Amendment SA2-SB440

SB440-SA2,9,5 66.1103 (6) (b) The determination and findings of the governing body shall be embodied in the proceedings under which the proposed bonds are to be issued; but the amounts specified in par. (a) need not be expressed in dollars and cents in the revenue agreement and proceedings under which the bonds are authorized to be issued, but may be set forth in the form of a formula. Before the issuance of the bonds authorized by this section the municipality or county shall enter into a revenue agreement providing for payment to the municipality or county, or to the trustee for the account of the municipality or county, of those amounts, based upon the determination and findings, that will be sufficient to pay the principal of, and interest on, the bonds issued to finance the project; to build up and maintain any reserves considered advisable by the governing body, in connection with the project; and, unless the revenue agreement obligates the eligible participant to provide for the maintenance of and insurance on the project, to pay the costs of maintaining the project in good repair and keeping it properly insured.

SB440-SA2, s. 2i Section 2i. 66.1103 (6) (c) of the statutes is amended to read:

SB440-SA2,9,12 66.1103 (6) (c) A governing body may not adopt an initial resolution authorizing issuance of bonds to finance a project specified under sub. (2) (k) 11. unless the governing body finds and states in the initial resolution that the project will significantly increase the number of persons traveling to the municipality or county for business or recreation. The statement shall be included in the public notice required under sub. (10) (b).

SB440-SA2, s. 2im Section 2im. 66.1103 (6m) of the statutes is amended to read:

SB440-SA2,9,21 66.1103 (6m) Notification of position openings. A municipality or county may not enter into a revenue agreement with any person who operates for profit unless that person has agreed to notify the department of workforce development and the local workforce development board established under 29 USC 2832, of any position to be filled in that municipality or county within one year after issuance of the revenue bonds. The person shall provide this notice at least 2 weeks before advertising the position. The notice required by this subsection does not affect the offer of employment requirements of sub. (4s).

SB440-SA2, s. 2j Section 2j. 66.1103 (8) of the statutes is amended to read:

SB440-SA2,9,26 66.1103 (8) Purchase. The municipality or county may, by or with the consent of the eligible participant, accept any bona fide offer to purchase the project which is sufficient to pay all the outstanding bonds, interest, taxes, special levies and other costs that have been incurred. The municipality or county may also, by or with the consent of the eligible participant, accept any bona fide offer to purchase any unimproved land which is a part of the project, if the purchase price is not less than the cost of the land to the municipality or county computed on a prorated basis and if the purchase price is applied directly or indirectly to the payment of the principal or interest on the bonds.

SB440-SA2, s. 2jm Section 2jm. 66.1103 (9) of the statutes is amended to read:

SB440-SA2,10,19 66.1103 (9) Payment of taxes. If an industrial project acquired by a municipality or county under this section is used by a private person as a lessee, sublessee or in any capacity other than owner, that person is subject to taxation in the same amount and to the same extent as if that person were the owner of the property. Taxes shall be assessed to the private person using the real property and collected in the same manner as taxes assessed to owners of real property. When due, the taxes constitute a debt due from the private person to the taxing unit and are recoverable as provided by law, and the unpaid taxes become a lien against the property with respect to which they were assessed, superior to all other liens, except a lien under s. 292.31 (8) (i) or 292.81, and shall be placed on the tax roll when there has been a conveyance of the property in the same manner as other taxes assessed against real property.

SB440-SA2, s. 2k Section 2k. 66.1103 (10) (b) of the statutes is amended to read:

SB440-SA2,11,10 66.1103 (10) (b) Upon the adoption of an initial resolution under this section, public notice of the adoption shall be given to the electors of the municipality or county before the issuance of the bonds described in the resolution, by publication as a class 1 notice, under ch. 985. The notice need not set forth the full contents of the resolution, but shall state the maximum amount of the bonds; the name of the eligible participant; the purpose of the bonds; the net number of jobs which the project the municipality or county would finance with the bond issue is expected to eliminate, create or maintain on the project site and elsewhere in this state which is required to be shown by the proposed eligible participant on the form submitted under sub. (4m) (a) 1.; and that the resolution was adopted under this section. A form of the public notice shall be attached to the initial resolution. Prior to adoption of the initial resolution, the open meeting notice given to members of the public under s. 19.84 shall indicate that information with respect to the job impact of the project will be available at the time of consideration of the initial resolution. No other public notice of the authorization, issuance or sale of bonds under this section is required.

SB440-SA2, s. 2km Section 2km. 66.1103 (10) (c) of the statutes is amended to read:

SB440-SA2,11,19 66.1103 (10) (c) A copy of the initial resolution together with a statement indicating when the public notice required under par. (b) was published shall be filed with the secretary of commerce within 20 days following publication of notice. Prior to the closing of the bond issue, the secretary may require additional information from the eligible participant or the municipality or county. After the closing of the bond issue, the secretary shall be notified of the closing date, any substantive changes made to documents previously filed with the secretary and the principal amount of the financing.

SB440-SA2, s. 2L Section 2L. 66.1103 (10) (d) of the statutes is amended to read:

SB440-SA2,12,7 66.1103 (10) (d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality or county for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for the bonds, a petition conforming to the requirements of s. 8.40, signed by not less than 5% of the registered electors of the municipality or county, or, if there is no registration of electors in the municipality or county, by 10% of the number of electors of the municipality or county voting for the office of governor at the last general election as determined under s. 115.01 (13), is filed with the clerk of the municipality or county and as provided in s. 8.37 requesting a referendum upon the question of the issuance of the bonds. If a petition is filed, the bonds may not be issued until approved by a majority of the electors of the municipality or county voting on the referendum at a general or special election.

SB440-SA2, s. 2Lm Section 2Lm. 66.1103 (10) (e) of the statutes is amended to read:

SB440-SA2,12,11 66.1103 (10) (e) Members of a governing body and officers and employees of a municipality or county are not personally liable on bonds and are not personally liable for any act or omission related to the authorization or issuance of bonds.

SB440-SA2, s. 2m Section 2m. 66.1103 (10) (g) of the statutes is amended to read:

SB440-SA2,12,16 66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial resolution a document which provides a good faith estimate of attorney fees which will be paid from bond proceeds is filed with the clerk of the municipality or county and the department of commerce.

SB440-SA2, s. 2mm Section 2mm. 66.1103 (11) (a) of the statutes is amended to read:

SB440-SA2,13,2 66.1103 (11) (a) With respect to the enforcement of any construction lien or other lien under ch. 779 arising out of the construction of projects financed under this section, no deficiency judgment or judgment for costs may be entered against the municipality or county. Projects financed under this section are not public works, public improvements or public construction within the meaning of ss. 59.52 (29), 60.47, 61.55, 62.15, 779.14, 779.15 and 779.155 and contracts for the construction of the projects are not public contracts within the meaning of ss. 59.52 (29) and 66.0901 unless factors including municipal or county control over the costs, construction and operation of the project and the beneficial ownership of the project warrant the conclusion that they are public contracts.

SB440-SA2, s. 2n Section 2n. 66.1103 (11) (b) 2. of the statutes is amended to read:

SB440-SA2,13,7 66.1103 (11) (b) 2. The governing body of a municipality or county may waive subd. 1. with respect to a particular project by adopting an ordinance or resolution containing a statement of the reasons for the waiver and a description of the project for which waiver is made and publishing it as a class 1 notice under ch. 985.".

SB440-SA2,13,8 4. Page 3, line 19: after that line insert:

SB440-SA2,13,11 "(bm) "Midwestern disaster area bond" means a bond described under 26 USC 1400N (a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.) and (1).".

SB440-SA2,13,13 5. Page 3, line 22: delete the material beginning with that line and ending with page 4, line 10, and substitute:

SB440-SA2,13,17 "(2) Waiver. (a) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on March 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county does one of the following:

SB440-SA2,13,19 1. States that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

SB440-SA2,14,2 2. Identifies the amount of a proposed issuance of recovery zone bonds and the nongovernmental entity that will own or operate the project being financed, together with a letter addressed to the department of commerce from the prospective purchaser of the recovery zone bonds that states the expectation of the prospective purchaser that both an agreement will be executed before May 1, 2010, providing for the purchase of the recovery zone bonds, and that the recovery zone bonds will be issued before June 1, 2010.

SB440-SA2,14,6 (b) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on May 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states one of the following:

SB440-SA2,14,8 1. That recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

SB440-SA2,14,11 2. That an agreement has been executed by the city, county, other local governmental unit, or authority that will issue the recovery zone bonds, and a bond purchaser, providing for the purchase of recovery zone bonds.

SB440-SA2,14,16 (c) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on June 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

SB440-SA2,14,19 (d) Any allocation of a recovery zone bond limitation that is considered waived under this subsection may be reallocated by the department of commerce under s. 560.033.

SB440-SA2,14,24 (e) If a county that is eligible to issue a midwestern disaster area bond waives any portion of its allocation of a recovery zone bond limitation under this subsection before January 1, 2011, the department of commerce, under s. 560.033 (4), shall increase that county's allocation of Midwestern disaster area bond authority by the amount of the county's waived recovery zone bond limitation allocation.".

SB440-SA2,14,25 6. Page 5, line 6: delete that line and substitute:

SB440-SA2,15,2 "(4) Consideration of alternative financing; reallocation. Before making a".

SB440-SA2,15,4 7. Page 5, line 11: after "sought" insert ", and shall ensure that sufficient unallocated bonding authority remains to comply with s. 66.1104 (2) (e)".

SB440-SA2,15,5 8. Page 5, line 11: after that line insert:

SB440-SA2,15,6 " Section 4e. 560.034 (5) (a) of the statutes is amended to read:

SB440-SA2,15,8 560.034 (5) (a) Under sub. (2), to the city, village , town, or county which will issue the bonds to finance the project which is the subject of the estimate.".

SB440-SA2,15,9 (End)