LRB-2520/1
MES:jlg:jf
1999 - 2000 LEGISLATURE
May 6, 1999 - Introduced by Representatives Ziegelbauer, Grothman, Huber, F.
Lasee, Ainsworth, Duff, Goetsch, Jeskewitz, Ladwig, La Fave, M. Lehman,
Miller, Musser, Olsen, Plouff, Powers, Stone and Turner, cosponsored by
Senators Grobschmidt and Roessler. Referred to Committee on Urban and
Local Affairs.
AB333,1,3
1An Act to create 67.04 (5) (b) 4. of the statutes;
relating to: debt issued by a
2county to pay for unfunded prior service liability contributions under the
3Wisconsin retirement system.
Analysis by the Legislative Reference Bureau
Under current law, a school district may issue debt in the form of a promissory
note for the purpose of paying unfunded prior service liability contributions under
the Wisconsin retirement system (WRS) if all of the proceeds of the note are used for
that purpose. Such borrowing is not subject to approval in a referendum by the
electors in the district.
Under this bill, a county may issue debt in the form of a promissory note for the
purpose of paying unfunded prior service liability contributions under WRS if all of
the proceeds of the note are used for that purpose. Such borrowing is not subject to
approval in a referendum by the electors in the political subdivision.
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:
AB333, s. 1
4Section
1. 67.04 (5) (b) 4. of the statutes is created to read:
AB333,2,3
167.04
(5) (b) 4. To pay unfunded prior service liability contributions under the
2Wisconsin retirement system if all of the proceeds of the note will be used to pay for
3such contributions.
AB333,2,65
(1) This act first applies to promissory notes that are issued on the effective date
6of this subsection.
