LRB-1855/P2
ZDW:cdc&amn
2023 - 2024 LEGISLATURE
DOA:......Aslesen, BB0527 - Fund creation and general fund transfer
For 2023-2025 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
Transportation
General transportation
Transportation facilities revenue obligation repayment fund
Under current law, the Building Commission may issue revenue bonds for major highway projects and transportation administrative facilities. DOT may deposit in special trust funds certain revenues pledged for the repayment of these revenue bonds. Moneys pledged in excess of the amount needed for repayment of the bonds are transferred to the transportation fund, free of any pledge.
This bill authorizes DOT to create a new trust fund and requires the transfer of $379,369,800 from the general fund to the trust fund, for the purpose of repayment of revenue bonds.
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. 84.59 (2) (c) of the statutes is created to read:
84.59 (2) (c) The department may, under s. 18.561 or 18.562, deposit in a separate and distinct fund outside the state treasury, in an account maintained by a trustee, the revenues derived under 2023 Wisconsin Act .... (this act), section 9244 (1). The revenues deposited are the trustee's revenues in accordance with the agreement between this state and the trustee or in accordance with the resolution pledging the revenues to the repayment of revenue obligations issued under this section. Revenue obligations issued for the purposes specified in sub. (1) and for the repayment of which revenues are deposited under this paragraph are special fund obligations, as defined in s. 18.52 (7), issued for special fund programs, as defined in s. 18.52 (8).
Section 9244.
Fiscal changes; Transportation.
(1)
Transportation facilities revenue obligation repayment fund. There is transferred from the general fund to the trust fund created under s. 84.59 (2) (c) $379,369,800 during the 2023-25 fiscal biennium.
(End)
