LRB-0734/P1
SWB:kjf
2021 - 2022 LEGISLATURE
DOA:......Subach, BB0232 - Authorize Counties to Borrow Money to Address the Loss of Revenues due to Emergencies
For 2021-2023 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
Local government
County debt issuance
This bill authorizes a county to issue debt to replace revenue lost due to a disaster or public health emergency declared by the governor or by the county board itself. The county board must adopt a resolution stating that the debt is issued for such a purpose, must specify the amount of revenue lost or expected to be lost, and must send a certified copy of the resolution to DOA. DOA must determine, based on the resolution and any other available information, the appropriate amount of debt that the county may issue. The bill requires DOA to promulgate any rules it believes are necessary to administer its requirement to determine the appropriate amount of debt. Under the bill, the county may not issue debt in an amount that exceeds the amount specified by DOA. The debt may not be issued for a term that exceeds 10 years.
For further information see the state and local 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. 67.04 (5) (b) 5. of the statutes is created to read:
67.04 (5) (b) 5. To replace revenue lost due to a disaster or public health emergency declared by the governor under s. 323.10 or by the county board under s. 323.11.
Section 2
. 67.045 (1) (i) of the statutes is created to read:
67.045 (1) (i) The county board adopts a resolution stating that the debt is issued to replace revenue lost due to a disaster or public health emergency declared by the governor under s. 323.10 or by the county board under s. 323.11. The resolution shall specify the amount of revenue lost, or expected to be lost, due to effects related to the disaster or public health emergency, and a certified copy of the resolution shall be sent to the department of administration. The county may not issue the debt in an amount that exceeds the amount specified by the department of administration under sub. (2) (c), and the debt may not be for a term that exceeds 10 years.
Section 3
. 67.045 (2) (c) of the statutes is created to read:
67.045 (2) (c) 1. Following receipt of a certified resolution under sub. (1) (i), the department of administration shall determine, based on the resolution and all other available information, the appropriate amount of bonding that a county may issue pursuant to sub. (1) (i). The department shall notify the county of its determination as soon as practicable.
2. The department of administration shall promulgate any administrative rules it believes are necessary to administer this paragraph.
(End)
