SB91,32,19 17239.05 Issuance of bonds. (1) The authority may issue bonds for any
18corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
19payment from a limited source.
SB91,32,23 20(2) Except as otherwise expressly provided by the authority, every issue of its
21notes or bonds shall be general obligations of the authority payable out of any
22revenues or moneys of the authority, subject only to any agreements with the holders
23of particular notes or bonds pledging any particular receipts or revenues.
SB91,32,25 24(3) All bonds issued by the authority are negotiable investment securities
25under ch. 408.
SB91,33,11
1(4) The authority may not issue bonds unless the issuance is first authorized
2by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
350 years from their dates of issue, bear interest at the rates, be payable at the times,
4be in the denominations, be in the form, carry the registration and conversion
5privileges, be executed in the manner, be payable in lawful money of the United
6States at the places, and be subject to the terms of redemption, that the bond
7resolution provides. The bonds shall be executed by the manual or facsimile
8signatures of the officers of the authority designated by the board. The bonds may
9be sold at public or private sale at the price, in the manner, and at the time
10determined by the board. Pending preparation of definitive bonds, the authority may
11issue interim receipts or certificates that shall be exchanged for the definitive bonds.
SB91,33,14 12(5) The board may include in bond resolution provisions, which shall be a part
13of the contract with the holders of the bonds that are authorized by the bond
14resolution, regarding any of the following:
SB91,33,1515 (a) Pledging or assigning specified assets or revenues of the authority.
SB91,33,1716 (b) Setting aside reserves or sinking funds, and the regulation, investment, and
17disposition of these funds.
SB91,33,1918 (c) Limitations on the purpose to which or the investments in which the
19proceeds of the sale of any issue of bonds may be applied.
SB91,33,2220 (d) Limitations on the issuance of additional bonds, the terms upon which
21additional bonds may be issued and secured, and the terms upon which additional
22bonds may rank on a parity with, or be subordinate or superior to, other bonds.
SB91,33,2323 (e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
SB91,34,3
1(f) Procedures, if any, by which the terms of any contract with bondholders may
2be amended, the amount of bonds the holders of which must consent to the
3amendment, and the manner in which this consent may be given.
SB91,34,64 (g) Defining the acts or omissions to act that constitute a default in the duties
5of the authority to the bondholders, and providing the rights and remedies of the
6bondholders in the event of a default.
SB91,34,77 (h) Other matters relating to the bonds that the board considers desirable.
SB91,34,11 8(6) Neither the members of the board nor any person executing the bonds is
9liable personally on the bonds or subject to any personal liability or accountability
10by reason of the issuance of the bonds, unless the personal liability or accountability
11is the result of willful misconduct.
SB91,34,20 12239.06 Bond security. The authority may secure bonds by a trust agreement,
13trust indenture, indenture of mortgage, or deed of trust by and between the authority
14and one or more corporate trustees. A bond resolution providing for the issuance of
15bonds so secured shall mortgage, pledge, assign, or grant security interests in some
16or all of the revenues to be received by, and property of, the authority and may contain
17those provisions for protecting and enforcing the rights and remedies of the
18bondholders that are reasonable and proper and not in violation of law. A bond
19resolution may contain other provisions determined by the board to be reasonable
20and proper for the security of the bondholders.
SB91,35,2 21239.07 Bonds not public debt. (1) The state is not liable on bonds, and the
22bonds are not a debt of the state. All bonds shall contain a statement to this effect
23on the face of the bond. A bond issue does not, directly, indirectly, or contingently,
24obligate the state or a political subdivision of the state to levy any tax or make any

1appropriation for payment of the bonds. Nothing in this section prevents the
2authority from pledging its full faith and credit to the payment of bonds.
SB91,35,12 3(2) Nothing in this chapter authorizes the authority to create a debt of the state,
4and all bonds issued by the authority are payable, and shall state that they are
5payable, solely from the funds pledged for their payment in accordance with the bond
6resolution authorizing their issuance or in any trust indenture or mortgage or deed
7of trust executed as security for the bonds. The state is not liable for the payment
8of the principal of or interest on a bond or for the performance of any pledge,
9mortgage, obligation, or agreement that may be undertaken by the authority. The
10breach of any pledge, mortgage, obligation, or agreement undertaken by the
11authority does not impose pecuniary liability upon the state or a charge upon its
12general credit or against its taxing power.
SB91,35,19 13239.08 State pledge. The state pledges to and agrees with the bondholders,
14and persons that enter into contracts with the authority under this chapter, that the
15state will not limit or alter the rights vested in the authority by this chapter before
16the authority has fully met and discharged the bonds, and any interest due on the
17bonds, and has fully performed its contracts, unless adequate provision is made by
18law for the protection of the bondholders or those entering into contracts with the
19authority.
SB91,35,23 20239.09 Liability limited. Neither the state nor any political subdivision of
21the state, nor any officer, employee, or agent of the state or a political subdivision of
22the state who is acting within the scope of employment or agency, is liable for any
23debt, obligation, act, or omission of the authority.
SB91,36,3
1239.10 Annual report. (1) Annually, the board shall submit to the chief clerk
2of each house of the legislature, for distribution to the legislature under s. 13.172 (2),
3a report on the activities of the authority, including all of the following:
SB91,36,44 (a) Its operations, accomplishments, goals, and objectives.
SB91,36,55 (b) A statement of income and expenses for the fiscal year.
SB91,36,66 (c) Its assets and liabilities at the end of its fiscal year.
SB91,36,97 (d) A schedule of its bonds and notes outstanding at the end of its fiscal year,
8together with a statement of the amounts redeemed and incurred during such fiscal
9year.
SB91,36,15 10(2) The authority, annually on January 15, shall file with the department of
11administration and the joint legislative council a complete and current listing of all
12forms, reports, and papers required by the authority to be completed by any person,
13other than a governmental body, as a condition of obtaining the approval of the
14authority or for any other reason. The authority shall attach a blank copy of each
15such form, report, or paper to the listing.
SB91,46 16Section 46. Nonstatutory provisions.
SB91,36,2317 (1) Staggered terms. Notwithstanding the length of terms specified for the
18members of the board of the Wisconsin Student Loan Refinancing Authority under
19section 239.02 of the statutes, of the 5 members appointed under section 239.02 (1)
20(a) 3. to 6. of the statutes, one of the initial members shall be appointed for a term
21expiring on July 1, 2019, 2 of the initial members shall be appointed for terms
22expiring on July 1, 2020, and the remaining 2 initial members shall be appointed for
23terms expiring on July 1, 2021.
SB91,47 24Section 47. Initial applicability.
SB91,37,6
1(1) Tuition expenses deduction. The treatment of section 71.05 (6) (b) 28.
2(intro.) and j. of the statutes first applies to taxable years beginning on January 1 of
3the year in which this subsection takes effect, except that if this subsection takes
4effect after July 31 the treatment of section 71.05 (6) (b) 28. (intro.), am., h., and j.
5of the statutes first applies to taxable years beginning on January 1 of the year
6following the year in which this subsection takes effect.
SB91,48 7Section 48. Effective dates. This act takes effect on the day after publication,
8or on the 2nd day after publication of the 2017 biennial budget act, whichever is later,
9except as follows:
SB91,37,1310 (1) Financial aid information. The treatment of sections 39.28 (7), 39.54, and
11224.30 (6) of the statutes takes effect on the first day of the 7th month beginning after
12publication, or on the 2nd day after publication of the 2017 biennial budget act,
13whichever is later.
SB91,37,1414 (End)
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