SB44: Bill Text

SB44, s. 262 Section 262. 18.562 (1) of the statutes is renumbered 18.562 (1) (a) and amended to read:

SB44,131,14 18.562 (1) (a) There is a security interest, for the benefit of the owners of the special fund obligations and other persons specified in the authorizing resolution providing for the issuance of the particular special fund obligations, in the amounts that arise after the creation of the special fund program in the special fund related to the special fund obligations. For this purpose, amounts in the special fund shall be accounted for on a first-in, first-out basis. No, and no physical delivery, recordation, or other action is required to perfect the security interest.

SB44,131,19 (c) The special fund shall remain subject to the security interest until provision for payment in full of the principal and interest of the special fund obligations, and other obligations specified in the authorizing resolution providing for the issuance of the particular special fund obligations, has been made, as provided in the authorizing resolution.

SB44,131,22 (d) An owner of special fund obligations may either at law or in equity protect and enforce the security interest and compel performance of all duties required by this section.

SB44, s. 263 Section 263. 18.562 (1) (b) of the statutes is created to read:

SB44,132,3 18.562 (1) (b) 1. Except as provided in subd. 2., the security interest for the benefit of the owners of the special fund obligations and other persons specified in the authorizing resolution providing for the issuance of the particular special fund obligations shall have priority over all conflicting security interests to the fees, penalties, or excise taxes that are required to be deposited in the special fund.

SB44,132,11 2. For different special fund obligations secured by the same fees, penalties, or excise taxes, priority shall be established according to the date of issuance of the special fund obligation or the incurrence of the other obligations specified in an authorizing resolution, if applicable, with earlier issuances or incurrences having priority over later issuances or incurrences, unless laws governing the issuance of a particular special fund obligation or the authorizing resolution providing for the issuance of a particular special fund obligation permit later issuances or incurrences on a parity or priority basis.

SB44, s. 264 Section 264. 18.562 (3) of the statutes is amended to read:

SB44,133,5 18.562 (3) Redemption fund. The special fund revenues that are to be set aside for the payment of the principal of and interest of on the special fund obligations and, as directed by the commission, payments to be received with respect to an agreement or ancillary arrangement entered into under s. 18.55 (6), shall be paid into a separate fund in the treasury or in an account maintained by a trustee appointed for that purpose in the authorizing resolution to be identified as "the ... redemption fund". Each redemption fund shall be expended, and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal of and interest on the special fund obligations giving rise to it and premium, if any, due upon redemption of any such obligations, and for other obligations that are secured by any fees, penalties, or excise taxes deposited in the special fund payment of obligations under an agreement or ancillary arrangement entered into under s. 18.55 (6) to the extent provided for in an authorizing resolution. Moneys in the redemption funds may be commingled only for the purpose of investment with other public funds, but they shall be invested only in investment instruments permitted in s. 25.17 (3) (dr). All such investments shall be the exclusive property of the fund and all earnings on or income from such investments shall be credited to the fund.

SB44, s. 265 Section 265. 18.57 (1) of the statutes is amended to read:

SB44,133,24 18.57 (1) A separate and distinct fund shall be established in the state treasury or in an account maintained by a trustee appointed for that purpose by the authorizing resolution with respect to each revenue-producing enterprise or program the income from which is to be applied to the payment of any enterprise obligation. A separate and distinct fund shall be established in the state treasury or in an account maintained by a trustee appointed for that purpose by the authorizing resolution with respect to any special fund program that is created by the imposition of fees, penalties or excise taxes and is applied to the payment financed through the issuance of special fund obligations. All moneys resulting from the issuance of evidences of revenue obligation shall be credited to the appropriate fund, applied for refunding or note renewal purposes, or to make deposits to reserve funds, except that moneys which represent premium or accrued interest or, to the extent provided in the resolution authorizing the issuance of such evidences of revenue obligation, premium received on the issuance of evidences shall be credited to the appropriate redemption fund. As determined by the commission, payments to be received under an agreement or ancillary arrangement entered into under s. 18.55 (6) with respect to any such issuance of evidences of revenue obligation shall be credited to the appropriate fund.

SB44, s. 266 Section 266. 18.57 (2) of the statutes is amended to read:

SB44,134,5 18.57 (2) Moneys in such funds may be expended, pursuant to appropriations, only for the purposes and in the amounts for which borrowed, for the payment of the principal of and interest on related revenue obligations, to make deposits to reserve funds, and for expenses incurred in issuing such obligations to make ancillary payments.

SB44, s. 267 Section 267. 18.58 (2) of the statutes is repealed.

SB44, s. 268 Section 268. 18.60 (2) of the statutes is amended to read:

SB44,135,2 18.60 (2) If the commission determines to exchange refunding obligations, they may be exchanged privately for and in payment and discharge of any of the outstanding obligations or notes being refinanced. Refunding obligations may be exchanged for a like or greater principal amount of the obligations or notes being exchanged therefor except that the principal amount of the refunding obligations may exceed the principal amount of the obligations or notes being exchanged therefor only to the extent determined by the commission to be necessary or advisable to pay redemption premiums and unpaid interest to the date of exchange not otherwise provided for such principal amount of the obligations or notes being exchanged therefore as may be determined by the commission to be necessary or advisable. The owners of the obligations or notes being refunded who elect to exchange need not pay accrued interest on the refunding obligations if and to the extent that interest is accrued and unpaid on the obligations or notes being refunded and to be surrendered. If any of the obligations or notes to be refinanced are to be called for redemption, the commission shall determine which redemption dates shall be used, if more than one date is applicable and shall, prior to the issuance of the refunding obligations, provide for notice of redemption to be given in the manner and at the times required by the proceedings authorizing the outstanding obligations or notes.

SB44, s. 269 Section 269. 18.60 (3) of the statutes is amended to read:

SB44,136,8 18.60 (3) The principal proceeds from the sale of any refunding obligations shall be applied either to the immediate payment and retirement of the obligations or notes being refinanced or, if the obligations or notes have not matured and are not presently redeemable, to the creation of a trust for and shall be pledged to the payment of the obligations or notes being refinanced. If a trust is created, a separate deposit shall be made for each issue of obligations or notes being refinanced. Each deposit shall be with the state treasurer secretary of administration or a bank or trust company that is then a member of the federal deposit insurance corporation. If the total amount of any deposit, including money other than sale proceeds but legally available for such purpose, is less than the principal amount of the obligations or notes being refinanced and for the payment of which the deposit has been created and pledged, together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption, then the application of the sale proceeds shall be legally sufficient only if the money deposited is invested in securities issued by the United States or one of its agencies, or securities fully guaranteed by the United States, and only if the principal amount of the securities at maturity and the income therefrom to maturity will be sufficient and available, without the need for any further investment or reinvestment, to pay at maturity or upon redemption the principal amount of the obligations or notes being refinanced together with applicable redemption premiums and interest accrued and to accrue to maturity or to the date of redemption. The income from the principal proceeds of the securities shall be applied solely to the payment of the principal of and interest and redemption premiums on the obligations or notes being refinanced, but provision may be made for the pledging and disposition of any surplus. Nothing in this subsection shall be construed as a limitation on the duration of any deposit in trust for the retirement of obligations or notes being refinanced, but which have not matured and which are not presently redeemable. Nothing in this subsection shall be construed to prohibit reinvestment of the income of a trust if the reinvestments will mature at such times that sufficient cash will be available to pay interest, applicable premiums, and principal on the obligations or notes being refinanced.

SB44, s. 270 Section 270. 18.61 (5) of the statutes is amended to read:

SB44,136,19 18.61 (5) The legislature may provide, with respect to any specific issue of revenue obligations, prior to their issuance, that if the special fund income or the enterprise or program income pledged to the payment of the principal of and interest of on the issue is insufficient for that purpose, or is insufficient to replenish a reserve fund, if applicable, it will consider supplying the deficiency by appropriation of funds, from time to time, out of the treasury. If the legislature so provides, the commission may make the necessary provisions therefor in the authorizing resolution and other proceedings of the issue. Thereafter, if the contingency occurs, recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that it shall make such appropriation.

SB44, s. 271 Section 271. 18.70 of the statutes is amended to read:

SB44,137,2 18.70 Provisions applicable. The following sections apply to this subchapter, except that all references to "public debt", "debt" or "revenue obligation" are deemed to refer to "operating notes", all references to "evidence of indebtedness" are deemed to refer to "evidence of operating note", and all references to "evidences of indebtedness" are deemed to refer to "evidences of operating notes": ss. 18.03, 18.06 (8), 18.07, 18.10 (1), (2), (4) to (9) and (11), 18.17, 18.52 (1), 18.58 (2) (1m), 18.61 (1), 18.62 and 18.63.

SB44, s. 272 Section 272. 18.73 (5) of the statutes is created to read:

SB44,137,14 18.73 (5) Agreements and arrangements; delegation; use of operating notes. (a) At the time of, or in anticipation of, contracting operating notes and at any time thereafter while the operating notes are outstanding, the commission may enter into agreements and ancillary arrangements relating to the operating notes, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements, insurance policies, guaranty agreements, reimbursement agreements, indexing agreements, or interest exchange agreements. Any payment received pursuant to any such agreements or ancillary arrangements shall be deposited in, and any payments made pursuant to any such agreements or ancillary arrangements will be made from, the general fund or the operating note redemption fund, as determined by the commission.

SB44,137,17 (b) The commission may delegate to other persons the authority and responsibility to take actions necessary and appropriate to implement agreements and ancillary arrangements under par. (a).

SB44,137,19 (c) Any operating notes may include operating notes contracted to fund interest, accrued or to accrue, on the operating notes.

SB44, s. 273 Section 273. 18.74 of the statutes is amended to read:

SB44,138,2 18.74 Application of operating note proceeds. All moneys resulting from the contracting of operating notes or any payment to be received under an agreement or ancillary arrangement entered into under s. 18.73 (5) with respect to any such operating notes shall be credited to the general fund, except that moneys which represent premium and accrued interest on operating notes, or moneys for purposes of funding or refunding operating notes pursuant to s. 18.72 (1) shall be credited to the operating note redemption fund.

SB44, s. 274 Section 274. 18.75 (2) of the statutes is amended to read:

SB44,138,9 18.75 (2) The operating note redemption fund shall be expended and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on operating notes giving rise to it and premium, if any, due upon refunding or early redemption of such operating notes, and for the payment due, if any, under an agreement or ancillary arrangement entered into under s. 18.73 (5) with respect to such operating notes.

SB44, s. 275 Section 275. 18.75 (4) of the statutes is amended to read:

SB44,138,25 18.75 (4) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient for the payment of the principal, interest and premium due, if any, and for the payment due, if any, under an agreement or ancillary arrangement entered into pursuant to s. 18.73 (5) with respect to such operating notes on the operating notes giving rise to it as the same falls due. Such transfers shall be so timed that there is at all times on hand in the fund an amount not less than the amount to be paid out of it during the ensuing 30 days or such other period if so provided for in the authorizing resolution. The commission may pledge the deposit of additional amounts at periodic intervals and the secretary of the department may impound moneys of the general fund, including moneys temporarily reallocated from other funds under s. 20.002 (11), in accordance with the pledge of revenues in the authorizing resolution, and all such impoundments are deemed to be payments for purposes of s. 16.53 (10), but no such impoundment may be made until the amounts to be paid into the bond security and redemption fund under s. 18.09 during the ensuing 30 days have been deposited in the bond security and redemption fund.

SB44, s. 276 Section 276. 19.36 (4) of the statutes is amended to read:

SB44,139,6 19.36 (4) Computer programs and data. A computer program, as defined in s. 22.03 16.971 (4) (c), is not subject to examination or copying under s. 19.35 (1), but the material used as input for a computer program or the material produced as a product of the computer program is subject to the right of examination and copying, except as otherwise provided in s. 19.35 or this section.

SB44, s. 277 Section 277. 19.43 (7) of the statutes is amended to read:

SB44,139,19 19.43 (7) If an official required to file fails to make a timely filing, the board shall promptly provide notice of the delinquency to the state treasurer secretary of administration, and to the chief executive of the department of which the official's office or position is a part, or, in the case of a district attorney, to the chief executive of that department and to the county clerk of each county served by the district attorney or in the case of a municipal judge to the clerk of the municipality of which the official's office is a part, or in the case of a justice, court of appeals judge, or circuit judge, to the director of state courts. Upon such notification both the state treasurer secretary of administration and the department, municipality, or director shall withhold all payments for compensation, reimbursement of expenses, and other obligations to the official until the board notifies the officers to whom notice of the delinquency was provided that the official has complied with this section.

SB44, s. 278 Section 278. 19.45 (7) (a) 4. of the statutes is amended to read:

SB44,139,23 19.45 (7) (a) 4. In a matter before the department of revenue or the office of the commissioner of tax appeals commission that involves the representation of a client in connection with a tax matter.

SB44, s. 279 Section 279. 19.45 (11) (a) of the statutes is amended to read:

SB44,140,6 19.45 (11) (a) The administrator of the division of merit recruitment and selection in the department of employment relations administration shall, with the board's advice, promulgate rules to implement a code of ethics for classified and unclassified state employees except state public officials subject to this subchapter, unclassified personnel in the University of Wisconsin System and officers and employees of the judicial branch.

SB44, s. 280 Section 280. 20.003 (4) (e) of the statutes is amended to read:

SB44,140,10 20.003 (4) (e) For fiscal year 2003-04, 1.6% the amount by which the appropriation under s. 20.435 (4) (b) is reduced for fiscal year 2003-04 under 2003 Wisconsin Act .... (this act), section 9224 (1 ), or $35,000,000, whichever is greater.

SB44, s. 281 Section 281. 20.003 (4) (f) of the statutes is amended to read:

SB44,140,14 20.003 (4) (f) For fiscal year 2004-05, 1.8% the amount by which the appropriation under s. 20.435 (4) (b) is reduced for fiscal year 2004-05 under 2003 Wisconsin Act .... (this act), section 9224 (2 ), or $40,000,000, whichever is greater.

SB44, s. 282 Section 282. 20.003 (4) (fm) of the statutes is created to read:

SB44,140,16 20.003 (4) (fm) For fiscal year 2005-06, $75,000,000.

SB44, s. 283 Section 283. 20.003 (4) (g) of the statutes is amended to read:

SB44,140,19 20.003 (4) (g) For fiscal year 2005-06 2006-07 and each fiscal year thereafter, 2%.

SB44, s. 284 Section 284. 20.005 (1) of the statutes is repealed and recreated to read:

SB44,140,23 20.005 (1) Summary of all funds. The budget governing fiscal operations for the state of Wisconsin for all funds beginning on July 1, 2003, and ending on June 30, 2005, is summarized as follows: [See Figure 20.005 (1) following]

SB44,141,2 Figure: 20.005 (1)

SB44,141,3 GENERAL FUND SUMMARY - See PDF for table

SUMMARY OF APPROPRIATIONS — ALL FUNDS - See PDF for table

SUMMARY OF COMPENSATION RESERVES — ALL FUNDS - See PDF for table

LOTTERY FUND SUMMARY - See PDF for table

SB44, s. 285 Section 285. 20.005 (2) of the statutes is repealed and recreated to read:

SB44,144,5 20.005 (2) State borrowing program summary. The following schedule sets forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b) following]

SUMMARY OF BONDING AUTHORITY MODIFICATIONS 2003-05 FISCAL BIENNIUM - See PDF for table

SB44,145,2 Figure: 20.005 (2) (b)

SB44,145,3 GENERAL OBLIGATION AND BUILDING CORPORATION DEBT SERVICE FISCAL YEARS 2003-04 AND 2004-05 - See PDF for table

SB44, s. 286 Section 286. 20.005 (3) of the statutes is repealed and recreated to read:

SB44,153,7 20.005 (3) Appropriations. The following schedule sets forth all annual, biennial, and sum certain continuing appropriations and anticipated expenditures from other appropriations for the programs and other purposes indicated. All appropriations are made from the general fund unless otherwise indicated. The letter abbreviations shown designating the type of appropriation apply to both fiscal years in the schedule unless otherwise indicated. [See Figure 20.005 (3) following]

SB44,153,9 Figure: 20.005 (3)

SB44,153,10 - See PDF for table

SB44, s. 287 Section 287. 20.115 (1) (hm) of the statutes is amended to read:

SB44,336,8 20.115 (1) (hm) Ozone-depleting refrigerants and products regulation. The amounts in the schedule for administration of the mobile air conditioner servicing and refrigerant recycling programs and for responsibilities under ss. s. 100.45 and 100.50 relating to sales and labeling of products containing or made with ozone-depleting substances. All moneys received from fees under s. 100.45 (5) (a) 3. and (5m) shall be credited to this appropriation.

SB44, s. 288 Section 288. 20.115 (2) (j) of the statutes, as affected by 2001 Wisconsin Act 16, is amended to read:

SB44,336,16 20.115 (2) (j) Dog licenses, rabies control, and related services. All moneys received under ss. 95.21 (9) (c), 173.27, 173.40, and 174.09 (1), to provide dog license tags and forms under s. 174.07 (2), to perform other program responsibilities under ch. 174, to administer the rabies control program under s. 95.21, to help administer the rabies control media campaign, and to carry out activities under s. 93.07 (11) and ch. 173.

SB44, s. 289 Section 289. 20.115 (7) (v) of the statutes is repealed.

SB44, s. 290 Section 290. 20.115 (7) (va) of the statutes is created to read:

SB44,336,20 20.115 (7) (va) Chemical and container disposal. From the recycling fund, the amounts in the schedule for chemical and container collection grants under s. 93.55.

SB44, s. 291 Section 291. 20.115 (8) (jm) of the statutes is repealed.

SB44, s. 292 Section 292. 20.143 (1) (br) of the statutes is repealed.

SB44, s. 293 Section 293. 20.143 (1) (ie) of the statutes is amended to read: