SB44,128,2
1(c) Any revenue obligations may include revenue obligations contracted to fund
2interest, accrued or to accrue, on the revenue obligations.
SB44, s. 259
3Section
259. 18.561 (2) of the statutes is amended to read:
SB44,129,174
18.561
(2) Security interests of owners of enterprise obligations. There is
5a mortgage lien upon or security interest in the income and property of each
6revenue-producing enterprise or program for the benefit of the owners of the related
7enterprise obligations
and other persons specified in the authorizing resolution
8providing for the issuance of the particular enterprise obligations. No physical
9delivery, recordation or other action is required to perfect the security interest. The
10income and property of the revenue-producing enterprise or program shall remain
11subject to the lien
or security interest until provision for payment in full of the
12principal
of and interest
of on the enterprise obligations
, and other obligations
13specified in the authorizing resolution providing for the issuance of the particular
14enterprise obligations, has been made, as provided in the authorizing resolution.
15The lien or security interest for the benefit of the owners of the enterprise obligations
16and other persons specified in the authorizing resolution providing for the issuance
17of the particular enterprise obligations shall have priority over all conflicting
18security interests in the income and property of the revenue-producing enterprise
19or program. Any owner of such enterprise obligations may either at law or in equity
20protect and enforce the lien and compel performance of all duties required by this
21section. If there is any default in the payment of the principal
of or interest
of on any
22of such enterprise obligations, any court having jurisdiction of the action may
23appoint a receiver to administer the revenue-producing enterprise or program on
24behalf of the state and the owners of the enterprise obligations, with power to charge
25and collect rates sufficient to provide for the payment of the operating expenses and
1also to pay any enterprise obligations outstanding against the revenue-producing
2enterprise or program, and to apply the income and revenues thereof in conformity
3with this subchapter and the authorizing resolution, or the court may declare the
4whole amount of the enterprise obligations due and payable, if such relief is
5requested, and may order and direct the sale of the revenue-producing enterprise
6or program. Under any sale so ordered, the purchaser shall be vested with an
7indeterminate permit to maintain and operate the revenue-producing enterprise or
8program. The legislature may provide for additions, extensions and improvements
9to a revenue-producing enterprise or program to be financed by additional issues of
10enterprise obligations as provided by this section. Such additional issues of
11enterprise obligations shall be subordinate to all prior related issues of enterprise
12obligations which may have been made under this section, unless the legislature, in
13the statute authorizing
the initial issue of enterprise obligations, permits the issue
14of additional enterprise obligations on a parity therewith a particular issue of
15enterprise obligations, or the authorizing resolution providing for the issuance of a
16particular enterprise obligation, permits the issue of additional enterprise
17obligations or other obligations on a parity therewith or senior thereto.
SB44, s. 260
18Section
260. 18.561 (3) of the statutes is amended to read:
SB44,130,1019
18.561
(3) Dedication of revenues. As accurately as possible in advance, the
20commission and the state department or agency carrying out program
21responsibilities for which enterprise obligations are to be issued shall determine, and
22the commission shall fix in the authorizing resolution for such enterprise obligations:
23the proportion of the revenues of the revenue-producing enterprise or program
24which shall be necessary for the reasonable and proper operation and maintenance
25thereof; the proportion of the revenues which shall be set aside as a proper and
1adequate replacement and reserve fund;
and the proportion of the revenues which
2shall be set aside and applied to the payment of the principal
of and interest
of on 3the enterprise obligations
, and ancillary payments authorized to be paid from such
4moneys; and the proportion of the revenues which shall be available for other
5purposes, and shall provide that the revenues be set aside in separate funds.
At 6Subject to the provisions and covenants of the authorizing resolution, at any time
7after one year's operation, the state department or agency and the commission may
8recompute the proportion of the revenues which shall be assignable under this
9subsection based upon the experience of operation or upon the basis of further
10financing.
SB44, s. 261
11Section
261. 18.561 (5) of the statutes is amended to read:
SB44,131,512
18.561
(5) Redemption fund. The proportion which shall be set aside for the
13payment of the principal
of and interest on the enterprise obligations
shall from
14month to month as they accrue and are received and, as directed by the commission,
15payments to be received with respect to an agreement or ancillary arrangement
16entered into pursuant to s. 18.55 (6), shall, at such times as provided in the
17authorizing resolution, be set apart and paid into a separate fund in the treasury or
18in an account maintained by a trustee appointed for that purpose in the authorizing
19resolution to be identified as "the ... redemption fund". Each redemption fund shall
20be expended, and all moneys from time to time on hand therein are irrevocably
21appropriated, in sums sufficient, only for the payment of principal
of and interest on
22the enterprise obligations giving rise to it and premium, if any, due upon redemption
23of any such obligations, and for
other obligations that are secured by the property or
24income, or both, of the enterprise or program payment of obligations under an
25agreement or ancillary arrangement entered into under s. 18.55 (6) to the extent
1provided for in an authorizing resolution. Moneys in the redemption funds may be
2commingled only for the purpose of investment with other public funds, but they
3shall be invested only in investment instruments permitted in s. 25.17 (3) (dr). All
4such investments shall be the exclusive property of the fund and all earnings on or
5income from such investments shall be credited to the fund.
SB44, s. 262
6Section
262. 18.562 (1) of the statutes is renumbered 18.562 (1) (a) and
7amended to read:
SB44,131,148
18.562
(1) (a) There is a security interest, for the benefit of the owners of the
9special fund obligations
and other persons specified in the authorizing resolution
10providing for the issuance of the particular special fund obligations, in the amounts
11that arise after the creation of the special fund program in the special fund related
12to the special fund obligations. For this purpose, amounts in the special fund shall
13be accounted for on a first-in, first-out basis
. No, and no physical delivery,
14recordation
, or other action is required to perfect the security interest.
SB44,131,19
15(c) The special fund shall remain subject to the security interest until provision
16for payment in full of the principal and interest of the special fund obligations
, and
17other obligations specified in the authorizing resolution providing for the issuance
18of the particular special fund obligations, has been made, as provided in the
19authorizing resolution.
SB44,131,22
20(d) An owner of special fund obligations may either at law or in equity protect
21and enforce the security interest and compel performance of all duties required by
22this section.
SB44, s. 263
23Section
263. 18.562 (1) (b) of the statutes is created to read:
SB44,132,324
18.562
(1) (b) 1. Except as provided in subd. 2., the security interest for the
25benefit of the owners of the special fund obligations and other persons specified in
1the authorizing resolution providing for the issuance of the particular special fund
2obligations shall have priority over all conflicting security interests to the fees,
3penalties, or excise taxes that are required to be deposited in the special fund.
SB44,132,114
2. For different special fund obligations secured by the same fees, penalties, or
5excise taxes, priority shall be established according to the date of issuance of the
6special fund obligation or the incurrence of the other obligations specified in an
7authorizing resolution, if applicable, with earlier issuances or incurrences having
8priority over later issuances or incurrences, unless laws governing the issuance of
9a particular special fund obligation or the authorizing resolution providing for the
10issuance of a particular special fund obligation permit later issuances or incurrences
11on a parity or priority basis.
SB44, s. 264
12Section
264. 18.562 (3) of the statutes is amended to read:
SB44,133,513
18.562
(3) Redemption fund. The special fund revenues that are to be set aside
14for the payment of the principal
of and interest
of on the special fund obligations
and,
15as directed by the commission, payments to be received with respect to an agreement
16or ancillary arrangement entered into under s. 18.55 (6), shall be paid into a separate
17fund in the treasury or in an account maintained by a trustee appointed for that
18purpose in the authorizing resolution to be identified as "the ... redemption fund".
19Each redemption fund shall be expended, and all moneys from time to time on hand
20therein are irrevocably appropriated, in sums sufficient, only for the payment of
21principal
of and interest on the special fund obligations giving rise to it and premium,
22if any, due upon redemption of any such obligations, and for
other obligations that
23are secured by any fees, penalties, or excise taxes deposited in the special fund
24payment of obligations under an agreement or ancillary arrangement entered into
25under s. 18.55 (6) to the extent provided for in an authorizing resolution. Moneys in
1the redemption funds may be commingled only for the purpose of investment with
2other public funds, but they shall be invested only in investment instruments
3permitted in s. 25.17 (3) (dr). All such investments shall be the exclusive property
4of the fund and all earnings on or income from such investments shall be credited to
5the fund.
SB44, s. 265
6Section
265. 18.57 (1) of the statutes is amended to read:
SB44,133,247
18.57
(1) A separate and distinct fund shall be established in the state treasury
8or in an account maintained by a trustee appointed for that purpose by the
9authorizing resolution with respect to each revenue-producing enterprise or
10program the income from which is to be applied to the payment of any enterprise
11obligation. A separate and distinct fund shall be established in the state treasury
12or in an account maintained by a trustee appointed for that purpose by the
13authorizing resolution with respect to any special fund
program that is
created by
14the imposition of fees, penalties or excise taxes and is applied to the payment 15financed through the issuance of special fund obligations. All moneys resulting from
16the issuance of evidences of revenue obligation shall be credited to the appropriate
17fund, applied for refunding or note renewal purposes, or to make deposits to reserve
18funds, except that moneys which represent
premium or accrued interest
or, to the
19extent provided in the resolution authorizing the issuance of such evidences of
20revenue obligation, premium received on the issuance of evidences shall be credited
21to the appropriate redemption fund.
As determined by the commission, payments
22to be received under an agreement or ancillary arrangement entered into under s.
2318.55 (6) with respect to any such issuance of evidences of revenue obligation shall
24be credited to the appropriate fund.
SB44, s. 266
25Section
266. 18.57 (2) of the statutes is amended to read:
SB44,134,5
118.57
(2) Moneys in such funds may be expended, pursuant to appropriations,
2only for the purposes and in the amounts for which borrowed, for the payment of the
3principal of and interest on related revenue obligations, to make deposits to reserve
4funds, and
for expenses incurred in issuing such obligations to make ancillary
5payments.
SB44, s. 267
6Section
267. 18.58 (2) of the statutes is repealed.
SB44, s. 268
7Section
268. 18.60 (2) of the statutes is amended to read:
SB44,135,28
18.60
(2) If the commission determines to exchange refunding obligations, they
9may be exchanged privately for and in payment and discharge of any of the
10outstanding obligations or notes being refinanced. Refunding obligations may be
11exchanged for
a like or greater principal amount of the obligations or notes being
12exchanged therefor except that the principal amount of the refunding obligations
13may exceed the principal amount of the obligations or notes being exchanged
14therefor only to the extent determined by the commission to be necessary or
15advisable to pay redemption premiums and unpaid interest to the date of exchange
16not otherwise provided for such principal amount of the obligations or notes being
17exchanged therefore as may be determined by the commission to be necessary or
18advisable. The owners of the obligations or notes being refunded who elect to
19exchange need not pay accrued interest on the refunding obligations if and to the
20extent that interest is accrued and unpaid on the obligations or notes being refunded
21and to be surrendered. If any of the obligations or notes to be refinanced are to be
22called for redemption, the commission shall determine which redemption dates shall
23be used, if more than one date is applicable and shall, prior to the issuance of the
24refunding obligations, provide for notice of redemption to be given in the manner and
1at the times required by the proceedings authorizing the outstanding obligations or
2notes.
SB44, s. 269
3Section
269. 18.60 (3) of the statutes is amended to read:
SB44,136,84
18.60
(3) The principal proceeds from the sale of any refunding obligations
5shall be applied either to the immediate payment and retirement of the obligations
6or notes being refinanced or, if the obligations or notes have not matured and are not
7presently redeemable, to the creation of a trust for and shall be pledged to the
8payment of the obligations or notes being refinanced. If a trust is created, a separate
9deposit shall be made for each issue of obligations or notes being refinanced. Each
10deposit shall be with the
state treasurer secretary of administration or a bank or
11trust company that is then a member of the federal deposit insurance corporation.
12If the total amount of any deposit, including money other than sale proceeds but
13legally available for such purpose, is less than the principal amount of the obligations
14or notes being refinanced and for the payment of which the deposit has been created
15and pledged, together with applicable redemption premiums and interest accrued
16and to accrue to maturity or to the date of redemption, then the application of the sale
17proceeds shall be legally sufficient only if the money deposited is invested in
18securities issued by the United States or one of its agencies, or securities fully
19guaranteed by the United States, and only if the principal amount of the securities
20at maturity and the income therefrom to maturity will be sufficient and available,
21without the need for any further investment or reinvestment, to pay at maturity or
22upon redemption the principal amount of the obligations or notes being refinanced
23together with applicable redemption premiums and interest accrued and to accrue
24to maturity or to the date of redemption. The income from the principal proceeds of
25the securities shall be applied solely to the payment of the principal of and interest
1and redemption premiums on the obligations or notes being refinanced, but
2provision may be made for the pledging and disposition of any surplus. Nothing in
3this subsection shall be construed as a limitation on the duration of any deposit in
4trust for the retirement of obligations or notes being refinanced, but which have not
5matured and which are not presently redeemable. Nothing in this subsection shall
6be construed to prohibit reinvestment of the income of a trust if the reinvestments
7will mature at such times that sufficient cash will be available to pay interest,
8applicable premiums
, and principal on the obligations or notes being refinanced.
SB44, s. 270
9Section
270. 18.61 (5) of the statutes is amended to read:
SB44,136,1910
18.61
(5) The legislature may provide, with respect to any specific issue of
11revenue obligations, prior to their issuance, that if the special fund income or the
12enterprise or program income pledged to the payment of the principal
of and interest
13of on the issue is insufficient for that purpose,
or is insufficient to replenish a reserve
14fund, if applicable, it will consider supplying the deficiency by appropriation of funds,
15from time to time, out of the treasury. If the legislature so provides, the commission
16may make the necessary provisions therefor in the authorizing resolution and other
17proceedings of the issue. Thereafter, if the contingency occurs, recognizing its moral
18obligation to do so, the legislature hereby expresses its expectation and aspiration
19that it shall make such appropriation.
SB44, s. 271
20Section
271. 18.70 of the statutes is amended to read:
SB44,137,2
2118.70 Provisions applicable. The following sections apply to this
22subchapter, except that all references to "public debt", "debt" or "revenue obligation"
23are deemed to refer to "operating notes", all references to "evidence of indebtedness"
24are deemed to refer to "evidence of operating note", and all references to "evidences
25of indebtedness" are deemed to refer to "evidences of operating notes": ss. 18.03,
118.06 (8), 18.07, 18.10 (1), (2), (4) to (9) and (11), 18.17, 18.52
(1), 18.58 (2) (1m), 18.61
2(1), 18.62 and 18.63.
SB44, s. 272
3Section
272. 18.73 (5) of the statutes is created to read:
SB44,137,144
18.73
(5) Agreements and arrangements; delegation; use of operating notes. 5(a) At the time of, or in anticipation of, contracting operating notes and at any time
6thereafter while the operating notes are outstanding, the commission may enter into
7agreements and ancillary arrangements relating to the operating notes, including
8liquidity facilities, remarketing or dealer agreements, letter of credit agreements,
9insurance policies, guaranty agreements, reimbursement agreements, indexing
10agreements, or interest exchange agreements. Any payment received pursuant to
11any such agreements or ancillary arrangements shall be deposited in, and any
12payments made pursuant to any such agreements or ancillary arrangements will be
13made from, the general fund or the operating note redemption fund, as determined
14by the commission.
SB44,137,1715
(b) The commission may delegate to other persons the authority and
16responsibility to take actions necessary and appropriate to implement agreements
17and ancillary arrangements under par. (a).
SB44,137,1918
(c) Any operating notes may include operating notes contracted to fund
19interest, accrued or to accrue, on the operating notes.
SB44, s. 273
20Section
273. 18.74 of the statutes is amended to read:
SB44,138,2
2118.74 Application of operating note proceeds. All moneys resulting from
22the contracting of operating notes
or any payment to be received under an agreement
23or ancillary arrangement entered into under s. 18.73 (5) with respect to any such
24operating notes shall be credited to the general fund, except that moneys which
25represent premium and accrued interest on operating notes, or moneys for purposes
1of funding or refunding operating notes pursuant to s. 18.72 (1) shall be credited to
2the operating note redemption fund.
SB44, s. 274
3Section
274. 18.75 (2) of the statutes is amended to read:
SB44,138,94
18.75
(2) The operating note redemption fund shall be expended and all
5moneys from time to time on hand therein are irrevocably appropriated, in sums
6sufficient, only for the payment of principal and interest on operating notes giving
7rise to it and premium, if any, due upon refunding or early redemption of such
8operating notes
, and for the payment due, if any, under an agreement or ancillary
9arrangement entered into under s. 18.73 (5) with respect to such operating notes.
SB44, s. 275
10Section
275. 18.75 (4) of the statutes is amended to read:
SB44,138,2511
18.75
(4) There shall be transferred, under s. 20.855 (1) (a), a sum sufficient
12for the payment of the principal, interest and premium due, if any,
and for the
13payment due, if any, under an agreement or ancillary arrangement entered into
14pursuant to s. 18.73 (5) with respect to such operating notes on the operating notes
15giving rise to it as the same falls due. Such transfers shall be so timed that there is
16at all times on hand in the fund an amount not less than the amount to be paid out
17of it during the ensuing 30 days or such other period if so provided for in the
18authorizing resolution. The commission may pledge the deposit of additional
19amounts at periodic intervals and the secretary of the department may impound
20moneys of the general fund, including moneys temporarily reallocated from other
21funds under s. 20.002 (11), in accordance with the pledge of revenues in the
22authorizing resolution, and all such impoundments are deemed to be payments for
23purposes of s. 16.53 (10), but no such impoundment may be made until the amounts
24to be paid into the bond security and redemption fund under s. 18.09 during the
25ensuing 30 days have been deposited in the bond security and redemption fund.
SB44, s. 276
1Section
276. 19.36 (4) of the statutes is amended to read:
SB44,139,62
19.36
(4) Computer programs and data. A computer program, as defined in s.
322.03 16.971 (4) (c), is not subject to examination or copying under s. 19.35 (1), but
4the material used as input for a computer program or the material produced as a
5product of the computer program is subject to the right of examination and copying,
6except as otherwise provided in s. 19.35 or this section.
SB44, s. 277
7Section
277. 19.43 (7) of the statutes is amended to read:
SB44,139,198
19.43
(7) If an official required to file fails to make a timely filing, the board
9shall promptly provide notice of the delinquency to the
state treasurer secretary of
10administration, and to the chief executive of the department of which the official's
11office or position is a part, or, in the case of a district attorney, to the chief executive
12of that department and to the county clerk of each county served by the district
13attorney or in the case of a municipal judge to the clerk of the municipality of which
14the official's office is a part, or in the case of a justice, court of appeals judge
, or circuit
15judge, to the director of state courts. Upon such notification both the
state treasurer 16secretary of administration and the department, municipality
, or director shall
17withhold all payments for compensation, reimbursement of expenses
, and other
18obligations to the official until the board notifies the officers to whom notice of the
19delinquency was provided that the official has complied with this section.
SB44, s. 278
20Section
278. 19.45 (7) (a) 4. of the statutes is amended to read:
SB44,139,2321
19.45
(7) (a) 4. In a matter before the department of revenue or
the office of the
22commissioner of tax appeals
commission that involves the representation of a client
23in connection with a tax matter.
SB44, s. 279
24Section
279. 19.45 (11) (a) of the statutes is amended to read:
SB44,140,6
119.45
(11) (a) The administrator of the division of merit recruitment and
2selection in the department of
employment relations
administration shall, with the
3board's advice, promulgate rules to implement a code of ethics for classified and
4unclassified state employees except state public officials subject to this subchapter,
5unclassified personnel in the University of Wisconsin System and officers and
6employees of the judicial branch.
SB44, s. 280
7Section
280. 20.003 (4) (e) of the statutes is amended to read:
SB44,140,108
20.003
(4) (e) For fiscal year 2003-04,
1.6% the amount by which the
9appropriation under s. 20.435 (4) (b) is reduced for fiscal year 2003-04 under 2003
10Wisconsin Act .... (this act), section 9224 (1
), or $35,000,000, whichever is greater.
SB44, s. 281
11Section
281. 20.003 (4) (f) of the statutes is amended to read:
SB44,140,1412
20.003
(4) (f) For fiscal year 2004-05,
1.8% the amount by which the
13appropriation under s. 20.435 (4) (b) is reduced for fiscal year 2004-05 under 2003
14Wisconsin Act .... (this act), section 9224 (2
), or $40,000,000, whichever is greater.
SB44, s. 282
15Section
282. 20.003 (4) (fm) of the statutes is created to read:
SB44,140,1616
20.003
(4) (fm) For fiscal year 2005-06, $75,000,000.
SB44, s. 283
17Section
283. 20.003 (4) (g) of the statutes is amended to read:
SB44,140,1918
20.003
(4) (g) For fiscal year
2005-06
2006-07 and each fiscal year thereafter,
192%.
SB44, s. 284
20Section
284. 20.005 (1) of the statutes is repealed and recreated to read:
SB44,140,2321
20.005
(1) Summary of all funds. The budget governing fiscal operations for
22the state of Wisconsin for all funds beginning on July 1, 2003, and ending on June
2330, 2005, is summarized as follows: [See Figure 20.005 (1) following]
SB44,141,22
Figure: 20.005 (1)
SUMMARY OF APPROPRIATIONS — ALL FUNDS
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SUMMARY OF COMPENSATION RESERVES — ALL FUNDS
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
LOTTERY FUND SUMMARY
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB44, s. 285
2Section
285. 20.005 (2) of the statutes is repealed and recreated to read:
SB44,144,53
20.005
(2) State borrowing program summary. The following schedule sets
4forth the state borrowing program summary: [See Figures 20.005 (2) (a) and (b)
5following]
SUMMARY OF BONDING AUTHORITY MODIFICATIONS
2003-05 FISCAL BIENNIUM
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB44,145,22
Figure: 20.005 (2) (b)
SB44,145,33
GENERAL OBLIGATION AND
BUILDING CORPORATION DEBT SERVICE
FISCAL YEARS 2003-04 AND 2004-05
-
See PDF for table ![PDF](https://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
SB44, s. 286
1Section
286. 20.005 (3) of the statutes is repealed and recreated to read:
SB44,153,72
20.005
(3) Appropriations. The following schedule sets forth all annual,
3biennial, and sum certain continuing appropriations and anticipated expenditures
4from other appropriations for the programs and other purposes indicated. All
5appropriations are made from the general fund unless otherwise indicated. The
6letter abbreviations shown designating the type of appropriation apply to both fiscal
7years in the schedule unless otherwise indicated. [See Figure 20.005 (3) following]
SB44,153,99
Figure: 20.005 (3)
SB44, s. 287
2Section
287. 20.115 (1) (hm) of the statutes is amended to read:
SB44,336,83
20.115
(1) (hm)
Ozone-depleting refrigerants and products regulation. The
4amounts in the schedule for administration of the mobile air conditioner servicing
5and refrigerant recycling programs and for responsibilities under
ss. s. 100.45
and
6100.50 relating to sales and labeling of products containing or made with
7ozone-depleting substances. All moneys received from fees under s. 100.45 (5) (a)
83. and (5m) shall be credited to this appropriation.
SB44,336,1611
20.115
(2) (j)
Dog licenses, rabies control, and related services. All moneys
12received under ss. 95.21 (9) (c), 173.27,
173.40, and 174.09 (1), to provide dog license
13tags and forms under s. 174.07 (2), to perform other program responsibilities under
14ch. 174, to administer the rabies control program under s. 95.21, to help administer
15the rabies control media campaign, and to carry out activities under s. 93.07 (11) and
16ch. 173.
SB44, s. 289
17Section
289. 20.115 (7) (v) of the statutes is repealed.
SB44, s. 290
18Section
290. 20.115 (7) (va) of the statutes is created to read: