AB508: Bill Text

AB508, s. 3 Section 3. 231.01 (3m) of the statutes is repealed.

AB508, s. 4 Section 4. 231.01 (4) (a) of the statutes is amended to read:

AB508,3,14 231.01 (4) (a) "Cost" means the sum of all costs incurred by a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution, as approved by the authority, as are reasonable and necessary to accomplish the project, exclusive of any private or federal, state, or local financial assistance received by the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution for the payment of the project cost.

AB508, s. 5 Section 5. 231.01 (4) (b) 1. of the statutes is amended to read:

AB508,3,24 231.01 (4) (b) 1. The cost incurred by or on behalf of the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution of all necessary developmental, planning, and feasibility studies, surveys, plans, and specifications, architectural, engineering, legal, or other special services, the cost of acquisition of land and any buildings and improvements on the land, site preparation, and development including demolition or removal of existing structures, construction, reconstruction, and equipment, including machinery, fixed equipment, and personal property.

AB508, s. 6 Section 6. 231.01 (4) (b) 2. of the statutes is amended to read:

AB508,4,4 231.01 (4) (b) 2. The reasonable cost of financing incurred by a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution in the course of the development of the project to the occupancy date.

AB508, s. 7 Section 7. 231.01 (4) (b) 5. of the statutes is amended to read:

AB508,4,8 231.01 (4) (b) 5. Working capital not exceeding 3% of the estimated total project cost or 3% of the actual total final cost, whichever is larger the amounts permitted under 26 CFR 1.148-6 (d) (3).

AB508, s. 8 Section 8. 231.01 (4) (c) of the statutes is amended to read:

AB508,4,17 231.01 (4) (c) All rents and other net revenues from the operation of the real property, improvements, or personal property on the project site by a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution on and after the date on which the contract between a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution and the authority was entered into, but prior to the occupancy date, shall reduce the sum of all costs in this subsection.

AB508, s. 9 Section 9. 231.01 (5) (a) 7. of the statutes is created to read:

AB508,4,22 231.01 (5) (a) 7. Any hospital, ambulatory surgical center, skilled nursing facility, community-based residential facility, assisted living facility, home health agency, hospice, rehabilitation facility, medical office or clinic, or other similar facility that is located outside of this state.

AB508, s. 10 Section 10. 231.01 (5n) of the statutes is created to read:

AB508,5,3 231.01 (5n) "Nonprofit entity" means an entity that is described in section 501 (c) (3) of the Internal Revenue Code and that is exempt from federal income tax under section 501 (a) of the Internal Revenue Code.

AB508, s. 11 Section 11. 231.01 (5p) of the statutes is created to read:

AB508,5,6 231.01 (5p) "Nonprofit facility" means a facility that is owned or operated by a nonprofit entity.

AB508, s. 12 Section 12. 231.01 (5r) of the statutes, as affected by 2011 Wisconsin Act 32, is repealed.

AB508, s. 13 Section 13. 231.01 (6m) of the statutes is created to read:

AB508,5,14 231.01 (6m) "Participating nonprofit institution" means a nonprofit entity, or an affiliate of that entity, that undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage or of advances as provided in this chapter, and is not any of the following:

AB508,5,17 1. An entity authorized by state law to provide or operate an educational facility or an affiliate of an entity authorized by state law to provide or operate an educational facility.

AB508,5,19 2. An entity authorized by state law to provide or operate a health facility or an affiliate of an entity authorized by state law to provide or operate a health facility.

AB508,5,22 3. An entity authorized by state law to provide or operate a research facility or an affiliate of an entity authorized by state law to provide or operate a research facility.

AB508, s. 14 Section 14. 231.01 (7) (a) 1. of the statutes is amended to read:

AB508,6,2 231.01 (7) (a) 1. A specific health facility, educational facility, research facility, or child care center nonprofit facility work or improvement to be refinanced, acquired, constructed, enlarged, remodeled, renovated, improved, furnished, or equipped by the authority with funds provided in whole or in part under this chapter.

AB508, s. 15 Section 15. 231.01 (7) (a) 2. of the statutes is amended to read:

AB508,6,9 231.01 (7) (a) 2. One or more structures suitable for use as a child care center, research facility, nonprofit facility, health facility, laboratory, laundry, nurses' or interns' residence or other multi-unit housing facility for staff, employees, patients or relatives of patients admitted for treatment or care in a health facility, physician's facility, administration building, research facility, maintenance, storage, or utility facility.

AB508, s. 16 Section 16. 231.01 (7) (a) 4. of the statutes is amended to read:

AB508,6,15 231.01 (7) (a) 4. Any structure useful for the operation of a health facility, educational facility, research facility, or child care center nonprofit facility, including facilities or supporting service structures essential or convenient for the orderly conduct of the health facility, educational facility, research facility, or child care center nonprofit facility.

AB508, s. 17 Section 17. 231.01 (7) (c) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB508,6,24 231.01 (7) (c) "Project" may include more than one project, and it may include any combination of projects undertaken jointly by any participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution with one or more other participating health institutions, participating educational institutions, participating research institutions, or participating child care providers nonprofit institutions.

AB508, s. 18 Section 18. 231.02 (6) (b) of the statutes is amended to read:

AB508,8,2 231.02 (6) (b) Notwithstanding any other provision of law, it is not a conflict of interest or violation of this section or of any other law for a trustee, director, officer, or employee of a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution or for a person having the required favorable reputation for skill, knowledge, and experience in state and municipal finance or for a person having the required favorable reputation for skill, knowledge, and experience in the field of health facility, educational facility, research facility, or child care center nonprofit facility architecture to serve as a member of the authority; if in each case to which par. (a) is applicable, the trustee, director, officer, or employee of the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution abstains from discussion, deliberation, action, and vote by the authority in specific respect to any undertaking pursuant to this chapter in which his or her participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution has an interest, or the person having the required favorable reputation for skill, knowledge, and experience in state and municipal finance abstains from discussion, deliberation, action, and vote by the authority in specific respect to any sale, purchase, or ownership of bonds of the authority in which any business of which such person is a participant, owner, officer, or employee has a past, current, or future interest, or such person having the required favorable reputation for skill, knowledge, and experience in the field of health facility, educational facility, research facility, or child care center nonprofit facility architecture abstains from discussion, deliberation, action, and vote by the authority in specific respect to construction or acquisition of any project of the authority in which any business of which such person is a participant, owner, officer, or employee has a past, current, or future interest.

AB508, s. 19 Section 19. 231.03 (5) of the statutes is amended to read:

AB508,8,20 231.03 (5) Determine the location and character of any project to be financed under this chapter, and construct, reconstruct, remodel, maintain, enlarge, alter, add to, repair, lease as lessee or lessor and regulate the same, enter into contracts for any such purpose, enter into contracts for the management and operation of a project or other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities owned by the authority, and designate a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution as its agent to determine the location and character of a project undertaken by the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution under this chapter and as the agent of the authority, to construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease as lessee or lessor and regulate the same, and as the agent of the authority, to enter into contracts for any such purpose, including contracts for the management and operation of such project or other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities owned by the authority.

AB508, s. 20 Section 20. 231.03 (6) (b) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB508,9,6 231.03 (6) (b) Refinance outstanding debt of any participating health institution if the department of health services certifies that refinancing will result in a reduction in the participating health institution's rates below the rates which would have otherwise prevailed, except that the authority may not refinance any office or clinic of a person licensed under ch. 446, 447, 448, 449 or 455, or the substantially equivalent laws or rules of another state, and except that this certification is not required for the refinancing for a participating health institution that operates a facility as defined under s. 49.45 (6m) (a) 3, or for a participating health institution that is located in another state.

AB508, s. 21 Section 21. 231.03 (6) (g) of the statutes is amended to read:

AB508,9,12 231.03 (6) (g) Finance a purchase, or make a loan, under sub. (20). Bonds issued under this paragraph shall be payable from, or secured by interests in, tobacco settlement revenues and such other property pledged under the bond resolution and, notwithstanding s. 231.08 (3), are not required to mature in 30 50 years or less from the date of issue.

AB508, s. 22 Section 22. 231.03 (6) (j) of the statutes is created to read:

AB508,9,15 231.03 (6) (j) Finance any project undertaken for a nonprofit facility by a participating nonprofit institution.

AB508, s. 23 Section 23. 231.03 (6) (k) of the statutes is created to read:

AB508,9,18 231.03 (6) (k) Refinance outstanding debt of any participating nonprofit institution.

AB508, s. 24 Section 24. 231.03 (7) of the statutes is amended to read:

AB508,9,24 231.03 (7) Fix and revise from time to time and charge and collect rates, rents, fees, and charges for the use of and for the services furnished or to be furnished by a project or other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities owned by the authority or any portion thereof, contract with any person in respect thereto and coordinate its policies and procedures, and cooperate with recognized health facility, educational facility, research facility, or child care center nonprofit facility rate setting mechanisms.

AB508, s. 25 Section 25. 231.03 (8) of the statutes is amended to read:

AB508,10,18 231.03 (8) Adopt rules for the use of a project or other health facility, educational facility, research facility, or child care center nonprofit facility or any portion of the project or facility owned, financed, or refinanced in whole or in part by the authority, including any property used as security for a loan secured through, from, or with the assistance of the authority. The authority may designate a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution as its agent to establish rules for the use of a project or other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities undertaken for that participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution. The rules shall ensure that a project, health facility, educational facility, research facility, child care center nonprofit facility, or property may not be used primarily for sectarian instruction or study or as a place for devotional activities or religious worship.

AB508, s. 26 Section 26. 231.03 (11) of the statutes is amended to read:

AB508,11,7 231.03 (11) Establish or contract with others to carry out on its behalf a health facility, educational facility, research facility, nonprofit facility, or child care center project cost estimating service, and make this service available on all projects to provide expert cost estimates and guidance to the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution and to the authority. To implement this service and, through it, to contribute to cost containment, the authority may require such reasonable reports and documents from health facility, educational facility, research facility, or child care center nonprofit facility projects as are required for this service and for the development of cost reports and guidelines. The authority shall appoint a technical committee on health facility, educational facility, research facility, or child care center nonprofit facility project costs and cost containment.

AB508, s. 27 Section 27. 231.03 (13) of the statutes is amended to read:

AB508,11,22 231.03 (13) Make loans to any participating health institution, participating educational institution, participating research institution, or, before May 1, 2000, participating child care provider nonprofit institution for the cost of a project in accordance with an agreement between the authority and the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution. The authority may secure the loan by a mortgage or other security arrangement on the health facility, educational facility, research facility, or child care center nonprofit facility granted by the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution to the authority. The loan may not exceed the total cost of the project as determined by the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution and approved by the authority.

AB508, s. 28 Section 28. 231.03 (14) of the statutes is amended to read:

AB508,12,8 231.03 (14) Make loans to a health facility, educational facility, research facility, or, before May 1, 2000, child care center nonprofit facility for which bonds may be issued under sub. (6) (b) or, (d) or under s. 231.03 (6) (f), 1999 stats., (i), or (k), to refinance the health facility's, educational facility's, research facility's, or child care center's nonprofit facility's outstanding debt. The authority may secure the loan or bond by a mortgage or other security arrangement on the health facility, educational facility, research facility, or child care center nonprofit facility granted by the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution to the authority.

AB508, s. 29 Section 29. 231.03 (15) of the statutes is amended to read:

AB508,12,18 231.03 (15) Mortgage all or any portion of a project and other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities and the site thereof, whether owned or thereafter acquired, for the benefit of the holders of bonds issued to finance the project, health facilities, educational facilities, research facilities, or child care centers nonprofit facilities or any portion thereof or issued to refund or refinance outstanding indebtedness of participating health institutions, participating educational institutions, participating research institutions, or child care providers participating nonprofit institutions as permitted by this chapter.

AB508, s. 30 Section 30. 231.03 (16) of the statutes is amended to read:

AB508,13,14 231.03 (16) Lease to a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution the project being financed or other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities conveyed to the authority in connection with such financing, upon such terms and conditions as the authority deems proper, and charge and collect rents therefor, and terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and include in any such lease, if desired, provisions that the lessee thereof shall have options to renew the term of the lease for such periods and at such rent as the authority determines or to purchase all or any part of the health facilities, educational facilities, research facilities, or child care centers nonprofit facilities or that, upon payment of all of the indebtedness incurred by the authority for the financing of such project or health facilities, educational facilities, research facilities, or child care centers nonprofit facilities or for refunding outstanding indebtedness of a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution, the authority may convey all or any part of the project or such other health facilities, educational facilities, research facilities, or child care centers nonprofit facilities to the lessees thereof with or without consideration.

AB508, s. 31 Section 31. 231.03 (17) of the statutes is amended to read:

AB508,13,19 231.03 (17) Charge to and apportion among participating health institutions, participating educational institutions, participating research institutions, and participating child care providers nonprofit institutions its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this chapter.

AB508, s. 32 Section 32. 231.03 (18) of the statutes is amended to read:

AB508,14,2 231.03 (18) Make studies of needed health facilities, educational facilities, research facilities, and child care centers nonprofit facilities that could not sustain a loan were it made under this chapter and recommend remedial action to the legislature; and do the same with regard to any laws or rules that prevent health facilities, educational facilities, research facilities, and child care centers nonprofit facilities from benefiting from this chapter.

AB508, s. 33 Section 33. 231.03 (19) of the statutes is amended to read:

AB508,14,14 231.03 (19) Obtain, or aid in obtaining, from any department or agency of the United States or of this state or any private company, any insurance or guaranty concerning the payment or repayment of, interest or principal, or both, or any part thereof, on any loan, lease, or obligation or any instrument evidencing or securing the same, made or entered into under the provisions of this chapter; and notwithstanding any other provisions of this chapter, to enter into any agreement, contract, or other instrument with respect to that insurance or guaranty, to accept payment in the manner and form provided therein in the event of default by a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution, and to assign the insurance or guaranty as security for the authority's bonds.

AB508, s. 34 Section 34. 231.04 of the statutes is amended to read:

AB508,15,4 231.04 Expenses. All expenses of the authority incurred in carrying out this chapter shall be payable solely from funds provided under the authority of this chapter, and no liability may be incurred by the authority beyond the extent to which moneys have been provided under this chapter except that, for the purposes of meeting the necessary expenses of initial organization and operation of the authority for the period commencing on June 19, 1974 and continuing until such date as the authority derives moneys from funds provided to it under the authority of this chapter, the authority may borrow such moneys as it requires to supplement the funds provided under s. 20.440. Such moneys borrowed by the authority shall subsequently be charged to and apportioned among participating health institutions, participating educational institutions, participating research institutions, and participating child care providers nonprofit institutions in an equitable manner, and repaid with appropriate interest over a reasonable period of time.

AB508, s. 35 Section 35. 231.05 (1) of the statutes is amended to read:

AB508,15,12 231.05 (1) By means of this chapter, it is the intent of the legislature to provide assistance and alternative methods of financing to nonprofit health institutions to aid them in providing needed health services consistent with the state's health plan, to nonprofit educational institutions to aid them in providing needed educational services, to nonprofit research institutions to aid them in providing needed research facilities, and to nonprofit child care providers to aid them in providing needed child care other needed services and facilities in this state.

AB508, s. 36 Section 36. 231.06 of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB508,15,25 231.06 Property acquisition. The authority may acquire, directly or by and through a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution as its agent, by purchase or by gift or devise, such lands, structures, property, rights, rights-of-way, franchises, easements, and other interests in lands, including lands lying under water and riparian rights, as it deems necessary or convenient for the construction or operation of a project, upon such terms and at such prices as it considers reasonable and can be agreed upon between it and the owner thereof, and take title thereto in the name of the authority or in the name of a health facility, educational facility, research facility, or child care center nonprofit facility as its agent.

AB508, s. 37 Section 37. 231.07 (1) (b) of the statutes is amended to read:

AB508,16,7 231.07 (1) (b) Convey to the participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution the authority's interest in the project and in any other health facility, educational facility, research facility, or child care center nonprofit facility leased, mortgaged, or subject to a deed of trust or any other form of security arrangement to secure the bond.

AB508, s. 38 Section 38. 231.07 (2) (a) of the statutes is amended to read:

AB508,16,15 231.07 (2) (a) The principal of and interest on any bond issued by the authority to finance a project or to refinance or refund outstanding indebtedness of one or more participating health institutions, participating educational institutions, participating research institutions, or participating child care providers nonprofit institutions, including any refunding bonds issued to refund and refinance the bond, have been fully paid and the bonds retired or if the adequate provision has been made to pay fully and retire the bond; and

AB508, s. 39 Section 39. 231.08 (3) of the statutes is amended to read:

AB508,17,7 231.08 (3) The bonds may be issued as serial bonds or as term bonds, or the authority may issue bonds of both types. The bonds shall be authorized by a bond resolution of the authority and shall bear such dates, mature at such times not exceeding 30 50 years from their respective dates of issue, bear interest at such rates, be payable at such times, be in such denominations, be in such form, either coupon or fully registered, carry such registration and conversion privileges, be executed in such manner, be payable in lawful money of the United States at such places, and be subject to such terms of redemption as the bond resolution provides. The bonds or notes shall be executed by the manual or facsimile signatures of such officers of the authority as the authority designates. Coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of the treasurer of the authority or such other officer as the authority designates. The bonds or notes may be sold at public or private sale for such price and in such manner and from time to time as the authority determines. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates which shall be exchanged for the definitive bonds.

AB508, s. 40 Section 40. 231.08 (5) of the statutes is amended to read:

AB508,17,16 231.08 (5) In addition to the other authorizations under this section, bonds of the authority may be secured by a pooling of leases whereby the authority may assign its rights, as lessor, and pledge rents under 2 or more leases of health facilities, educational facilities, research facilities, or child care centers nonprofit facilities with 2 or more participating health institutions, participating educational institutions, participating research institutions, or child care providers participating nonprofit institutions, as lessees respectively, upon such terms as may be provided for in bond resolutions of the authority.

AB508, s. 41 Section 41. 231.10 (1) of the statutes is amended to read:

AB508,18,2 231.10 (1) The state is not liable on notes or bonds of the authority and the notes and bonds are not a debt of the state. All notes and bonds of the authority shall contain on the face thereof a statement to this effect. The issuance of bonds under this chapter shall not, directly or indirectly or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this section prevents the authority from pledging its full faith and credit or the full faith and credit of a health institution, educational institution, research institution, or child care provider nonprofit institution to the payment of bonds authorized under this chapter.

AB508, s. 42 Section 42. 231.12 of the statutes is amended to read:

AB508,18,22 231.12 Studies and recommendations. It is the intent and purpose of this chapter that the exercise by the authority of the powers granted to it shall be in all respects for the benefit of the people of this state to assist them to provide needed health facilities, educational facilities, research facilities, and child care centers nonprofit facilities of the number, size, type, distribution, and operation that will assure admission and health care, education, research opportunities, or child care of high quality other necessary services to all who need it. The authority shall identify and study all projects which are determined by health planning agencies to be needed, but which could not sustain a loan were such to be made to it under this chapter. The authority shall formulate and recommend to the legislature such amendments to this and other laws, and such other specific measures as grants, loan guarantees, interest subsidies, or other actions the state may provide which would render the construction and operation of needed health facilities, educational facilities, research facilities, and child care centers nonprofit facilities feasible and in the public interest. The authority also shall identify and study any laws or rules which it finds handicaps or bars a needed health facility, educational facility, research facility, or child care center nonprofit facility from participating in the benefits of this chapter, and recommend to the legislature such actions as will remedy such situation.

AB508, s. 43 Section 43. 231.13 (1) (intro.) of the statutes is amended to read:

AB508,19,5 231.13 (1) (intro.) The authority shall collect rents for the use of, or other revenues relating to the financing of, each project. The authority shall contract with a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution for each issuance of bonds. The contract shall provide that the rents or other revenues payable by the health facility, educational facility, research facility, or child care center nonprofit facility shall be sufficient at all times to:

AB508, s. 44 Section 44. 231.13 (2) of the statutes is amended to read:

AB508,19,22 231.13 (2) The authority shall pledge the revenues derived and to be derived from a project and other related health facilities, educational facilities, research facilities, or child care centers nonprofit facilities for the purposes specified in sub. (1), and additional bonds may be issued which may rank on a parity with other bonds relating to the project to the extent and on the terms and conditions provided in the bond resolution. Such pledge shall be valid and binding from the time when the pledge is made, the revenues so pledged by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the bond resolution nor any financing statement, continuation statement, or other instrument by which a pledge is created or by which the authority's interest in revenues is assigned need be filed or recorded in any public records in order to perfect the lien thereof as against 3rd parties, except that a copy thereof shall be filed in the records of the authority and with the department of financial institutions.

AB508, s. 45 Section 45. 231.16 (1) of the statutes is amended to read:

AB508,20,13 231.16 (1) The authority may issue bonds to refund any outstanding bond of the authority or indebtedness that a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution may have incurred for the construction or acquisition of a project prior to or after April 30, 1980, including the payment of any redemption premium on the outstanding bond or indebtedness and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity, or to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project. Except for bonds to refund bonds issued under s. 231.03 (6) (g), no bonds may be issued under this section unless the authority has first entered into a new or amended agreement with a participating health institution, participating educational institution, participating research institution, or participating child care provider nonprofit institution to provide sufficient revenues to pay the costs and other items described in s. 231.13.

AB508, s. 46 Section 46. 231.16 (3) of the statutes is amended to read:

AB508,20,21 231.16 (3) All bonds issued under this section shall be subject to this chapter in the same manner and to the same extent as other bonds issued pursuant to this chapter, except that the limitations with respect to dates under s. 231.03 (6) (e) and (f), 1999 stats., and under s. 231.03 (14) do not apply to bonds issued under this section, and the requirement under s. 231.08 (3) that the bonds mature in 30 50 years or less from their date of issue does not apply to bonds issued under this section to refund bonds issued under s. 231.03 (6) (g).