AB602: Bill Text

LRB-3524/1

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2003 - 2004 LEGISLATURE

2003 Assembly BILL 602

October 21, 2003 - Introduced by Representatives Ainsworth, Gard, Petrowski, Stone, Kaufert, J. Fitzgerald and Vrakas, cosponsored by Senators Leibham, Panzer and Darling. Referred to Joint Committee on Finance.

AB602,1,4 An Act to repeal 20.395 (6) (at); and to amend 13.101 (6) (a), 20.395 (6) (af), 20.866 (1) (u) and 20.866 (2) (uum) of the statutes; relating to: decreasing the level of authorized general obligation bonding, and payment of debt service on such bonding, for certain highway projects, and making an appropriation.

Analysis by the Legislative Reference Bureau

Under current law, as affected by 2003 Wisconsin Act 33 (the biennial budget bill), the Department of Transportation, under specified circumstances, may contract up to $1,000,000,000 in public debt for the purpose of funding major highway and rehabilitation projects. Principal and interest costs incurred in financing this debt (debt service) are paid from the transportation fund.

This bill decreases this authorized general obligation bonding limit by $434,519,600, from $1,000,000,000 to $565,480,400. The bill also requires that, beginning on July 1, 2005, debt service on this debt be paid from the general fund.

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:

AB602, s. 1 Section 1. 13.101 (6) (a) of the statutes, as affected by 2003 Wisconsin Act 33, is amended to read:

AB602,2,19 13.101 (6) (a) As an emergency measure necessitated by decreased state revenues and to prevent the necessity for a state tax on general property, the committee may reduce any appropriation made to any board, commission, department, or the University of Wisconsin System, or to any other state agency or activity, by such amount as it deems feasible, not exceeding 25% of the appropriations, except appropriations made by ss. 20.255 (2) (ac), (bc), (bh), (cg), (cr), and (r), 20.395 (1), (2) (cq), (eq) to (ex) and (gq) to (gx), (3), (4) (aq) to (ax), and (6) (af), (aq), and (ar), and (at), 20.435 (6) (a) and (7) (da), and 20.445 (3) (a) and (dz) or for forestry purposes under s. 20.370 (1), or any other moneys distributed to any county, city, village, town, or school district. Appropriations of receipts and of a sum sufficient shall for the purposes of this section be regarded as equivalent to the amounts expended under such appropriations in the prior fiscal year which ended June 30. All functions of said state agencies shall be continued in an efficient manner, but because of the uncertainties of the existing situation no public funds should be expended or obligations incurred unless there shall be adequate revenues to meet the expenditures therefor. For such reason the committee may make reductions of such appropriations as in its judgment will secure sound financial operations of the administration for said state agencies and at the same time interfere least with their services and activities.

AB602, s. 2 Section 2. 20.395 (6) (af) of the statutes is amended to read:

AB602,3,3 20.395 (6) (af) Principal repayment and interest, local roads for job preservation program and major highway and rehabilitation projects, state funds. From the general fund, a sum sufficient to reimburse s. 20.866 (1) (u) for the payment of principal and interest costs incurred in financing the local roads for job preservation program under s. 86.312 and major highway and rehabilitation projects, as provided under s. 84.555, and to make the payments determined by the building commission under s. 13.488 (1) (m) that are attributable to the proceeds of obligations incurred in financing the local roads for job preservation program under s. 86.312.

AB602, s. 3 Section 3. 20.395 (6) (at) of the statutes is repealed.

AB602, s. 4 Section 4. 20.866 (1) (u) of the statutes, as affected by 2003 Wisconsin Act 33, is amended to read:

AB602,3,17 20.866 (1) (u) Principal repayment and interest. A sum sufficient from moneys appropriated under sub. (2) (zp) and ss. 20.115 (2) (d) and (7) (b) and (f), 20.190 (1) (c), (d), (i), and (j), 20.225 (1) (c) and (i), 20.245 (1) (e) and (j), 20.250 (1) (c) and (e), 20.255 (1) (d), 20.285 (1) (d), (db), (fh), (ih), (je), (jq), (kd), (km), and (ko) and (5) (i), 20.320 (1) (c) and (t) and (2) (c), 20.370 (7) (aa), (ac), (ag), (aq), (ar), (at), (au), (bq), (ca), (cb), (cc), (cd), (ce), (cf), (cg), (ea), (eq), and (er), 20.395 (6) (af), (aq), and (ar), and (at), 20.410 (1) (e), (ec), and (ko) and (3) (e), 20.435 (2) (ee) and (6) (e), 20.465 (1) (d), 20.485 (1) (f) and (go), (3) (t) and (4) (qm), 20.505 (4), (es), (et), (ha), and (hb) and (5) (c), (g) and (kc), 20.855 (8) (a) and 20.867 (1) (a) and (b) and (3) (a), (b), (bm), (bp), (br), (bt), (g), (h), (i), and (q) for the payment of principal and interest on public debt contracted under subchs. I and IV of ch. 18.

AB602, s. 5 Section 5. 20.866 (2) (uum) of the statutes, as affected by 2003 Wisconsin Act 33, is amended to read:

AB602,3,24 20.866 (2) (uum) Transportation; major highway and rehabilitation projects. From the capital improvement fund, a sum sufficient for the department of transportation to fund major highway and rehabilitation projects, as provided under s. 84.555. The state may contract public debt in an amount not to exceed $1000,000,000 $565,480,400 for this purpose.

AB602, s. 6 Section 6. Initial applicability.

AB602,4,2 (1) The treatment of section 20.866 (2) (uum) of the statutes first applies to public debt contracted, or to bonds issued, on the effective date of this subsection.

AB602, s. 7 Section 7. Effective dates. This act takes effect on the day after publication, except as follows:

AB602,4,6 (1) The treatment of sections 13.101 (6) (a), 20.395 (6) (af) and (at), and 20.866 (1) (u) of the statutes takes effect on July 1, 2005.

AB602,4,7 (End)