66.51(1)(b)
(b) The county board, common council of any city, or both jointly, are authorized in their discretion, for any of its corporate purposes as set forth in this subsection, to issue bonds on which the principal and interest are payable from the income and revenues of such project financed with the proceeds of such bonds or with such proceeds together with the proceeds of a grant from the federal government to aid in the financing and construction thereof. In the case of municipal parking lots or other parking facilities such bonds may in addition be payable as to both principal and interest from income and revenues from other similar projects, parking meters, parking fees, or any other income or revenue obtained through parking, or any combination thereof.
66.51(1)(c)
(c) The credit of the county, or city, or both jointly, shall not be pledged to the payment of such bonds, but shall be payable only from the income and revenues described in
par. (b) or the funds received from the sale or disposal thereof. If the county board, or common council of a city, or both jointly, so determine, such bonds shall be secured either by a trust indenture pledging such revenues or by a mortgage on the property comprising such project and the revenues therefrom.
66.51(2)
(2) The bonds or other evidences of indebtedness shall state upon their face that the county, or city, or both jointly, shall not be a debt thereof or be liable therefor. Any indebtedness created by this section shall not be considered an indebtedness of such county or city and shall not be included in such amounts of determining the constitutional 5% debt limitations.
66.51(3)
(3) The provisions of
s. 66.066 relating to the issuance of revenue bonds by cities for public utility purposes, insofar as applicable, and the provisions of
ss. 67.08 (1) and
67.09 relating to the execution and registration of municipal obligations apply to the issuance of revenue bonds under this section.
66.51(4)
(4) All actions of any county or city, including all contracts, agreements, obligations and undertakings entered into pursuant to such actions, before December 4, 1955, in connection with the construction or other acquisition, equipment, furnishing, operation and maintenance of a joint county-city safety building, which would have been valid if
sub. (1) and
s. 66.508 had been in effect when such actions were taken, are hereby validated.
66.52
66.52
Promotion of industry. 66.52(1)
(1) It is declared to be the policy of the state to encourage and promote the development of industry to provide greater employment opportunities and to broaden the state's tax base to relieve the tax burden of residents and home owners. It is recognized that the availability of suitable sites is a prime factor in influencing the location of industry but that existing available sites may be encroached upon by the development of other uses unless protected from such encroachment by purchase and reservation. It is further recognized that cities, villages and towns have broad power to act for the commercial benefit and the health, safety and public welfare of the public. However, to implement that power, legislation authorizing borrowing is necessary. It is, therefore, declared to be the policy of the state to authorize cities, villages and towns to borrow for the reservation and development of industrial sites, and the expenditure of funds therefor is determined to be a public purpose.
66.52(2)
(2) For financing purposes, the purchase, reservation and development of industrial sites undertaken by any city, village or town is a public utility within the meaning of
s. 66.066. In financing under that section, rentals and fees shall be considered as revenue. Any indebtedness created hereunder shall not be included in arriving at the constitutional debt limitation.
66.52(3)
(3) Sites purchased for industrial development under this section or pursuant to any other authority may be developed by the city, village or town by the installation of utilities and roadways but not by the construction of buildings or structures. Any such sites may be sold or leased for industrial purposes but only for a fair consideration to be determined by the governing body.
66.521
66.521
Industrial development revenue bonding. 66.521(1)(a)(a) It is found and declared that industries located in this state have been induced to move their operations in whole or in part to, or to expand their operations in, other states to the detriment of state, county and municipal revenue raising through the loss or reduction of income and franchise taxes, real estate and other local taxes, and thereby causing an increase in unemployment; that such conditions now exist in certain areas of the state and may well arise in other areas; that economic insecurity due to unemployment is a serious menace to the general welfare of not only the people of the affected areas but of the people of the entire state; that unemployment results in obligations to grant public assistance and in the payment of unemployment compensation; that the absence of new economic opportunities has caused workers and their families to migrate elsewhere to find work and establish homes, which has resulted in a reduction of the tax base of counties, cities and other local governmental jurisdictions impairing their financial ability to support education and other local governmental services; that security against unemployment and the preservation and enhancement of the tax base can best be provided by the promotion, attraction, stimulation, rehabilitation and revitalization of commerce, industry and manufacturing; that there is a need to stimulate a larger flow of private investment funds from banks, investment houses, insurance companies and other financial institutions. It is therefore declared to be the policy of this state to promote the right to gainful employment, business opportunities and general welfare of the inhabitants thereof and to preserve and enhance the tax base by authorizing municipalities to acquire industrial buildings and to finance such acquisition through the issuance of revenue bonds for the purpose of fulfilling the aims of this section and such purposes are hereby declared to be public purposes for which public money may be spent and the necessity in the public interest for the provisions herein enacted is declared a matter of legislative determination.
66.521(1)(b)
(b) It is found and declared that the control of pollution of the environment of this state, the provision of medical, safe employment, telecommunications and telegraph, research, industrial park, dock, wharf, airport, recreational, convention center, trade center, headquarters and mass transit facilities in this state, and the furnishing of electric energy, gas and water in this state, are necessary to retain existing industry in, and attract new industry to, this state, and to protect the health, welfare and safety of the citizens of this state.
66.521(1)(c)
(c) It is found and declared that the revitalization of the central business districts of the municipalities of this state is necessary to retain existing industry in, and attract new industry to, this state and to protect the health, welfare and safety of residents of this state.
66.521(2)
(2) Definitions. As used in this section, unless the context otherwise requires:
66.521(2)(a)
(a) "Authorized developer" means a corporation organized under
ch. 180 or
181 which the governing body designates as an authorized developer after making a finding that the principal purpose of the corporation is the general promotion of business development in the municipality or in the local area containing the municipality.
66.521(2)(b)
(b) "Distributor" includes any person engaged primarily in the business of making sales of any products of agriculture, forestry, mining or manufacture in the ordinary course of business to purchasers for purposes of resale or further processing or manufacturing.
66.521(2)(c)
(c) "Eligible participant" includes any person, other than the state or any other governmental unit, who enters into a revenue agreement with a municipality with respect to an industrial project. If more than one eligible participant is a party to a revenue agreement, the undertaking of each shall be either several or joint and several as the revenue agreement provides. An eligible participant need not be directly or indirectly a user of the project.
66.521(2)(d)
(d) "Equip" means to install or place on or in any building or improvements or the site thereof equipment of any kind, including, without limiting the generality of the foregoing, machinery, utility service connections, pollution control facilities, building service equipment, fixtures, heating equipment and air conditioning equipment.
66.521(2)(e)
(e) "Governing body" means the board, council or other body in which the legislative powers of the municipality are vested.
66.521(2)(f)
(f) "Improve", "improving", "improvements" and "facilities" embrace any real or personal property or mixed property of any kind of whatever useful life that can be used or that will be useful in an industrial project including, but not limited to, sites for buildings, equipment or other improvements, rights-of-way, roads, streets, sidings, foundations, tanks, structures, pipes, pipelines, reservoirs, lagoons, utilities, materials, equipment, fixtures, machinery, furniture, furnishings, improvements, instrumentalities, pollution control facilities, and other real, personal or mixed property of every kind.
66.521(2)(g)
(g) "Indenture" means an instrument under which bonds may be issued and the rights and security of the bondholders are defined, whether such instrument is in the form of an indenture of trust, deed of trust, resolution of the governing body, mortgage, security agreement, instrument of pledge or assignment or any similar instrument or any combination of the foregoing and whether or not such instrument creates a lien on property.
66.521(2)(h)
(h) "Initial resolution" means a resolution of the governing body expressing an intention, which may be subject to conditions therein stated, to issue revenue bonds under this section in an amount stated, or a sum not to exceed a stated amount, on behalf of a specified eligible participant, for a stated purpose.
66.521(2)(i)
(i) "Municipality" means any city, village or town in this state.
66.521(2)(j)
(j) "Pollution control facilities" include, without limitation because of enumeration, any facilities, temporary or permanent, which are reasonably expected to abate, reduce or aid in the prevention, measurement, control or monitoring of noise, air or water pollutants, solid waste and thermal, radiation or other pollutants, including facilities installed principally to supplement or to replace existing property or equipment not meeting or allegedly not meeting acceptable pollution control standards or which are to be supplemented or replaced by other pollution control facilities.
66.521(2)(k)
(k) "Project" and "industrial project" mean any of the following:
66.521(2)(k)1.
1. Assembling, fabricating, manufacturing, mixing or processing facilities for any products of agriculture, forestry, mining or manufacture, even though such products may require further treatment before delivery to the ultimate consumer;
66.521(2)(k)2.
2. Generating, manufacturing, transmission or distributing facilities for electric energy, gas or water;
66.521(2)(k)4.
4. Pollution control facilities, including any environmental studies and monitoring systems connected therewith;
66.521(2)(k)5.
5. Sewage and solid and liquid waste disposal facilities;
66.521(2)(k)9.
9. Dock, wharf, airport, railroad or mass transit facilities;
66.521(2)(k)11.
11. Recreational facilities, convention centers and trade centers, as well as hotels, motels or marinas related thereto;
66.521(2)(k)12.
12. Facilities to provide service activities, including but not limited to warehousing, storage, distribution, research and data processing, which are directly related to and used in conjunction with a project enumerated in this paragraph having the same principal user;
66.521(2)(k)13.
13. Facilities required for compliance with a lawful order of the U.S. occupational safety and health administration or any similar governmental agency; and
66.521(2)(k)14.
14. In addition to
subd. 12., facilities used primarily for the storage or distribution of products described under
subd. 1., materials, components or equipment, but not including facilities regularly used for the sale of goods or services to ultimate consumers for personal, family or household purposes.
66.521(2)(k)15.
15. Facilities for compliance with a lawful order of any state or federal governmental agency controlling the use of land with respect to any of the industries, activities or facilities enumerated in this paragraph.
66.521(2)(k)16.
16. Repair or new construction of dry dock facilities, storage facilities or other harbor improvements.
66.521(2)(k)17.
17. Nonresidential facilities including, but not limited to, one or more shopping centers, office buildings, convention or trade centers, hotels, motels or other nonresidential buildings, with respect to which an urban development action grant has been made under
42 USC 5318 as in effect on April 30, 1980.
66.521(2)(k)19.
19. Facilities for research and development activities relating to the production of products described under
subd. 1. regardless of whether the user of the facilities is also engaged in the production of one or more of those products.
66.521(2)(k)21.
21. Cable television facilities which provide services only in a municipality having a population of 2,500 or less.
66.521(2)(k)22.
22. Child care centers, as defined in
s. 231.01 (3c), except that this subdivision does not apply on or after May 1, 2000.
66.521(2)(L)
(L) "Revenue agreement" includes any lease, sublease, instalment or direct sales contract, service contract, take or pay contract, loan agreement or similar agreement wherein an eligible participant agrees to pay the municipality an amount of funds sufficient to provide for the prompt payment of the principal of, and interest on, the revenue bonds and agrees to cause the project to be constructed.
66.521(2)(m)
(m) "Revenue bonds" and "bonds" means bonds, notes or any other contract or instrument evidencing a debt or providing for the payment of money entered into or issued in connection with a revenue agreement.
66.521(2)(n)
(n) "Trustee" means any corporation, bank or other entity authorized under any law of the United States or of any state to exercise trust powers or any natural person, or any one or more of them, acting as trustee, cotrustee or successor trustee under an indenture pursuant to designation of the governing body.
66.521(3)(a)
(a) Construct, equip, reequip, acquire by gift, lease or purchase, install, reconstruct, rebuild, rehabilitate, improve, supplement, replace, maintain, repair, enlarge, extend or remodel industrial projects.
66.521(3)(b)1.
1. To finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, supplementing, replacing, maintaining, repairing, enlarging, extending or remodeling of industrial projects and the improvement of sites therefor;
66.521(3)(b)2.
2. To fund the whole or any part of any revenue bonds theretofore issued by such municipality, including any premium payable with respect thereto and any interest accrued or to accrue thereon; or
66.521(3)(c)
(c) Enter into revenue agreements with eligible participants with respect to industrial projects.
66.521(3)(d)
(d) Mortgage all or any part of the industrial project or assign the revenue agreements in favor of the holders of the bonds issued therefor and in connection therewith may irrevocably waive any rights it would otherwise have to redeem the mortgaged premises in the event of foreclosure.
66.521(3)(e)
(e) Sell and convey the industrial project and site, including without limitation the sale and conveyance thereof subject to a mortgage, for such price and at such time as the governing body determines, but no sale or conveyance of any industrial project or site shall be made in any manner as to impair the rights or interests of the holders of any bonds issued for the industrial project.
66.521(3)(f)
(f) Finance an industrial project which is located entirely within the geographic limits of the municipality or some contiguous part of which is located within and some contiguous part outside the geographic limits of the municipality; or, finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement with respect to such project also relates to another project of the same eligible participant some part of which is located within such limits. Exercise of the power granted by this subsection shall not give rise to any power on the part of such municipality to annex, tax, zone or exercise any other municipal power with respect to that part of such project located outside of the geographic limits of such municipality.
66.521(3)(g)
(g) Consent, whenever it deems it necessary or desirable in fulfillment of the purposes of this section, to a modification of a rate of interest, a time of payment of any instalment of principal or interest or any other term of the revenue agreement, indenture or bonds.
66.521(3)(h)
(h) Provide for any type of insurance against any risk including, without limitation, insurance on the revenues to be derived pursuant to the revenue agreement or on the obligation to make payment of the principal of or interest on the bonds.
66.521(4)(a)(a) All bonds issued by a municipality under the authority of this section shall be limited obligations of the municipality. The principal of and interest on such bonds shall be payable solely out of the revenues derived pursuant to the revenue agreement pertaining to the project to be financed by the bonds so issued under this section, or, in the event of default of such agreement and to the extent that the municipality so provides in the proceedings of the governing body whereunder the bonds are authorized to be issued, out of any revenues derived from the sale, releasing or other disposition of the project, or out of any collateral securing the revenue agreement, or out of the proceeds of the sale of bonds. Bonds and interest coupons issued under this section do not constitute an indebtedness of the municipality, within the meaning of any state constitutional provision or statutory limitation. Bonds and interest coupons issued under this section do not constitute nor give rise to a charge against the municipality's general credit or taxing powers or a pecuniary liability of the municipality or a redevelopment authority under
s. 66.431, including but not limited to:
66.521(4)(a)1.
1. Liability for failure to investigate or negligence in the investigation of the financial position or prospects of an eligible participant, a user of a project or any other person or for failure to consider, or negligence concerning, the adequacy of terms of, or collateral security for, the bonds or any related agreement to protect interests of holders of the bonds; and
66.521(4)(a)2.
2. Any liability in connection with the issuance or sale of bonds, for representations made, or for the performance of the obligation of any person who is a party to a related transaction or agreement except as specifically provided in this section or by an express provision of the bond or a related written agreement to which the municipality is a party.
66.521(4)(b)
(b) The limitation of liability provided by
par. (a) (intro.) shall be plainly stated on the face of each bond.
66.521(4)(c)
(c) The bonds may be executed and delivered at any time; be in such form and denominations, without limitation as to the denomination of any bond, any other law to the contrary notwithstanding; be registered under
s. 67.09; be payable in one or more instalments and at such time, not exceeding 35 years from their date; be payable prior to maturity on such terms and conditions; be payable both with respect to principal and interest at such place in or out of this state; bear interest at such rate, either fixed or variable in accordance with such formula; be evidenced in such manner; and may contain other provisions not inconsistent with this section as specified by the governing body.
66.521(4)(d)
(d) Unless otherwise expressly or implicitly provided in the proceedings of the governing body whereunder the bonds are authorized to be issued, bonds issued under this section shall be subject to the general provisions of law, not inconsistent with this section, presently existing or that may hereafter be enacted, respecting the authorization, execution and delivery of the bonds of such municipality.
66.521(4)(e)
(e) Any bonds, issued under the authority of this section, may be sold at public or private sale in such manner, at such price and at such time as may be determined by the governing body. The municipality may pay all expenses, premiums and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale and issuance thereof.
66.521(4)(f)
(f) All bonds, issued under the authority of this section and all interest coupons applicable thereto, shall be construed to be negotiable instruments, even though they are payable solely from a specified source.
66.521(4m)(a)(a) A municipality may not enter into a revenue agreement with any person unless:
66.521(4m)(a)1.
1. The person, at least 30 days prior to entering into the revenue agreement, has given a notice of intent to enter into the agreement, on a form prescribed under
s. 560.034 (1), to the department of commerce and to any collective bargaining agent in this state with whom the person has a collective bargaining agreement; and
66.521(4m)(a)2.
2. The municipality has received an estimate issued under
s. 560.034 (5) (a), and the department of commerce has estimated whether the project which the municipality would finance under the revenue agreement is expected to eliminate, create or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created or maintained as a result of the project.
66.521(4m)(b)
(b) Any revenue agreement which an eligible participant enters into with a municipality to finance a project shall require the eligible participant to submit to the department of commerce within 12 months after the project is completed or 2 years after a revenue bond is issued to finance the project, whichever is sooner, on a form prescribed under
s. 560.034 (1), the net number of jobs eliminated, created or maintained on the project site and elsewhere in this state as a result of the project.
66.521(4m)(c)
(c) Nothing in this subsection may be deemed to require a person with whom a municipality has entered into a revenue agreement to satisfy an estimate under
par. (a) 2.
66.521(4s)(a)3.
3. "Lost job" means an employment position with an employer that is eliminated at a site in this state other than a project site when the employer moves any part of its operation to a project site.
66.521(4s)(a)4.
4. "New job" means an employment position with an employer that meets all of the following requirements:
66.521(4s)(a)4.a.
a. Is created at a project site when the employer moves any part of its operation to a project site from another site in this state.
66.521(4s)(a)4.b.
b. Increases the employer's total number of jobs at a project site after the construction of the project compared to the employer's total number of jobs at that project site before the construction of the project.
66.521(4s)(a)4.c.
c. Is created within one year after the construction of the project is completed.
