66.059(2)
(2) The governing body of the municipality proposing to issue public improvement bonds shall adopt a resolution authorizing their issuance. The resolution shall set forth the amount of bonds authorized, or a sum not to exceed a stated amount, and the purpose for which the bonds are to be issued. The resolution shall prescribe the terms, form and contents of the bonds and such other matters as the governing body deems necessary or advisable. The bonds may be in any denomination of not less than $1,000, shall bear interest payable annually or semiannually, shall be payable not later than 20 years from the date of the bonds, at such times and places as the governing body determines, and may be subject to redemption prior to maturity on such terms and conditions as the governing body determines. The bonds may be issued either payable to bearer with interest coupons attached thereto or may be registered under
s. 67.09. The bonds may be sold at public competitive sale or by private negotiation at the discretion of the governing body.
Sections 67.08 and
67.10 apply to public improvement bonds, except insofar as they are in conflict herewith, in which case this section controls.
66.059(2m)(a)(a) A resolution, adopted under
sub. (2) by the governing body of a municipality, need not be submitted to the electors of the municipality for approval, unless within 30 days after the resolution is adopted there is filed with the clerk of the municipality a petition conforming to the requirements of
s. 8.40 requesting a referendum thereon, signed by electors numbering at least 10% of the votes cast in the municipality for governor at the last general election. Any resolution, adopted under
sub. (2) at the discretion of the municipal governing body, may be submitted to the electors without waiting for the filing of a petition.
66.059(2m)(b)
(b) If a referendum is to be held on a resolution, the municipal governing body shall direct the municipal clerk to call a special election for the purpose of submitting the resolution to the electors for a referendum on approval or rejection. In lieu of a special election, the municipal governing body may specify that the election be held at the next succeeding spring primary or election or September primary or general election.
66.059(2m)(c)
(c) The municipal clerk shall publish a class 2 notice, under
ch. 985, containing a statement of the purpose of the referendum, giving the amount of the bonds proposed to be issued and the purpose for which they will be issued, and stating the time and places of holding the election and the hours during which the polls will be open.
66.059(2m)(d)
(d) The election shall be held and conducted and the votes cast thereat canvassed as at regular municipal elections and the results certified to the municipal clerk. A majority of all votes cast in the municipality shall decide the question.
66.059(3)
(3) The reasonable cost and value of any services rendered by the public improvement to the municipality shall be charged against the municipality and shall be paid by it in monthly instalments.
66.059(4)(a)(a) Gross revenues derived from the ownership and operation of the public improvement shall be first pledged to debt service on issued public improvement bonds. When in excess of such obligation, the revenues shall be subject to requirements set by resolution or ordinance of the governing body fixing:
66.059(4)(a)1.
1. The proportion of revenues of the public improvement necessary for the reasonable and proper operation and maintenance thereof; and
66.059(4)(a)2.
2. The proportion of revenues necessary for the payment of debt service on the public improvement bonds. Such revenues shall be paid into a special fund in the treasury of the municipality known as the "Public Improvement Bond Account".
66.059(4)(b)
(b) At any time after one year's operation, the governing body may recompute the proportion of revenues assignable under
par. (a) based upon experience of operation.
66.059(4)(c)
(c) All funds on deposit in a public improvement bond account, which are not immediately required for the purposes specified in this section, shall be invested in accordance with
s. 66.04.
66.059(5)
(5) Annually, on or before August 1 the officer or department of the municipality responsible for the operation of the public improvement shall file with the governing body, or its designated representative, a detailed statement setting forth the amount of the debt service on the public improvement bonds issued for the public improvement for the succeeding calendar year and an estimate for such year of the total revenues to be derived from the ownership and operation of the public improvement and the total cost of operating and maintaining the public improvement.
66.059(6)(a)(a) If it is determined that there will be a deficiency for the ensuing calendar year, the municipality shall make up the deficiency, but the obligation to do so shall be limited to a sum which shall not cause the municipality to exceed its municipal debt limits. The deficiency may be made up by the municipality from any revenues available therefor, including a tax levy. The amount contributed by the municipality shall be deposited in the public improvement bond account and applied to the payment of debt service. Taxes levied under this paragraph shall not be subject to statutory limitations of rate or amount.
66.059(6)(b)
(b) The amount of any deficiency determined under
par. (a) for the ensuing calendar year shall be related to the total debt service for such year. Such ratio shall determine the outstanding indebtedness of the issue to be reflected as part of the municipality's indebtedness for the year.
66.059(7)
(7) Whenever revenue bonds have been issued by a municipality pursuant to law and an ordinance authorizing their issuance without limitation as to amount has been enacted by the governing body of the municipality, public improvement bonds may be issued under the ordinance with the same effect as though they were revenue bonds. Such bonds shall be public improvement bonds and this section shall apply thereto, except that nothing contained in this subsection shall in any way impair the contract between the municipality and the holders of any outstanding revenue bonds. Whatever liens have been created in favor of any outstanding revenue bonds issued under the ordinance shall apply to public improvement bonds so issued. The public improvement bonds shall be payable on a parity with the revenue bonds issued under the ordinance if the public improvement bonds are issued in compliance with the requirements of the ordinance for the issuance of parity bonds under the ordinance.
66.06
66.06
Public utilities. 66.06(1)(1)
Definitions. The definition of "public utility" in
s. 196.01 is applicable to
ss. 66.06 to
66.078. Whenever the phrase "resolution or ordinance" is used in
ss. 66.06 to
66.065 and
66.068 to
66.078, it means, as to towns, villages and cities, ordinance only.
66.06(2)
(2) Limitation. Nothing in
ss. 66.06 to
66.078 shall be construed as depriving the office of the commissioner of railroads, department of transportation or public service commission of any power conferred by
ss. 195.05 and
197.01 to
197.10 and
ch. 196.
66.061
66.061
Franchises; service contracts. 66.061(1)(a)(a) Any city, village or town may grant to any person or corporation the right to construct and operate therein a water system or to furnish light, heat or power subject to reasonable rules and regulations prescribed by ordinance.
66.061(1)(b)
(b) The board or council may submit the ordinance when passed and published to a referendum.
66.061(1)(c)
(c) No such ordinance shall be operative until 60 days after passage and publication unless sooner approved by a referendum. Within that time electors equal in number to 20 per cent of those voting at the last regular municipal election, may demand a referendum. The demand shall be in writing and filed with the clerk. Each signer shall state his or her occupation and residence and signatures shall be verified by the affidavit of an elector. The referendum shall be held at the next regular municipal election, or at a special election within 90 days of the filing of the demand, and the ordinance shall not be effective unless approved by a majority of the votes cast thereon. This paragraph shall not apply to extensions by a utility previously franchised by the village or city.
66.061(1)(d)
(d) Whenever any city or village at the time of its incorporation included within its corporate limits territory in which a public utility, prior to such incorporation, had been lawfully engaged in rendering public utility service, such public utility shall be deemed to possess a franchise to operate in such city or village to the same extent as though such franchise had been formally granted by ordinance duly adopted by the governing body of such city or village. This paragraph shall not apply to any public utility organized under this chapter.
66.061(2)(a)(a) Cities, villages and towns may contract for furnishing light, heat, water, motor bus or other systems of public transportation to the municipality or to the inhabitants thereof for a period of not more than 30 years or for an indeterminate period if the prices are subject to adjustment at intervals of not greater than 5 years. The public service commission shall have jurisdiction relative to the rates and service to any city, village or town where light, heat or water is furnished to such city, village or town under any contract or arrangement, to the same extent that the public service commission has jurisdiction where that service is furnished directly to the public.
66.061(2)(b)
(b) When a city, village or town has contracted for water, lighting service, motor bus or other systems of public transportation to the municipality the cost may be raised by tax levy. In making payment to the owner of the utility a sum equal to the amount due the city, village or town from such owner for taxes or special assessments may be deducted.
66.061(2)(c)
(c) This subsection shall apply to every city, village and town regardless of any charter limitations on the tax levy for water or light.
66.061(2)(d)
(d) When any privately owned motor bus or public transportation system in a city, village or town fails to provide service for a period in excess of 30 days, and the owner or stockholders of the privately owned motor bus or public transportation system have announced an intention to abandon service, the governing body of the affected municipality may without referendum furnish or contract for the furnishing of other motor bus or public transportation service to the municipality and its inhabitants and to the users of the defaulting prior service for a period of not more than one year. This section shall not authorize a municipality to hire, directly or indirectly, any strikebreaker or other person for the purpose of replacing employes of said motor bus or public transportation system engaged in a strike.
66.064
66.064
Joint operation. Any city, village or town served by any privately owned public utility, motor bus or other systems of public transportation rendering local service may contract with the owner thereof for the leasing, public operation, joint operation, extension and improvement by the municipality or with funds loaned by the municipality, for the stabilization by municipal guaranty of the return upon or for the purchase by instalments out of earnings or otherwise of that portion of said public utility which is operated within such municipality and any territory immediately adjacent and tributary thereto; or for the accomplishment of any object agreed upon between the parties relating to the use, operation, management, value, earnings, purchase, extension, improvement, sale, lease or control of such property. The provisions of
s. 66.07 relating to preliminary agreement, approval by the department of transportation or public service commission, and ratification by the electors, shall be applicable to the contracts authorized by this section. The department of transportation or public service commission shall, when any such contract is approved by it and consummated, cooperate with the parties in respect to making valuations, appraisals, estimates and other determinations specified in such contract to be made by it.
66.065(1)(1) Any town, village or city may construct, acquire or lease any plant and equipment located within or without the municipality, and including interest in or lease of land, for furnishing water, light, heat, or power, to the municipality, or to its inhabitants; may acquire a controlling portion of the stock of any corporation owning private waterworks or lighting plant and equipment; and may purchase the equity of redemption in a mortgaged or bonded waterworks or lighting system, including the cases where the municipality shall in the franchise have reserved right to purchase. The character or duration of the franchise, permit or grant under which any public utility is operated, shall not affect the power to acquire the same hereunder. Two or more public utilities owned by the same person or corporation, or 2 or more public utilities subject to the same lien or charge, may be acquired as a single enterprise under any proceeding heretofore begun or hereafter commenced, and the board or council may at any time agree with the owner or owners of any public utility or utilities as to the agreed value thereof, and to contract to purchase or acquire the same hereunder at such value, upon such terms and conditions as may be mutually agreed upon between said board or council and said owner or owners.
66.065(2)
(2) A resolution, specifying the method of payment and submitting the question to a referendum, shall be adopted by a majority of all the members of the board or council at a regular meeting, after publication at least one week previous in the official paper.
66.065(3)
(3) The notice of the referendum shall include a general statement of the plant equipment or part thereof it is proposed to acquire or construct and of the manner of payment.
66.065(4)
(4) Referendum elections under this section shall not be held oftener than once a year, except that a referendum so held for the acquisition, lease or construction of any of the types of property enumerated in
sub. (1) shall not bar the holding of one referendum in the same year for the acquisition and operation of a bus transportation system by the municipality.
66.065(4a)
(4a) The provisions of
subs. (2),
(3) and
(4) shall not apply to the acquisition of any plant, equipment or public utility for furnishing water service when such plant, equipment or utility is acquired by the municipality by dedication or without monetary or financial consideration.
66.065(5)
(5) Any city, village or town may by action of its governing body and with a referendum vote provide, acquire, own, operate or engage in a municipal bus transportation system where no existing bus, rail or other local transportation system exists in such municipality. Any city, village or town in which there exists any local transportation system by similar action and referendum vote may acquire, own, operate or engage in the operation of a municipal bus transportation system upon acquiring the local transportation system by voluntary agreement with the owners thereof, or pursuant to law, or upon securing a certificate from the department of transportation under
s. 194.23.
66.065(6)
(6) Any street motor bus transportation company operating pursuant to
ch. 194 shall, by acceptance of authority under that chapter, be deemed to have consented to a purchase of its property actually used and useful for the convenience of the public by the municipality in which the major part of such property is situated or operated.
66.065(7)
(7) Any city, village or town providing or acquiring a motor bus transportation system under the provisions of this section may finance such construction or purchase in any manner now authorized in respect of the construction or purchase of a public utility.
66.065 Annotation
This section is not a restriction upon the authority granted the department of natural resources by s. 144.025 (2) (r) [now 281.19 (5)] to order the construction of a municipal water system, but constitutes merely an alternative by which a municipality may voluntarily construct or purchase a water utility. Village of Sussex v. Dept. of Natural Resources, 68 W (2d) 187, 228 NW (2d) 173.
66.065 Annotation
Section 66.065, which requires a municipality to obtain voter approval through a referendum prior to the construction or acquisition of a waterworks, does not apply when a municipality is ordered to construct a public water supply system pursuant to s. 144.025 (2) (r) [now 281.19 (5)]. 60 Atty. Gen. 523.
66.066
66.066
Revenue obligations. 66.066(1)(a)
(a) "Municipality" means any city, village, town, county, commission created by contract under
s. 66.30, public inland lake protection and rehabilitation district established under
s. 33.23,
33.235 or
33.24, metropolitan sewerage district created under
ss. 66.20 to
66.26 or
66.88 to
66.918, town sanitary district under
subch. IX of ch. 60, a local professional baseball park district created under
subch. III of ch. 229 or a municipal water district or power district under
ch. 198 and any other public or quasi-public corporation, officer, board or other public body empowered to borrow money and issue obligations to repay the same out of revenues. "Municipality" does not include the state or a local exposition district created under
subch. II of ch. 229.
66.066(1)(b)
(b) For purposes of financing under this section, "public utility" means any revenue producing facility or enterprise owned by a municipality and operated for a public purpose as defined in
s. 67.04 (1) (b) or undertaken by a municipality under
s. 66.067.
66.066(1)(c)
(c) "Revenue" means all moneys received from any source by a public utility and all rentals and fees and in the case of a local professional baseball park district created under
subch. III of ch. 229 includes tax revenues deposited into a special fund under
s. 229.685 and payments made into a special debt service reserve fund under
s. 229.74.
66.066(1a)
(1a) Nothing in this section shall be construed to limit the authority of any municipality to acquire, own, operate and finance in the manner provided in this section, a source of water and necessary transmission facilities, including all real and personal property, beyond its corporate limits. A source of water 50 miles beyond a municipality's corporate limits shall be within the municipality's authority.
66.066(1m)
(1m) Any municipality may, by action of its governing body, provide for purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating or managing a public utility, motor bus or other systems of public transportation from the general fund, or from the proceeds of municipal obligations, including revenue bonds. Any obligation created pursuant to
subs. (2) to
(4) shall not be considered an indebtedness of such municipality, and shall not be included in arriving at the constitutional debt limitation.
66.066(2)
(2) Where payment is provided by revenue bonds, the procedure for payment shall be in the manner following:
66.066(2)(a)1.1. The governing body, by ordinance or resolution, shall order the issuance and sale of bonds, executed as provided in
s. 67.08 (1) and payable at such times not exceeding 40 years from the date thereof, and at such places, as the governing body of such municipality shall determine, which bonds shall be payable only out of the special redemption fund. Each such bond shall include a statement that it is payable only from the special redemption fund, naming the ordinance or resolution creating it and that it does not constitute an indebtedness of such municipality. The bonds may be issued either as registered bonds under
s. 67.09 or as coupon bonds payable to bearer. Bonds shall be sold in such manner and upon such terms as the governing body deems for the best interests of said municipality.
66.066(2)(a)2.
2. Interest, if any, on bonds shall be paid at least annually to bondholders. Payment of principal on the bonds shall commence not later than 3 years after the date of issue or 2 years after the estimated date that construction will be completed, whichever is later. Thereafter, at least annually, the municipality shall make principal payments and, if any, interest payments to bondholders or provide by ordinance or resolution that payments be made into a separate fund for payment to bondholders as specified in the ordinance or resolution authorizing the issuance of the bonds. The amount of the annual debt service payments made or provided for shall be reasonable in accordance with prudent municipal utility management practices.
66.066(2)(a)3.
3. All such bonds may contain a provision authorizing redemption thereof, in whole or in part, at stipulated prices, at the option of the municipality on any interest payment date. The governing body may provide in any contract for purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating or managing a public utility, that payment thereof shall be made in such bonds at not less than 95% of the par value thereof.
66.066(2)(b)
(b) All moneys received from any bonds issued under this section shall be applied solely for purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating or managing a public utility, and in the payment of the cost of any subsequent necessary additions, improvements and extensions. Bonds issued under this section shall be secured by a pledge of the revenues of the public utility to the holders of the bonds and to the holders of any coupons of the bonds and may be additionally secured by a mortgage lien upon the public utility to the holders of the bonds and to the holders of any coupons of the bonds. If a mortgage lien is created by ordinance or resolution, the lien shall be perfected by publication of the ordinance or resolution or by recording of the ordinance or resolution in the records of the municipality. In addition, the municipality may record the lien by notifying the register of deeds of the county in which the public utility is located concerning its issuance of bonds. If the register of deeds receives notice from the municipality, the register of deeds shall record any mortgage lien created. The public utility shall remain subject to the pledge and, if created, the mortgage lien until the payment in full of the principal and interest of the bonds. Upon repayment of bonds for which a mortgage lien has been created, the register of deeds shall, upon notice from the municipality, record a satisfaction of the mortgage lien. Any holder of a bond or of any coupons attached to a bond may either at law or in equity protect and enforce this pledge and, if created, the mortgage lien and compel performance of all duties required of the municipality by this section. Any municipality may provide for additions, extensions and improvements to a public utility that it owns by additional issues of bonds under this section. Such additional issues of bonds shall be subordinate to all prior issues of bonds under this section, but a municipality may in the ordinance or resolution authorizing bonds permit the issue of additional bonds on a parity therewith. Any municipality may issue new bonds under this section to provide funds for refunding any outstanding municipal obligations, including interest, issued for any of the purposes stated in
sub. (1m). Refunding bonds issued under this section are subject to the following provisions:
66.066(2)(b)1.
1. Refunding bonds may be issued to refinance more than one issue of outstanding municipal obligations notwithstanding that such outstanding municipal obligations may have been issued at different times and may be secured by the revenues of more than one public utility. Any such public utilities may be operated as a single public utility, subject however to contract rights vested in holders of bonds or promissory notes being refinanced. A determination by the governing body that any refinancing is advantageous or necessary to the municipality shall be conclusive.
66.066(2)(b)4.
4. The refunding bonds shall not be considered an indebtedness of such municipality, and shall not be included in arriving at the constitutional debt limitation.
66.066(2)(b)5.
5. The governing body may, in addition to other powers conferred by this section, include a provision in any ordinance or resolution authorizing the issuance of refunding bonds pledging all or any part of the revenues of any public utility or utilities or combination thereof originally financed or extended or improved from the proceeds of any of the municipal obligations being refunded, and pledging all or any part of the surplus income derived from the investment of any trust created in relation to the refunding.
66.066(2)(b)6.
6. This subsection, without reference to any other laws of this state, shall constitute full authority for the authorization and issuance of refunding bonds hereunder and for the doing of all other acts authorized by this subsection to be done or performed and such refunding bonds may be issued hereunder without regard to the requirements, restrictions or procedural provisions contained in any other law.
66.066(2)(c)
(c) The governing body shall, in the ordinance or resolution authorizing the issuance of bonds, establish a system of funds and accounts and provide for sufficient revenues to operate and maintain the public utility and to provide fully for annual debt service requirements of bonds issued under this section. The governing body may establish a fund or account for depreciation of assets of the public utility.
66.066(2)(d)
(d) If a governing body creates a depreciation fund under
par. (c) it shall use the funds set aside to restore any deficiency in the special redemption fund specified in
par. (e) for the payment of the principal and interest due on the bonds and for the creation and maintenance of any reserves established by the bond ordinance or resolution to secure these payments. If the special redemption fund is sufficient for these purposes, moneys in the depreciation fund may be expended for repairs, replacements, new constructions, extensions or additions of the public utility. Any accumulations of the depreciation fund may be invested, and if invested, the income from the investment shall be deposited in the depreciation fund.
66.066(2)(e)
(e) The governing body of the municipality shall by ordinance or resolution create a special fund in the treasury of the municipality to be identified as "the .... special redemption fund" into which shall be paid the amount which shall be set aside for the payment of the principal and interest due on the bonds and for the creation and maintenance of any reserves established by bond ordinance or resolution to secure these payments.
66.066(2)(f)
(f) At the close of the public utility's fiscal year, if any surplus has accumulated in any of the above funds, it may be disposed of in the order set forth under
s. 66.069 (1) (c).
66.066(2)(g)
(g) The reasonable cost and value of any service rendered to such municipality by such public utility shall be charged against the municipality and shall be paid by it in instalments.
66.066(2)(h)
(h) The rates for all services rendered by such public utility to the municipality or to other consumers, shall be reasonable and just, taking into account and consideration the value of the said public utility, the cost of maintaining and operating the same, the proper and necessary allowance for depreciation thereof, and a sufficient and adequate return upon the capital invested.
66.066(2)(i)
(i) The governing body shall have full power to adopt all ordinances and resolutions necessary to carry into effect this subsection. Any ordinance or resolution providing for the issuance of bonds may contain such provisions or covenants, without limiting the generality of the power to adopt such ordinance or resolution, as is deemed necessary or desirable for the security of bondholders or the marketability of the bonds, including but not limited to provisions as to the sufficiency of the rates or charges to be made for service, maintenance and operation, improvements or additions to and sale or alienation of the public utility, insurance against loss, employment of consulting engineers and accountants, records and accounts, operating and construction budgets, establishment of reserve funds, issuance of additional bonds, and deposit of the proceeds of the sale of the bonds or revenues of the public utility in trust, including the appointment of depositories or trustees. Any ordinance or resolution authorizing the issuance of bonds or other obligations payable from revenues of a public utility shall constitute a contract with the holder of any bonds or other obligations issued pursuant to such ordinance or resolution.
66.066(2)(j)
(j) Proceedings for purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating, or managing a public utility by any municipality begun prior to May 6, 1911, under the provisions of law other than
sub. (2), may be continued either under the provisions of such law, if still in force, or under
sub. (2) as the governing body may elect. A municipality proceeding under
ch. 197 to acquire the property of a public utility may pay for it by the method provided for in this section.
66.066(2)(k)
(k) Under this paragraph, the ordinance or resolution required under
par. (c) may set apart bonds equal to the amount of any secured debt or charge subject to which a public utility may be purchased, acquired, leased, constructed, extended, added to or improved, and shall set aside for interest and debt service fund from the income and revenues of the public utility a sum sufficient to comply with the requirements of the instrument creating the lien, or, if the instrument does not make any provision for it, the ordinance or resolution shall fix the amount which shall be set aside into a secured debt fund from month to month for interest on the secured debt, and a fixed amount or proportion not exceeding a stated sum, which shall be not less than one percent of the principal, to be set aside into the fund to pay the principal of the debt. Any surplus after satisfying the debt may be transferred to the special redemption fund. Public utility bonds set aside for the debt may from time to time be issued to an amount sufficient with the amount then in the debt service fund to pay and retire the debt or any portion of it; the bonds may be issued at not less than 95% of the par value in exchange for, or satisfaction of, the secured debt, or may be sold in the manner provided in this paragraph, and the proceeds applied in payment of the secured debt at maturity or before maturity by agreement with the holder. The governing body and the owners of any public utility acquired, purchased, leased, constructed, extended, added to or improved under this paragraph may, upon such terms and conditions as are satisfactory, contract that public utility bonds providing for the secured debt or for the whole purchase price shall be deposited with a trustee or depository and released from deposit from time to time on the terms and conditions necessary to secure the payment of the debt.
66.066(2)(L)
(L) Any municipality purchasing, acquiring, leasing, constructing, extending, adding to or improving, conducting, controlling, operating or managing a public utility subject to a mortgage or deed of trust by the vendor or the vendor's predecessor in title to secure the payment of outstanding and unpaid bonds made by the vendor or the vendor's predecessor in title, may readjust, renew, consolidate or extend the obligation evidenced by the outstanding bonds and continue the lien of the mortgage, securing the same by issuing bonds to refund the outstanding mortgage or revenue bonds at or prior to their maturity, which bonds shall be payable only out of a special redemption fund to be created and set aside by ordinance or resolution under
par. (e). The refunding bonds shall be secured by a mortgage lien upon the public utility, and the municipality is authorized to adopt all ordinances or resolutions and take all proceedings, following the procedure under this subsection. The lien shall have the same priority on the public utility as the mortgage securing the outstanding bonds, unless otherwise expressly provided in the proceedings of the governing body of the municipality.
66.066(2)(m)1.1. If the governing body of any municipality, by ordinance or resolution, declares its intentions to authorize the issuance or sale of revenue bonds under this section, the governing body may, prior to issuance of the bonds and in anticipation of their sale, authorize the issuance of bond anticipation notes by the adoption of a resolution or ordinance. The notes shall be named "bond anticipation notes." Bond anticipation notes may be issued for the purposes for which the municipality has authority to issue revenue bonds. The ordinance or resolution authorizing the bond anticipation notes shall state the purposes for which the bond anticipation notes are to be issued and shall set forth a covenant of the municipality to issue the revenue bonds in an amount sufficient to retire the outstanding bond anticipation notes. The ordinance or resolution may contain other covenants and provisions, including a description of the terms of the revenue bonds to be issued. The municipality may pledge revenues of the public utility to payment of the principal and interest on the bond anticipation notes. Prior to issuance of the bond anticipation notes, the governing body may adopt an ordinance or resolution authorizing the revenue bonds.
66.066(2)(m)2.
2. Bond anticipation notes may be issued for periods of up to 5 years and may, by ordinance or resolution of the governing body, be refunded one or more times, if the refunding bond anticipation notes do not exceed 5 years in term and if they will be paid within 10 years after the date of issuance of the original bond anticipation notes. Bond anticipation notes shall be executed as provided in
s. 67.08 (1) and may be registered under
s. 67.09. These notes shall state the sources from which they are payable. Bond anticipation notes are not an indebtedness of the municipality issuing them, and no lien may be created or attached with respect to any property of the municipality as a consequence of the issuance of such notes.
66.066(2)(m)3.
3. Any funds derived from the issuance and sale of revenue bonds under this section and issued subsequent to the execution and sale of bond anticipation notes shall constitute a trust fund, and such fund shall be expended first for the payment of principal and interest of such bond anticipation notes, and then may be expended for such other purposes as are set forth in the ordinance or resolution authorizing the revenue bonds. No bond anticipation notes may be issued unless a financial officer of the municipality certifies to the governing body that contracts with respect to additions, improvements and extensions are to be let and that the proceeds of such notes shall be required for the payment of such contracts.
66.066(2)(m)4.
4. Following the issuance of the bond anticipation notes, revenues of the public utility may be paid into a fund to pay principal and interest on the bond anticipation notes, which moneys or any part of them may, by the ordinance or resolution authorizing the issuance of bond anticipation notes, be pledged for the payment of the principal of and interest on such notes. The ordinance or resolution shall pledge to the payment of the principal of the notes the proceeds of the sale of the revenue bonds in anticipation of the sale of which the notes were authorized to be issued and may provide for use of revenue of the public utility or other available funds for payment of principal on the notes. The notes shall constitute negotiable instruments.
66.066(2)(m)6.
6. Any municipality authorized to issue or sell bond anticipation notes under this paragraph may, in addition to the revenue sources or bond proceeds, appropriate funds out of its annual tax levy for the payment of such notes. The payment of such notes out of funds from a tax levy shall not be construed as constituting an obligation of such municipality to make any other such appropriation.
66.066(2)(m)7.
7. Such bond anticipation notes shall constitute a legal form of investment for municipal funds under
s. 66.04 (2).
66.066(4)
(4) Any municipality which may own, purchase, acquire, lease, construct, extend, add to, improve, conduct, control, operate or manage any public utility may also, by action of its governing body, in lieu of issuing bonds or levying taxes and in addition to any other lawful methods of paying obligations, provide for or secure the payment of the cost of purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating or managing a public utility by pledging, assigning or otherwise hypothecating, shares of stock evidencing a controlling interest therein, or the net earnings or profits derived, or to be derived, from the operation of the public utility. The municipality may enter into the contracts and may mortgage the public utility and issue obligations to carry out this subsection. Any municipality may issue additional obligations under this subsection or elsewhere in this section, but those obligations shall be subordinate to all prior obligations, except that the municipality may in the ordinance or resolution authorizing obligations under this subsection permit the issue of additional obligations on a parity with those previously issued.
66.066(5)
(5) Revenue bonds issued by a local professional baseball park district created under
subch. III of ch. 229 are subject to the provisions in
ss. 229.72 to
229.81.
66.066 Annotation
A village has power to own and operate a home for the aged, finance the same under ss. 66.066 and 66.067, and lease the facility to a nonprofit corporation but probably could not lease to a profit corporation for operation. 62 Atty. Gen. 226.
66.066 Annotation
Wisconsin municipal debt finance: An outlook for the eighties. Schilling, Griggs and Ebert, 63 MLR 539 (1980).
66.067
66.067
Public works projects. For financing purposes, garbage incinerators, toll bridges, swimming pools, tennis courts, parks, playgrounds, golf links, bathing beaches, bathhouses, street lighting, city halls, village halls, town halls, courthouses, jails, schools, cooperative educational service agencies, hospitals, homes for the aged or indigent, child care centers, as defined in
s. 231.01 (3c), regional projects, waste collection and disposal operations, systems of sewerage, local professional baseball park facilities and any and all other necessary public works projects undertaken by any municipality are public utilities within the meaning of
s. 66.066.
