SB436: Bill Text

SB436,165,4 (d) The pledge of the sinking fund under par. (c) shall be valid and binding from the time when the pledge is made; the. The tolls or other revenues or other moneys so pledged and thereafter received by the corporation shall immediately be subject to the lien of such the pledge without any physical delivery thereof, or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the corporation. All trust agreements and all resolutions relating thereto shall be filed with the department of financial institutions and recorded in the records of the corporation.

Note: Subdivides provision and replaces and reorganizes language for greater readability and conformity with current style.

SB436, s. 422 Section 422. 183.0109 (1) (b) of the statutes, as affected by 1995 Wisconsin Act 27, section 4768b, is amended to read:

SB436,165,9 183.0109 (1) (b) The forms prescribed by the department under par. (a) 1. to 3. 4. shall require disclosure of only the information required under ss. 183.1004, 183.1006, 183.1011 and 183.0120, respectively.

Note: 1995 Wis. Act 27, s. 4767, amended s. 183.0109 (1) (b) by changing "3." to "4.". Section 4768b replaced "4." with "3." without strikes or underscores. No change was intended.

SB436, s. 423 Section 423. 183.0120 (1) (intro.), (2) and (4) of the statutes, as affected by 1995 Wisconsin Act 27, section 4798b, are amended to read:

SB436,165,14 183.0120 (1) (intro.) Each domestic limited liability company and each foreign limited liability company registered to transact business in this state shall file with the department an annual report that includes all of the following information:

SB436,165,20 (2) Information in the annual report shall be current as of the date on which the annual report is executed on behalf of a domestic limited liability company or a foreign limited liability company, except that the information required by sub. (1) (e) shall be current as of the close of the domestic limited liability company's or foreign limited liability company's fiscal year immediately before the date by which the annual report is required to be delivered to the department.

SB436,166,2 (4) If an annual report does not contain the information required by this section, the department shall promptly notify the reporting domestic limited liability company or foreign limited liability company in writing and return the report to it for correction.

Note: The stricken language was inserted by 1995 Wis. Act 27, s. 4798b without being shown as underscored. The original governor's budget contained the references to domestic limited liability companies which are stricken here. Those references were subsequently deleted. Section 4798b was added to Act 27 by amendment. That amendment was drafted using the original language, and the references to domestic companies were inadvertently retained.

SB436, s. 424 Section 424. 183.0120 (3) (a) of the statutes, as affected by 1995 Wisconsin Act 27, section 4798b, is repealed.

Note: See the note to the treatment of s. 183.0120 (1) (intro.), (2) and (4) by this bill.

SB436, s. 425 Section 425. 183.0120 (3) (b) of the statutes, as affected by 1995 Wisconsin Act 27, section 4798b, is renumbered 183.0120 (3).

Note: This provision is renumbered consistent with the treatment by the previous section of this bill.

SB436, s. 426 Section 426. 184.04 of the statutes is renumbered 184.04 (1) (intro.) and amended to read:

SB436,166,12 184.04 (1) (intro.) No securities shall be issued by any public service corporation except for money, property or services actually received by it. The amount of money, and the value of the property or the services to be so received shall be:

SB436,166,13 (a) in In case of stock having a par value, not less than the par value thereof;

SB436,166,15 (b) in In case of stock having no par value, not less than the amount specified in the commission's certificate of authority as the selling price of such the stock; and

SB436,166,18 (c) in In case of evidences of indebtedness, such a sum as that the commission may determine determines to be a reasonable price, but in any event not less than 75% of their face value.

SB436,167,9 (2) The limitations of this section shall not apply to the sale of evidences of indebtedness of a public service corporation by way of enforcement of a pledge of such the evidences of indebtedness, made by the corporation pursuant to a certificate of authority issued by the commission, as security for lawful indebtedness of the corporation; but in all such cases the instrument of pledge shall contain a provision to the effect that none of the pledged securities shall be sold or become the absolute property of the pledgee, either directly or indirectly, except at public sale, notice whereof shall be published as a class 3 notice, under ch. 985, in the place where such the sale shall take place, and further to the effect that the sale shall not be made below the price fixed therefor by the commission in its certificate authorizing the pledging of such the securities.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

SB436, s. 427 Section 427. 184.06 (1) of the statutes is renumbered 184.06 (1) (a) (intro.) and amended to read:

SB436,167,17 184.06 (1) (a) (intro.) Upon the conclusion of its investigation, if the commission shall find that the proposed issue complies with the provisions of this chapter and that the financial condition, plan of operation and proposed undertakings of the corporation are such as to will afford reasonable protection to purchasers of the securities to be issued, it the commission shall issue to the corporation a certificate of authority stating all of the following:

SB436,167,19 (1). The amount of securities reasonably necessary and the character of the same;( securities.

SB436,167,21 2) the. The purposes for which they the securities are to be issued in such detail as the commission may deem consider necessary; and (.

SB436,168,3 3) the. The terms on which they the securities are to be sold or otherwise disposed of, including a description and a determination of the value of any property or services to be received in partial or full payment therefor; and the.

SB436,168,5 (b) A corporation shall not issue the securities on any other terms or for any other purposes than that stated in such the certificate issued under par. (a).

SB436,168,15 (c) If any portion of the securities authorized by the certificate are evidences of indebtedness which are to be pledged to secure lawful obligations of the applicant, the commission in its certificate shall state the minimum price at which such the securities may be sold in the event of any enforcement of the pledge. If the purpose of the issue is, in whole or in part, to provide funds for properties to be constructed or acquired, the commission may, if it finds that the public interest so requires, require the applicant to impound the proceeds of such the securities, or furnish suitable bonds to guarantee the completion of such the project, under such conditions as that the commission shall find finds to be reasonable and shall specify specifies in the certificate.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

SB436, s. 428 Section 428. 185.42 (5) of the statutes is amended by replacing "originally or recorded" with "originally filed or recorded".

Note: Reinserts language unintentionally deleted by 1993 Wis. Act 301.

SB436, s. 429 Section 429. 186.29 (2) (c) of the statutes, as affected by 1995 Wisconsin Act 27, is amended by replacing "incumbrance" with "encumbrance".

Note: Inserts preferred spelling.

SB436, s. 430 Section 430. 192.54 of the statutes is amended to read:

SB436,169,3 192.54 General penalty for this chapter. If any railroad corporation, its officers, agents or servants violate or fail to comply with any provision of this chapter such the corporation shall, for every violation or failure (,unless some other penalty is specifically provided), forfeit not less than ten $10 nor more than one thousand dollars $1,000, and be liable to the person injured for all damages sustained thereby.

Note: Replaces parentheses and replaces word form of numbers with digits for greater conformity with current style.

SB436, s. 431 Section 431. 195.19 (3) of the statutes is amended by replacing "city or village or town" with "city, village or town".

Note: Replaces "or" with comma to correct grammar.

SB436, s. 432 Section 432. 196.52 (4) of the statutes is renumbered 196.52 (4) (a) and amended to read:

SB436,169,14 196.52 (4) (a) In any proceeding, whether upon the commission's own motion or upon application or complaint, involving the rates or practices of any public utility, the commission may exclude from the accounts of the public utility any payment or compensation to or from an affiliated interest for any services rendered or property or service furnished under an existing contract or arrangement with an affiliated interest under sub. (3) (a) unless the public utility establishes the reasonableness of the payment or compensation. In the proceeding the

SB436,169,17 (b) The commission shall disallow the payment or compensation described in par. (a), in whole or in part, in the absence of satisfactory proof that the payment or compensation is reasonable in amount. In the proceeding the

SB436,169,22 (c) The commission may not approve or allow any payment or compensation described in par. (a), in whole or in part, unless satisfactory proof is submitted to the commission of the cost to the affiliated interest of rendering the service or furnishing the property or service to each public utility or of the cost to the public utility of rendering the service or furnishing the property or service to each affiliated interest.

SB436,170,7 (d) No proof shall be satisfactory under this paragraph subsection unless it includes the original (or verified copies) of the relevant cost records and other relevant accounts of the affiliated interest, or an abstract of the records and accounts or a summary taken from the records and accounts if the commission deems the abstract or summary adequate. The accounts shall be properly identified and duly authenticated. The commission, where reasonable, may approve or disapprove a contract or arrangement without submission of the cost records or accounts.

Note: Subdivides provision, deletes parentheses and replaces language for greater readability and conformity with current style.

SB436, s. 433 Section 433. 215.02 (15) (a) 1. b. of the statutes is amended to read:

SB436,170,14 215.02 (15) (a) 1. b. A petition signed by not less than 25 savers in an association, stating that: 1) the association or the officers or directors of the association fail to honor requests for the withdrawal of savings accounts under this chapter; 2),the officers or directors are conducting the business of the association in an unsafe or unauthorized manner; 3) , and by the acts or negligence of officers or directors the funds or assets of the association are or may become impaired.

Note: Deletes improper subdivision designations.

SB436, s. 434 Section 434. 215.32 (6) (c) of the statutes, as affected by 1995 Wisconsin Act 27, is amended by replacing "incumbrance" with "encumbrance".

Note: Inserts preferred spelling.

SB436, s. 435 Section 435. 215.32 (15) (c) of the statutes, as affected by 1995 Wisconsin Act 27, is amended by replacing "incumbered" with "encumbered".

Note: Inserts preferred spelling.

SB436, s. 436 Section 436. 218.01 (2) (b) of the statutes, as affected by 1995 Wisconsin Act 27, section 5842, is amended to read:

SB436,171,15 218.01 (2) (b) Application for license shall be made to the licensor, at such time, in such form and with such information as the licensor shall require and shall be accompanied by the required fees. An applicant for a sales finance company license, other than a a motor vehicle dealer, shall pay to the commissioner a nonrefundable $300 investigation fee in addition to the license fee under par. (dr). If the cost of an investigation exceeds $300, the applicant shall, upon demand of the commissioner, pay the amount by which the cost of the investigation exceeds the nonrefundable fee. A licensee is not required to pay an investigation fee for the renewal of a license. The licensor may require the applicant to provide information relating to any pertinent matter that is commensurate with the safeguarding of the public interest in the locality in which the applicant proposes to engage in business, except that information relating to the applicant's solvency and financial standing may not be required except as provided in par. (h) 1. The information provided may be considered by the licensor in determining the fitness of the applicant to engage in business as set forth in this section.

Note: Deletes repeated word.

SB436, s. 437 Section 437 . 218.01 (2) (b) of the statutes, as affected by 1995 Wisconsin Act 27, section 5843, is amended to read:

SB436,172,8 218.01 (2) (b) Application for license shall be made to the licensor, at such time, in such form and with such information as the licensor shall require and shall be accompanied by the required fees. An applicant for a sales finance company license, other than a a motor vehicle dealer, shall pay to the division of banking a nonrefundable $300 investigation fee in addition to the license fee under par. (dr). If the cost of an investigation exceeds $300, the applicant shall, upon demand of the division of banking, pay the amount by which the cost of the investigation exceeds the nonrefundable fee. A licensee is not required to pay an investigation fee for the renewal of a license. The licensor may require the applicant to provide information relating to any pertinent matter that is commensurate with the safeguarding of the public interest in the locality in which the applicant proposes to engage in business, except that information relating to the applicant's solvency and financial standing may not be required except as provided in par. (h) 1. The information provided may be considered by the licensor in determining the fitness of the applicant to engage in business as set forth in this section.

Note: Deletes repeated word.

SB436, s. 438 Section 438. 218.05 (4) of the statutes, as affected by 1995 Wisconsin Act 27, is renumbered 218.05 (4) (a) (intro.) and amended to read:

SB436,172,15 218.05 (4) (a) (intro.) If The division shall issue to the applicant qualifying under this section a license to operate a community currency exchange at the location specified in the application. The license shall remain in full force and effect until it is surrendered by the licensee or revoked by the division if the division shall find finds after investigation that all of the applicant (a) following conditions are met:

SB436,172,16 1. The applicant is trustworthy and reputable, (b).

SB436,172,19 2. The applicant has business experience qualifying the applicant to competently conduct, operate, own, or become associated with a community currency exchange, and (c).

SB436,172,24 3. The applicant has a good business reputation and is worthy of a license, the commissioner shall issue to the applicant qualifying hereunder, a license to operate a community currency exchange at the location specified in the application, which license shall remain in full force and effect until it is surrendered by the licensee or revoked by the division.

SB436,173,12 (b) If the division shall not so find finds that the conditions under par. (a) 1. to 3. are not met, the division shall not issue such the license and shall notify the applicant of such the denial, retaining the investigation fee to cover the cost of investigating the applicant. The division shall approve or deny every application within 30 days from the filing thereof. No application shall be denied unless the applicant has had notice of a hearing on said the application and an opportunity to be heard thereon. If the application is denied, the division shall, within 20 days thereafter, prepare and keep on file with the division a written order of denial which shall contain the division's findings with respect thereto and the reasons supporting the denial, and. The division shall mail a copy thereof of the order of denial to the applicant at the address set forth in the application, within 5 days after the filing of such the order.

Note: Subdivides provision and reorders text for greater readability and conformity with current style.

SB436, s. 439 Section 439. 221.04 (1) (n) 1. a. of the statutes is amended to read:

SB436,173,17 221.04 (1) (n) 1. a. At least 25% by area of the real property within 2 miles of the former principal office is either a blighted area, as defined in s. 66.431 (4) (2m) (b), or an area in need of rehabilitation or conservation work within the meaning of s. 66.435 (3) (2m) (b);

Note: Amends cross-reference to correspond with renumbering by this bill.

SB436, s. 440 Section 440. 230.213 of the statutes, as affected by 1995 Wisconsin Act 27, sections 6283 and 6283m, is repealed and recreated to read:

SB436,174,9 230.213 Affirmative action procedures for corrections positions. The administrator may, to meet affirmative action objectives, establish such recruitment, examination and certification procedures for positions in the department of corrections and for positions in juvenile correctional institutions within the department of health and social services as will enable the department of corrections and the department of health and social services to increase the number of employes of a specified gender or a specified racial or ethnic group in those positions. The administrator shall design the procedures to obtain a work force in the department of corrections and in juvenile correctional institutions within the department of health and social services that reflects the relevant labor pool. The administrator may determine the relevant labor pool from the population of the state or of a particular geographic area of the state, whichever is more appropriate for achieving the affirmative action objective.

Note: 1995 Wis. Act 27, ss. 6283 and 6283m both treat s. 230.213, stats., effective on the day after publication. The treatment by s. 6283m was for the purpose of transferring youth corrections functions from the department of health and social services to the department of corrections. Section 9426 (19t) of Act 27 provides for this transfer to be made effective 7-1-96. Through an error s. 230.13, stats., and not s. 230.213, stats., was included in s. 9426 (19t). This section recreates s. 230.213 in accordance with s. 6283 effective immediately. The following section of this bill recreates the repeal and recreation of s. 230.213 by s. 6283m, effective 7-1-96.

SB436, s. 441 Section 441 . 230.213 of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

SB436,174,21 230.213 Affirmative action procedures for corrections positions. The administrator may, to meet affirmative action objectives, establish such recruitment, examination and certification procedures for positions in the department of corrections as will enable the department of corrections to increase the number of employes of a specified gender or a specified racial or ethnic group in those positions. The administrator shall design the procedures to obtain a work force in the department of corrections that reflects the relevant labor pool. The administrator may determine the relevant labor pool from the population of the state or of a particular geographic area of the state, whichever is more appropriate for achieving the affirmative action objective.

Note: See the note to the previous section of this bill.

SB436, s. 442 Section 442. 234.15 (1) of the statutes is renumbered 234.15 (1r).

Note: See the Note to the next section of this bill.

SB436, s. 443 Section 443. 234.15 (1g) of the statutes is created to read:

SB436,175,8 234.15 (1g) In this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which a capital reserve fund is established, which amount shall not exceed the maximum annual debt service on the bonds of the authority for that fiscal year or any future fiscal year of the authority secured in whole or in part by the capital reserve fund.

Note: Repositions definition from s. 234.54 (3) in conformity with current style.

SB436, s. 444 Section 444. 234.15 (3) of the statutes is renumbered 234.15 (3) (a) (intro.) and amended to read:

SB436,176,3 234.15 (3) (a) (intro.) The authority shall not at any time issue bonds, secured in whole or in part by a capital reserve fund if upon the issuance of such the bonds, the amount in such the capital reserve fund will be less than the capital reserve fund requirement of such the capital reserve fund, unless the authority, at the time of issuance of such the bonds, deposits in such the capital reserve fund from the proceeds of the bonds to be issued, or from other sources, an amount which, together with the amount then in such the capital reserve fund, will not be less than the capital reserve fund requirement for such the capital reserve fund. For purposes of this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the authority authorizing the bonds with respect to which such fund is established, which amount shall not exceed the maximum annual debt service on the bonds of the authority for that fiscal year or any future fiscal year of the authority secured in whole or in part by such fund. The annual debt service for any fiscal year is the amount of money equal to the aggregate of a) all of the following;

SB436,176,6 1. All interest payable during such fiscal year on all bonds secured in whole or in part by such the capital reserve fund outstanding on the date of computation, plus b) the.

SB436,176,8 2. The principal amount of all such bonds described in subd. 1. outstanding on said the date of computation which mature during such the fiscal year, plus c) all

SB436,176,12 3. All amounts specified in any resolution of the authority authorizing any of such the bonds described in subd. 1. as payable during such the fiscal year as a sinking fund payment with respect to any of such the bonds which mature after such the fiscal year, all.

SB436,176,21 (b) The annual debt service calculation made under par. (a) shall be calculated on the assumption that such the bonds will after such the date of computation cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due and application in accordance with the resolution authorizing those bonds, of all of such the sinking fund payments payable at or after such the date of computation. However, in computing the annual debt service for any fiscal year, bonds deemed considered to have been paid in accordance with the defeasance provisions of the resolution of the authority authorizing the issuance thereof shall not be included in bonds outstanding on such the date of computation.

Note: Subdivides provision and replaces language for greater readability and conformity with current style.

SB436, s. 445 Section 445. 234.15 (6) of the statutes is amended to read:

SB436,177,7 234.15 (6) Notwithstanding subs. (1) (1r) to (5), the authority, subject to such agreements with noteholders or bondholders as may then exist, may elect not to secure any particular issue of its bonds with a capital reserve fund. Such election shall be made in the resolution authorizing such issue. In this event, subs. (2) and (3) shall not apply to the bonds of such issue in that they shall not be entitled to payment out of or be eligible for purchase by any such fund nor shall they be taken into account in computing or applying any capital reserve fund requirement.

Note: Amends cross-reference consistent with renumbering by this bill.

SB436, s. 446 Section 446. 234.54 (1) of the statutes is renumbered 234.54 (1r).