AB1089: Bill Text

AB1089,41,5 (a) Make grants or loans to a district upon terms that the local governmental unit considers appropriate.

AB1089,41,6 (b) Expend public funds to subsidize a district.

AB1089,41,8 (c) Borrow money under ss. 67.04 and 67.12 (12) for airport facilities or to fund grants, loans, or subsidies to a district.

AB1089,41,10 (d) Lease or transfer property to a district upon terms that the local governmental unit considers appropriate.

AB1089,41,13 (2) Notwithstanding ss. 59.69, 60.61, 60.62, 61.35, and 62.23, a political subdivision may not enact or enforce a zoning ordinance within the jurisdiction of a district.

AB1089,42,3 229.865 Transfer agreements. (1) (a) In the case of a district created under s. 229.861 (1) (a), and subject to pars. (b) to (e), the county shall transfer and assign to the district all of the county's right, title, and interest in an airport and airport facilities that are owned or operated by the county on the effective date of this paragraph .... [revisor inserts date], or on the soonest practicable date agreed to by the district and the county, but such date may not be later than the first day of the 7th month beginning after the effective date of this paragraph .... [revisor inserts date]. The transfer shall include all of the county's interest in assets, property, licenses, contracts, and revenues related to the airport and airport facilities. On the date of transfer, the district shall accept the assignment of all contracts with other persons, with respect to the transferred airport and airport facilities, that are in force at the time of transfer, and shall assume all obligations and liabilities of the county related to the airport and airport facilities. The district shall indemnify the county and hold the county harmless against and from all obligations and liabilities that are transferred to the district under this paragraph.

AB1089,42,8 (b) The county shall cooperate with the district in obtaining any 3rd-party consents or approvals that are necessary to accomplish the transfer and provide for safe and uninterrupted service at the airport and airport facilities. The appropriate officials of the county shall execute any deed, bill of sale, or other instrument of conveyance, assignment, or transfer as may be necessary to accomplish the transfer.

AB1089,42,13 (c) On the date of the transfer, the district shall accept an assignment of any collective bargaining agreement in force at the time of the transfer with respect to persons employed by the county at a transferred airport or airport facilities. The transfer transaction shall be without financial consideration other than the assumption of liabilities and obligations.

AB1089,42,18 (d) Notwithstanding the provisions of pars. (a) to (c), the transfer agreement entered into by the county and the district under this subsection may contain more specific, or different, terms and conditions than the transactions or provisions required under pars. (a) to (c), and the transfer agreement may contain exceptions to what otherwise would be required by pars. (a) to (c).

AB1089,42,23 (e) The transfer and assignment described in par. (a) may not occur earlier than the FAA approval date. If the FAA approval date has not occurred on or before the first day of the 7th month beginning after the effective date of this paragraph .... [revisor inserts date], the county shall make the transfer and assignment described in par. (a) on the FAA approval date.

AB1089,43,8 (2) A local governmental unit may enter into a transfer agreement with a district created under s. 229.861 (1) (b) to provide the terms and conditions upon which the local governmental unit transfers an airport and airport facilities to the district. A transfer may take the form of a sale, lease, or other conveyance and may be with or without financial consideration. A transfer agreement shall require the district to accept an assignment of any collective bargaining agreement in force at the time of the transfer with respect to persons employed by the local governmental unit at a transferred airport or airport facilities. A transfer agreement shall require the district to accept an assignment of all contracts with other persons, with respect to transferred airport facilities, that are in force at the time of transfer.

AB1089,43,13 (3) A local governmental unit may transfer an airport and airport facilities, and any related assets, property, licenses, contracts, and revenues to a district created by another local governmental body or to a district created under s. 229.861 (1) (a) upon the terms and conditions contained in a transfer agreement that is agreed to by the parties.

AB1089,43,19 229.866 Issuance of bonds. (1) A district may issue bonds under s. 66.0621 for any corporate purpose related to airport facilities, the operation of an airport, or the impact of an airport on surrounding areas and properties. The district may issue bonds to fund, refund, advance refund, or purchase any outstanding bond of the district. All bonds of the district are declared to be negotiable for all purposes, notwithstanding that their payment may be from a limited source.

AB1089,43,21 (2) The bonds shall be payable solely out of revenues of the district that are specified in the bond resolution of the district or in a related trust indenture.

AB1089,44,8 (3) The bonds shall be authorized by a bond resolution of the district and shall bear dates, mature at times not exceeding 40 years from their respective dates of issue, bear interest at fixed or variable rates, be payable at times, be in denominations, be in certificated or book entry or other form, either coupon or fully registered, carry registration and conversion privileges, be executed in such a manner, be payable in lawful money of the United States at places, and be subject to any terms of redemption as provided in the bond resolution or the related trust indenture. The bonds shall be executed by the manual or facsimile signatures of such officers of the district as the district designates. The bonds may be sold at public or private sale at a price and in such a manner as the district determines. Pending preparation of the definitive bonds, the district may issue interim receipts or certificates that shall be exchanged for the definitive bonds.

AB1089,44,11 (4) A bond resolution or a related trust indenture may contain provisions, which shall be a part of the contract with the bondholders under the resolution, relating to any of the following:

AB1089,44,13 (a) Pledging or assigning the revenues of the project with respect to which the bonds are to be issued or other specified revenues or properties of the district.

AB1089,44,16 (b) The rentals, fees, and any other amounts to be charged, and the sums to be raised in each year from the rentals, fees, and any other amounts to be charged, and the use, investment, and disposition of the sums.

AB1089,44,19 (c) Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the terms upon which additional bonds may rank on a parity with, or be subordinate or superior to, other bonds.

AB1089,44,21 (d) Limitations on the purpose to which, or the investments in which, the proceeds from the sale of any issue of bonds may be applied.

AB1089,44,23 (e) The setting aside of reserves or sinking funds, and their regulation, investment, and disposition.

AB1089,44,25 (f) The funding, refunding, advance refunding, or purchase of outstanding bonds.

AB1089,45,3 (g) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which this consent may be given.

AB1089,45,6 (h) Defining the acts or omissions to act that shall constitute a default in the duties of the district to the holders of its obligations, and providing the rights and remedies of the holders in the event of a default.

AB1089,45,8 (i) Any other matters relating to the bonds that the district considers appropriate.

AB1089,45,11 (5) Neither the members of the district board nor any person executing the bonds are liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance of the bonds.

AB1089,45,21 (6) The district may secure any bonds by a trust agreement, trust indenture, indenture of mortgage, or deed of trust by and between the district and one or more trust companies or banks having trust powers. The bond resolution providing for the issuance of bonds or a related trust indenture may mortgage, pledge, assign, and grant security interests in any of the revenues and property of the district and may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable and proper, and may restrict the individual right of action by bondholders. In addition, any bond resolution or a related trust indenture may contain any other provisions that the district considers reasonable and proper for the security of the bondholders.

AB1089,45,25 (7) The district may purchase bond insurance, letters of credit, or other forms of credit enhancement to secure the bonds and may enter into reimbursement agreements with the providers thereof and may secure the same with mortgages, liens, and pledges of the district's properties and revenues.

AB1089,46,5 (8) Neither the state nor any political subdivision of the state is liable on bonds of the district. All bonds of the district shall contain a statement to that effect. The issuance of bonds by the district shall not, directly or indirectly or contingently, obligate the state or any political subdivision of the state to levy any form of taxation therefor or to make any appropriation for their payment.

AB1089,46,11 229.867 State pledge. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a district, that the state will not limit or alter the rights and powers vested in a district before the district has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with the district.

AB1089,46,19 229.868 Budgets; rates and charges; audit. A district shall adopt a calendar year as its fiscal year for accounting purposes. The district board shall annually prepare a budget for the district. Rates and other charges received by the district shall be used for the general expenses and capital expenditures of the district and to pay interest, amortization, and retirement charges on bonds. The district shall maintain an accounting system in accordance with generally accepted accounting principles and shall have its financial statements and debt covenants audited annually by an independent certified public accountant.

AB1089,47,2 229.869 Dissolution of a district. Subject to providing for the payment of its bonds, including interest on the bonds, and the performance of its other contractual obligations, a district may be dissolved by the district board and the airport, airport facilities, and other property of the district shall be transferred to a political subdivision, other district, or other public body that agrees to accept the transfer.

AB1089,47,3 (End)