AB288: Bill Text

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB288, s. 1 Section 1. 67.05 (6a) (a) 2. (intro.) of the statutes is amended to read:

AB288,3,4 67.05 (6a) (a) 2. (intro.) Except as provided under pars. (b), (be), and (c) and subs. (7) and (15), if the board of any school district, or the electors at a regularly called school district meeting, by a majority vote adopt an initial resolution to raise an amount of money by a bond issue, the school district clerk shall, within 10 days, publish notice of such adoption as a class 1 notice under ch. 985 or post the notice as provided under s. 10.05. The notice shall state the maximum amount proposed to be borrowed, the purpose of the borrowing, that the resolution was adopted under this subdivision and the place where and the hours during which the resolution may be inspected. The school board shall also do one of the following:

AB288, s. 2 Section 2. 67.05 (6a) (b) (intro.) of the statutes is amended to read:

AB288,3,11 67.05 (6a) (b) (intro.) Paragraph (a) 2. applies only does not apply if the amount of money to be raised by the bond issue will not cause the aggregate amount of outstanding indebtedness of the school district incurred without a referendum since August 9, 1989, excluding indebtedness incurred without a referendum as a result of par. (be) and excluding amounts specified in par. (bm), to exceed $1,000,000 or an amount determined as follows, whichever is less:

AB288, s. 3 Section 3. 67.05 (6a) (be) of the statutes is created to read:

AB288,3,18 67.05 (6a) (be) Paragraph (a) 2. does not apply if the amount of money to be raised by the bond issue will not cause the aggregate amount of outstanding indebtedness of the school district incurred without a referendum as a result of this paragraph since the effective date of this paragraph .... [revisor inserts date], excluding amounts specified in par. (bm), to exceed an amount determined by multiplying the school district's membership, as defined in s. 121.004 (5), by $350.

AB288, s. 4 Section 4. 67.05 (6a) (bm) (intro.) of the statutes is amended to read:

AB288,3,21 67.05 (6a) (bm) (intro.) In par. pars. (b) and (be) and in s. 67.12 (12) (e) 2g. and 2i., "outstanding indebtedness" does not include the amount of any of the following:

AB288, s. 5 Section 5. 67.05 (6a) (d) of the statutes is created to read:

AB288,3,25 67.05 (6a) (d) If a school board raises funds by a bond issue and par. (a) 2. does not apply as a result of par. (be), the school board may use the funds only for a capital expenditure that is for one or more of the following purposes:

AB288,4,1 1. Building maintenance, remodeling or renovation.

AB288,4,2 2. Utility costs.

AB288,4,3 3. Educational technology.

AB288, s. 6 Section 6. 67.12 (12) (e) 2. of the statutes is amended to read:

AB288,5,3 67.12 (12) (e) 2. Unless the purpose and amount of the borrowing have been approved by the electors under s. 67.05 (6a) or deemed approved by the electors under s. 67.05 (7) (d) 3., the purpose is to refund any outstanding municipal obligation, the purpose is to pay unfunded prior service liability contributions under the Wisconsin retirement system if all of the proceeds of the note will be used for that purpose, the borrowing would not be subject to a referendum as a bond issue under s. 67.05 (7) (cc), (h) or (i), or subd. 2g. or 2i. or par. (f) or (h) applies, the school district clerk shall, within 10 days after a school board adopts a resolution under subd. 1. to issue a promissory note in excess of $5,000, publish notice of such adoption as a class 1 notice, under ch. 985. Alternatively, the notice may be posted as provided under s. 10.05. The notice need not set forth the full contents of the resolution, but shall state the maximum amount proposed to be borrowed, the purpose thereof, that the resolution was adopted under this subsection, and the place where, and the hours during which, the resolution may be inspected. If, within 30 days after publication or posting, a petition conforming to the requirements of s. 8.40 is filed with the school district clerk for a referendum on the resolution signed by at least 7,500 electors of the district or at least 20% of the number of district electors voting for governor at the last general election, as determined under s. 115.01 (13), whichever is the lesser, then the resolution shall not be effective unless adopted by a majority of the district electors voting at the referendum. The referendum shall be called in the manner provided under s. 67.05 (6a), except that the question which appears on the ballot shall be "Shall .... (name of district) borrow the sum of $.... for (state purpose) by issuing its general obligation promissory note (or notes) under section 67.12 (12) of the Wisconsin Statutes?".

AB288, s. 7 Section 7. 67.12 (12) (e) 2g. (intro.) of the statutes is amended to read:

AB288,5,10 67.12 (12) (e) 2g. (intro.) Subdivision 2. applies only does not apply if the amount of money to be raised by the promissory note will not cause the aggregate amount of outstanding indebtedness of the school district incurred without a referendum since August 9, 1989, excluding indebtedness incurred without a referendum as a result of subd. 2i. and excluding amounts specified in s. 67.05 (6a) (bm), to exceed $1,000,000 or an amount determined as follows, whichever is less:

AB288, s. 8 Section 8. 67.12 (12) (e) 2i. of the statutes is created to read:

AB288,5,17 67.12 (12) (e) 2i. Subdivision 2. does not apply if the amount of money to be raised by the promissory note will not cause the aggregate amount of outstanding indebtedness of the school district incurred without a referendum as a result of this subdivision since the effective date of this subdivision .... [revisor inserts date], excluding amounts specified in s. 67.05 (6a) (bm), to exceed an amount determined by multiplying the school district's membership, as defined in s. 121.004 (5), by $350.

AB288, s. 9 Section 9. 67.12 (12) (e) 2w. of the statutes is created to read:

AB288,5,22 67.12 (12) (e) 2w. If a school board borrows funds under this section and subd. 2. does not apply as a result of subd. 2i., the school board shall adopt a resolution specifying how the funds will be used. The school board may use the funds only for a capital expenditure that is for one or more of the following purposes:

AB288,5,23 a. Building maintenance, remodeling or renovation.

AB288,5,24 b. Utility costs.

AB288,5,25 c. Educational technology.

AB288, s. 10 Section 10. 121.91 (4) (c) 4. of the statutes is created to read:

AB288,6,9 121.91 (4) (c) 4. Funds needed for the payment of any general obligation debt service, including debt service on debt issued or reissued to fund or refund outstanding municipal obligations, interest on outstanding municipal obligations or the payment of related issuance costs or redemption premiums, authorized on or after the effective date of this subdivision .... [revisor inserts date], by a resolution of the school board and secured by the full faith and credit of the school district if the issuance of the debt was not subject to a referendum as a result of s. 67.05 (6a) (be) or 67.12 (12) (e) 2i.

AB288, s. 11 Section 11. Initial applicability.

AB288,6,14 (1) The treatment of sections 67.05 (6a) (a) 2. (intro.), (b) (intro.), (be), and (d) and 67.12 (12) (e) 2., 2g. (intro.), 2i., and 2w. of the statutes first applies to resolutions to borrow money that are adopted by a school board on the effective date of this subsection.

AB288, s. 12 Section 12. Effective date.

AB288,6,16 (1) This act takes effect on the July 1 after publication.

AB288,6,17 (End)