsection and to make
6payments under an agreement or ancillary arrangement entered into under s. 18.55
7(6) with respect to revenue obligations issued under this subsection
.
SB40-SSA1, s. 3078 8Section 3078. 281.59 (4) (f) of the statutes is amended to read:
SB40-SSA1,1345,179 281.59 (4) (f) Revenue obligations may be contracted by the building
10commission when it reasonably appears to the building commission that all
11obligations incurred under this subsection, and all payments under an agreement or
12ancillary arrangement entered into under s. 18.55 (6) with respect to revenue
13obligations issued under this subsection,
can be fully paid on a timely basis from
14moneys received or anticipated to be received. Revenue obligations issued under this
15subsection for the clean water fund program shall not exceed $1,615,955,000
16$1,984,100,000 in principal amount, excluding obligations issued to refund
17outstanding revenue obligation notes.
SB40-SSA1, s. 3079 18Section 3079. 281.65 (4e) of the statutes is created to read:
SB40-SSA1,1345,2219 281.65 (4e) (a) A governmental unit may request funding under this subsection
20for a project to implement best management practices for animal waste management
21at an animal feeding operation for which the department has issued a notice of
22discharge under ch. 283.
SB40-SSA1,1345,2423 (b) The department may grant a request under par. (a) if it determines that
24providing funding under this subsection is necessary to protect fish and aquatic life.
SB40-SSA1,1345,2525 (c) Subsection (8) (d) does not apply to a grant under this subsection.
SB40-SSA1, s. 3080
1Section 3080. 281.65 (8) (f) of the statutes is amended to read:
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