2

LRB-1169/2

ARG:jld:ph

2013 - 2014 LEGISLATURE

DOA:......Byrnes, BB0394 - General obligation bonding for southeast freeway megaprojects

For 2013-2015 Budget -- Not Ready For Introduction

An Act ...; relating to: the budget.

Analysis by the Legislative Reference Bureau

transportation

Highways

Current law specifies that southeast Wisconsin freeway megaprojects are highway projects on southeast Wisconsin freeways that have a total cost of more than $500,000,000, as adjusted annually for inflation by DOT. DOT may not provide funding for construction of these projects without legislative approval and the legislature has approved only the I 94 north-south corridor project and the Zoo interchange project. Among the available funding sources for these projects are proceeds from general obligation bonds, the debt service on which is paid from the transportation fund. The state may contract up to $704,750,000 in public debt, in the form of general obligation bonds, for DOT's funding of certain projects, including southeast Wisconsin freeway megaprojects.

This bill authorizes an additional $200,000,000 in general obligation bond proceeds to fund southeast Wisconsin freeway megaprojects. Debt service on these bonds is paid from the general fund.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

Section 1. 20.395 (6) (af) of the statutes is amended to read:

20.395 (6) (af) Principal repayment and interest, local roads for job preservation program and, major highway and rehabilitation projects, southeast megaprojects, state funds. From the general fund, a sum sufficient to reimburse s. 20.866 (1) (u) for the payment of principal and interest costs incurred in financing the local roads for job preservation program under s. 86.312 and, major highway and rehabilitation projects, as provided under ss. 20.866 (2) (uum) and (uur), 84.555, and 84.95, and southeast Wisconsin freeway megaprojects, as provided under ss. 20.866 (2) (uur) and 84.555 (1m), to make the payments determined by the building commission under s. 13.488 (1) (m) that are attributable to the proceeds of obligations incurred in financing the local roads for job preservation program under s. 86.312, and to make payments under an agreement or ancillary arrangement entered into under s. 18.06 (8) (a).

****Note: This Section involves a change in an appropriation that must be reflected in the revised schedule in s. 20.005, stats.

Section 2. 20.866 (2) (uur) of the statutes is amended to read:

20.866 (2) (uur) Transportation; state highway rehabilitation projects, southeast megaprojects. From the capital improvement fund, a sum sufficient for the department of transportation to fund state highway rehabilitation projects, as provided under s. 84.95, and southeast Wisconsin freeway megaprojects under s. 84.0145, as provided under s. 84.555 (1m). The state may contract public debt in an amount not to exceed $250,000,000 for this purpose these purposes. In addition, the state may contract public debt in an amount not to exceed $50 million for this purpose these purposes. In addition, the state may contract public debt in an amount not to exceed $204,712,200 for this purpose these purposes. In addition, the state may contract public debt in an amount not to exceed $115,351,500 for this purpose these purposes. In addition, the state may contract public debt in an amount not to exceed $200,000,000 for southeast Wisconsin freeway megaprojects under s. 84.0145, as provided under s. 84.555 (1m).

****Note: This Section involves a change in an appropriation that must be reflected in the revised schedule in s. 20.005, stats.

Section 3. 84.0145 (2) of the statutes is amended to read:

84.0145 (2) Subject to sub. (3) and s. 86.255, any southeast Wisconsin freeway megaproject may be funded only from the appropriations under ss. 20.395 (3) (aq), (av), (ax), and (ct) and 20.866 (2) (uup) and (uur).

Section 4. 84.555 (1m) of the statutes is amended to read:

84.555 (1m) Notwithstanding sub. (1) and ss. 84.51 and 84.59, the proceeds of general obligation bonds issued under s. 20.866 (2) (uum) are allocated for expenditure obligations under s. 84.95 and s. 84.014 and , the proceeds of general obligation bonds issued under s. 20.866 (2) (uup) may be used to fund expenditure obligations for the Marquette interchange reconstruction project under s. 84.014, for the reconstruction of the I 94 north-south corridor, as defined in s. 84.014 (5m) (ag) 1., for the reconstruction of the Zoo interchange, as defined in s. 84.014 (5m) (ag) 2., and for southeast Wisconsin freeway megaprojects under s. 84.0145, and for high-cost state highway bridge projects under s. 84.017, and the proceeds of general obligation bonds issued under s. 20.866 (2) (uur) may be used to fund expenditure obligations for southeast Wisconsin freeway megaprojects under s. 84.0145.

****Note: This is reconciled s. 84.555 (1m). This Section has been affected by drafts with the following LRB numbers: LRB-1169 and LRB-0612. In this draft, I added text from LRB-0612.

(End)