AB348,18,323 18.61 (3) (b) 1. By action or proceeding, enforce all rights of all holders owners
24of the issue of revenue obligations, including the right to require the state to collect
25enterprise or program income adequate to carry out any agreement as to, or pledge

1of, such income and to require the state to carry out any other agreements with the
2holders owners of the revenue obligations and to perform its duties under this
3subchapter;
AB348, s. 36 4Section 36. 18.61 (3) (b) 3. of the statutes is amended to read:
AB348,18,65 18.61 (3) (b) 3. By action, require the state to account as if it were the trustee
6of an express trust for the holders owners of the revenue obligations;
AB348, s. 37 7Section 37. 18.61 (3) (b) 4. of the statutes is amended to read:
AB348,18,98 18.61 (3) (b) 4. By action, enjoin any acts or things which may be unlawful or
9in violation of the rights of the holders owners of the revenue obligations; and
AB348, s. 38 10Section 38. 18.61 (3) (c) of the statutes is amended to read:
AB348,18,1411 18.61 (3) (c) The trustee shall have all of the powers necessary or appropriate
12for the exercise of any functions specifically set forth in this subchapter or incident
13to the general representation of the holders owners of revenue obligations in the
14enforcement and protection of their rights.
AB348, s. 39 15Section 39. 18.61 (4) of the statutes is amended to read:
AB348,18,2216 18.61 (4) Any public officer or public employe, as defined in s. 939.22 (30), and
17the surety on the person's official bond, or any other person participating in any
18direct or indirect impairment of any fund established under this subchapter, shall
19be liable in any action brought by the attorney general in the name of the state, or
20by any taxpayer of the state, or by the holder of any evidence owner of revenue
21obligation payable in whole or in part, directly or indirectly, out of such fund, to
22restore to the fund all diversions from the fund.
AB348, s. 40 23Section 40. 20.143 (3) (s) of the statutes is created to read:
AB348,19,624 20.143 (3) (s) Petroleum inspection fund — revenue obligation proceeds. As a
25continuing appropriation, all proceeds from revenue obligations that are issued

1under subch. II or IV of ch. 18, authorized under s. 101.143 (9m) and deposited in a
2fund in the state treasury created under s. 18.57 (1), to provide for reserves and for
3expenses of issuance and management of the revenue obligations, and the remainder
4to be transferred to the petroleum inspection fund for the purposes of the petroleum
5storage remedial action program under s. 101.143. Estimated disbursements under
6this paragraph shall not be included in the schedule under s. 20.005.
AB348, s. 41 7Section 41. 20.143 (3) (t) of the statutes is created to read:
AB348,19,118 20.143 (3) (t) Petroleum inspection fund -- revenue obligation repayment. From
9the petroleum inspection fund, a sum sufficient to repay the fund in the state
10treasury created under s. 18.57 (1) the amount needed to retire revenue obligations
11issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m).
AB348, s. 42 12Section 42. 20.143 (3) (u) of the statutes is created to read:
AB348,19,2213 20.143 (3) (u) Revenue obligation debt service -- petroleum inspection fund.
14From the fund in the state treasury created under s. 18.57 (1), all moneys received
15by the fund for the purpose of the retirement of revenue obligations, providing for
16reserves and for operations relating to the management and retirement of revenue
17obligations issued under subch. II or IV of ch. 18, as authorized under s. 101.143 (9m).
18All moneys received by the fund are irrevocably appropriated in accordance with
19subch. II of ch. 18 and further established in resolutions authorizing the issuance of
20the revenue obligations and setting forth the distribution of funds to be received
21thereafter. Estimated disbursements under this paragraph shall not be included in
22the schedule under s. 20.005.
AB348, s. 43 23Section 43. 20.143 (3) (v) of the statutes is amended to read:
AB348,20,324 20.143 (3) (v) Petroleum storage environmental remedial action; awards.
25Biennially, from the petroleum inspection fund, the amounts in the schedule to pay

1awards under s. 101.143 and, legal costs incurred under s. 101.143 (7m), amounts
2to reduce principal of outstanding revenue obligations issued pursuant to s. 101.143
3(9m)
.
AB348, s. 44 4Section 44. 20.143 (3) (vb) of the statutes is created to read:
AB348,20,105 20.143 (3) (vb) Petroleum storage environmental remedial action revenue
6bonding; awards.
From the petroleum inspection fund, a sum sufficient not to exceed
7the net proceeds of special fund obligations issued pursuant to s. 101.143 (9m) to pay
8awards under s. 101.143 (4) and legal costs incurred under s. 101.143 (7m).
9Estimated disbursements under this paragraph shall not be included in the schedule
10under s. 20.005.
AB348, s. 45 11Section 45. 25.47 of the statutes is renumbered 25.47 (intro.) and amended
12to read:
AB348,20,14 1325.47 Petroleum inspection fund. (intro.) There is established a separate
14nonlapsible trust fund designated as the petroleum inspection fund, to consist of the:
AB348,20,15 15(1) The fees imposed under s. 168.12 (1), the.
AB348,20,16 16(2) The payments under s. 101.143 (4) (h) 1m., the
AB348,20,17 17(3) The payments under s. 101.143 (5) (a) and the.
AB348,20,18 18(4) The net recoveries under s. 101.143 (5) (c).
AB348, s. 46 19Section 46. 25.47 (5) of the statutes is created to read:
AB348,20,2120 25.47 (5) The moneys transferred from the appropriation account under s.
2120.143 (3) (s).
AB348, s. 47 22Section 47. 45.79 (9) (a) of the statutes is amended to read:
AB348,21,823 45.79 (9) (a) All moneys received from any source for repayment of loans,
24mortgages or mortgage loan notes funded with proceeds of revenue obligations
25issued under sub. (6) (c) shall be deposited into one or more separate nonlapsible

1trust funds in the state treasury or with a trustee as provided in s. 18.56 18.561 (9)
2(j) or 18.562 (5) (e). The board may pledge revenues received by the funds to secure
3revenue obligations issued under sub. (6) (c) and shall have all other powers
4necessary and convenient to distribute the proceeds of the revenue obligations and
5loan repayments in accordance with subch. II of ch. 18. Unrestricted balances in the
6funds may be used to fund additional loans issued under sub. (6) (c) and pay the
7balances owing on loans after the assumptions of the loans or the closings of the sales
8of residences under sub. (10) (c).
AB348, s. 48 9Section 48. 84.59 (2) of the statutes is amended to read:
AB348,21,1510 84.59 (2) The department may, under s. 18.56 18.561 (5) and (9) (j) or 18.562
11(3) and (5) (e)
, deposit in a separate and distinct fund outside the state treasury, in
12an account maintained by a trustee, revenues derived under s. 341.25. The revenues
13deposited are the trustee's revenues in accordance with the agreement between this
14state and the trustee or in accordance with the resolution pledging the revenues to
15the repayment of revenue obligations issued under this section.
AB348, s. 49 16Section 49. 85.52 (5) (c) of the statutes is amended to read:
AB348,21,2417 85.52 (5) (c) The department of administration may, under s. 18.56 18.561 (5)
18and (9) (j) or 18.562 (3) and (5) (e), deposit in a separate and distinct fund in the state
19treasury or in an account maintained by a trustee outside the state treasury, any
20portion of the revenues derived under s. 25.405 (2). The revenues deposited with a
21trustee outside the state treasury are the trustee's revenues in accordance with the
22agreement between this state and the trustee or in accordance with the resolution
23pledging the revenues to the repayment of revenue obligations issued under this
24subsection.
AB348, s. 50 25Section 50. 101.143 (9m) of the statutes is created to read:
AB348,22,8
1101.143 (9m) Revenue obligations. (a) For purposes of subch. II of ch. 18, the
2petroleum storage remedial action program is a special fund program, and the
3petroleum inspection fund is a special fund. The petroleum inspection fund is a
4segregated fund created by the imposition of fees, penalties or excise taxes. The
5legislature finds and determines that a nexus exists between the petroleum storage
6remedial action program and the petroleum inspection fund in that fees imposed on
7users of petroleum are used to remedy environmental damage caused by petroleum
8storage.
AB348,22,139 (b) Deposits, appropriations or transfers to the petroleum inspection fund for
10the purposes of the petroleum storage remedial action program may be funded with
11the proceeds of revenue obligations issued subject to and in accordance with subch.
12II of ch. 18 and, if designated a higher education bond, in accordance with subch. IV
13of ch. 18.
AB348,22,1714 (e) The department shall have all other powers necessary and convenient to
15distribute the special fund revenues and to distribute the proceeds of the revenue
16obligations in accordance with subch. II of ch. 18 and, if designated a higher
17education bond, in accordance with subch. IV of ch. 18.
AB348,22,2118 (f) The department may enter into agreements with the federal government or
19its agencies, political subdivisions of this state, individuals or private entities to
20insure or in any other manner provide additional security for the revenue obligations
21issued under this subsection.
AB348,23,522 (g) Revenue obligations may be contracted by the building commission when
23it reasonably appears to the building commission that all obligations incurred under
24this subsection can be fully paid on a timely basis from moneys received or
25anticipated to be received. Revenue obligations issued under this subsection may not

1exceed $450,000,000 in principal amount. In addition to this limit on principal
2amount, the building commission may contract revenue obligations under this
3subsection as the building commission determines is desirable to fund or refund
4outstanding revenue obligations, to pay issuance or administrative expenses, to
5make deposits to reserve funds or to pay accrued or capitalized interest.
AB348,23,116 (h) Unless otherwise expressly provided in resolutions authorizing the
7issuance of revenue obligations or in other agreements with the owners of revenue
8obligations, each issue of revenue obligations under this subsection shall be on a
9parity with every other revenue obligation issued under this subsection and in
10accordance with subch. II of ch. 18 and, if designated a higher education bond, in
11accordance with subch. IV of ch. 18.
AB348,23,1712 (i) Recognizing its moral obligation to do so, the legislature expresses its
13expectation and aspiration that, if the legislature reduces the rate of the petroleum
14inspection fee and if the funds in the petroleum inspection fund are insufficient to
15pay the principal and interest on the revenue obligations issued under subch. II or
16IV of ch. 18 pursuant to this subsection, the legislature shall make an appropriation
17from the general fund sufficient to pay the principal and interest on the obligations.
AB348, s. 51 18Section 51. 281.59 (4) (b) of the statutes is amended to read:
AB348,24,219 281.59 (4) (b) The department of administration may, under s. 18.56 18.561 (5)
20and (9) (j) or 18.562 (3) and (5) (e), deposit in a separate and distinct fund in the state
21treasury or in an account maintained by a trustee outside the state treasury, any
22portion of the revenues derived under s. 25.43 (1). The revenues deposited with a
23trustee outside the state treasury are the trustee's revenues in accordance with the
24agreement between this state and the trustee or in accordance with the resolution

1pledging the revenues to the repayment of revenue obligations issued under this
2subsection.
AB348,24,33 (End)
Loading...
Loading...