LRB-4472/1
RAC:kjf&wlj:rs
2003 - 2004 LEGISLATURE
March 11, 2004 - Introduced by Representative Gard, cosponsored by Senator
Panzer. Referred to Committee on Rules.
AB953,1,2
1An Act to amend 20.866 (2) (xm) of the statutes;
relating to: refunding public
2debt that is used to finance tax-supported or self-amortizing facilities.
Analysis by the Legislative Reference Bureau
Currently, the state may contract public debt in an amount not to exceed
$440,000,000 to refund public debt used to finance tax-supported or self-amortizing
facilities. The bill increases that amount to $775,000,000, but provides that the
annual debt service costs on any such new public debt may not exceed the annual
debt service costs on any refunded public debt in any year.
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:
AB953, s. 1
3Section
1. 20.866 (2) (xm) of the statutes is amended to read:
AB953,2,104
20.866
(2) (xm)
Building commission; refunding tax-supported and
5self-amortizing general obligation debt. From the capital improvement fund, a sum
6sufficient to refund the whole or any part of any unpaid indebtedness used to finance
7tax-supported or self-amortizing facilities. In addition to the amount that may be
1contracted under par. (xe), the state may contract public debt in an amount not to
2exceed
$440,000,000 $775,000,000 for this purpose. Such indebtedness shall be
3construed to include any premium and interest payable with respect thereto. Debt
4incurred by this paragraph shall be repaid under the appropriations providing for
5the retirement of public debt incurred for tax-supported and self-amortizing
6facilities in proportional amounts to the purposes for which the debt was refinanced.
7No moneys may be expended under this paragraph unless the true interest costs to
8the state can be reduced by the expenditure
and the annual debt service costs on any
9public debt that is contracted under this paragraph does not exceed the annual debt
10service costs on any public debt that is refinanced under this paragraph in any year.
