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.
66.521(4s)(a)4.d.
d. Is substantially similar in tasks performed and skills required as a lost job.
66.521(4s)(a)4.e.
e. Is not a construction job or other nonpermanent job at a project site that is required only during and because of the construction of the project.
66.521(4s)(a)5.
5. "Project site" means the location of a project that is the subject of a revenue agreement.
66.521(4s)(b)
(b) A municipality may not enter into a revenue agreement with any employer that employs individuals in this state at a site other than a project site unless the employer certifies that the project is not expected to result in any lost jobs or the employer agrees to all of the following:
66.521(4s)(b)1.
1. Notwithstanding
sub. (6m), the employer shall offer employment at any new job first to persons who were formerly employed at lost jobs.
66.521(4s)(b)2.
2. The offer of employment for the new job shall have compensation and benefit terms at least as favorable as those of the lost job.
66.521(4s)(b)3.
3. The employer shall certify compliance with this subsection to the department, to the governing body of each municipality within which a lost job exists and to any collective bargaining agent in this state with which the employer has a collective bargaining agreement at the project site or at a site where a lost job exists.
66.521(4s)(b)4.
4. The employer shall submit a report to the department every 3 months during the first year after the construction of the project is completed. The reports shall provide information about new jobs, lost jobs and offers of employment made to persons who were formerly employed at lost jobs. The 4th report shall be the final report. The form and content of the reports shall be prescribed by the department under
par. (d).
66.521(4s)(c)
(c) A determination of whether the job offer required under
par. (b) is an offer of suitable work under
s. 108.04 (8) may not take into consideration the requirements of this subsection. Whether the job offer is an offer of suitable work under
ch. 108 may be determined only by the same standards and requirements that apply to any other job offer under
ch. 108, including any standards relating to the relative location of the offered work and the location of the employe's domicile.
66.521(4s)(d)
(d) The department shall administer this subsection and shall prescribe forms for certification and reports under
par. (b).
66.521(5)
(5) Pledge of revenues and proceedings for issuance of bonds. 66.521(5)(a)(a) The principal of, and interest on, any bonds issued under authority of this section shall be secured by a pledge of the revenues out of which such bonds shall be made payable. They may, but need not, be secured by any one or more of the following:
66.521(5)(a)1.
1. A real estate mortgage or a security interest covering all or any part of the project from which the revenues so pledged may be derived;
66.521(5)(a)3.
3. An assignment of the revenue agreement and any security given therefor.
66.521(5)(b)
(b) The proceedings under which the bonds are authorized to be issued under this section, and any indenture given to secure the same, may contain any agreements and provisions customarily contained in instruments securing bonds, including, but not limited to:
66.521(5)(b)1.
1. Provisions respecting custody of the proceeds from the sale of the bonds including their investment and reinvestment until used to defray the cost of the project;
66.521(5)(b)2.
2. Provisions respecting the fixing and collection of the proceeds under the revenue agreement pertaining to any project covered by such proceedings or indenture;
66.521(5)(b)3.
3. The terms to be incorporated in the revenue agreement pertaining to such project;
66.521(5)(b)5.
5. The creation, maintenance, custody, investment and reinvestment and use of special funds from the revenues of such project; and
66.521(5)(b)6.
6. The rights and remedies available in case of a default to the bondholders or to any trustee for the bondholders.
66.521(5)(c)
(c) A municipality may provide that proceeds from the sale of bonds and special funds from the revenues of the project and any funds held in reserve or debt service funds shall be invested and reinvested in such securities and other investments as are provided in the proceedings under which the bonds are authorized to be issued. The municipality may also provide that such proceeds or funds or investments and the revenues derived pursuant to the revenue agreement shall be received, held and disbursed by one or more banks or trust companies located in or out of this state. A municipality may also provide that the project and improvements shall be constructed or installed by the municipality, the eligible participant or the eligible participant's designee or any one or more of them on real estate owned by the municipality, the eligible participant or the eligible participant's designee and that the bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order or certificate of the eligible participant or the eligible participant's designee. In making such agreements or provisions, a municipality shall not obligate itself, except with respect to the project and the application of the revenues therefrom, and shall not incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
66.521(5)(d)
(d) The proceedings authorizing any bonds under this section, or any indenture securing such bonds, may provide that if there is a default in the payment of the principal of, or the interest on, such bonds or in the performance of any agreement contained in such proceedings or indenture, the payment and performance may be enforced by the appointment of a receiver with power to charge, collect and apply the revenues from the project in accordance with such proceedings or the provisions of such indenture.
66.521(5)(e)
(e) Any indenture made under this section to secure bonds and which constitutes a lien on property may also provide that if there is a default in the payment thereof or a violation of any agreement contained therein, it may be foreclosed and the collateral sold under proceedings in any manner permitted by law. Such indenture may also provide that any trustee thereunder or any pledgee or assignee thereof or the holder of any bonds secured thereby may become the purchaser at any foreclosure sale if that person is the highest bidder therefor.
66.521(5)(f)
(f) The revenue agreement may include such provisions as the municipality deems appropriate to effect the financing of the project, including a provision for payments thereunder to be made in instalments and the securing of the obligation for any such payments by lien or security interest in the undertaking either senior or junior to, or ranking equally with, any lien, security interest or rights of others.
66.521(6)
(6) Determination of revenue payment. 66.521(6)(a)(a) Prior to the execution of a revenue agreement with respect to any project, the governing body must determine:
66.521(6)(a)1.
1. The amount necessary in each year to pay the principal of, and the interest on, the bonds proposed to be issued to finance such project;
66.521(6)(a)2.
2. The amount necessary to be paid each year into any reserve funds which the governing body deems advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and
66.521(6)(a)3.
3. Unless the terms of the revenue agreement provide that the eligible participant shall provide for maintenance of the project and the carrying of all proper insurance with respect thereto, the estimated cost of maintaining the project in good repair and keeping it properly insured.
66.521(6)(b)
(b) The determination and findings of the governing body shall be embodied in the proceedings under which the proposed bonds are to be issued; but the foregoing amounts need not be expressed in dollars and cents in the revenue agreement and proceedings under which the bonds are authorized to be issued, but may be set forth in the form of a formula. Prior to the issuance of the bonds authorized by this section the municipality shall enter into a revenue agreement providing for payment to the municipality or to the trustee for the account of the municipality of such amounts as, upon the basis of such determination and findings, will be sufficient to pay the principal of, and interest on, the bonds issued to finance the project; to build up and maintain any reserves deemed advisable by the governing body, in connection therewith; and, unless the revenue agreement obligates the eligible participant to provide for the maintenance of and insurance on the project, to pay the costs of maintaining the project in good repair and keeping it properly insured.
66.521(6)(c)
(c) A governing body may not adopt an initial resolution authorizing issuance of bonds to finance a project specified under
sub. (2) (k) 11. unless the governing body finds and states in the initial resolution that the project will significantly increase the number of persons traveling to the municipality for business or recreation. The statement shall be included in the public notice required under
sub. (10) (b).
66.521(6m)
(6m) Notification of position openings. A municipality may not enter into a revenue agreement with any person who operates for profit unless that person has agreed to notify the department of workforce development and the area private industry council under the job training partnership act,
29 USC 1501 to
1798, of any position to be filled in that municipality within one year after issuance of the revenue bonds. The person shall provide this notice at least 2 weeks before advertising the position. The notice required by this subsection does not affect the offer of employment requirements of
sub. (4s).
66.521(7)
(7) Application of proceeds limited. The proceeds from the sale of any bonds, issued under this section, shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds are not needed for the purpose for which the bonds were issued, such unneeded portion of said proceeds shall be applied, directly or indirectly, to the payment of the principal or the interest on the bonds. The following costs may be financed as part of any bond issue:
66.521(7)(a)
(a) The actual cost of the construction of any part of a project which may be constructed including but not limited to, permit and license fees, preparation of cost estimates, feasibility studies, consultants, architects', engineers' and similar fees;
66.521(7)(b)
(b) The purchase price and installation cost of any part of a project that may be acquired by purchase;
66.521(7)(c)
(c) The costs of environmental studies and monitoring systems in connection with the industrial project;
66.521(7)(d)
(d) The costs of moving to the situs of the project property previously owned or leased by an eligible participant;
66.521(7)(e)
(e) The current fair market value of any real property and improvements thereto acquired as a part of the project and any costs directly related to such real property;
66.521(7)(f)
(f) The current fair market value of any personal property acquired as a part of the project;
66.521(7)(g)
(g) All expenses in connection with the authorization, sale and issuance of the bonds;
66.521(7)(h)
(h) The interest on the bonds, or on any debt which is replaced by the proceeds of the bonds, for a reasonable time prior to construction or acquisition, during construction or acquisition and for not exceeding 6 months after completion of construction or acquisition; and
66.521(7)(i)
(i) A reserve for payment of the principal of and interest on the bonds.
66.521(7)(j)
(j) The financing of the acquisition cost, incurred after the date of adoption of the initial resolution, of property acquired from an authorized developer which is substantially completed or under construction on July 25, 1980, and which is substantially unused prior to the acquisition, except the authorized developer may have leased the property prior to its acquisition, for a period not to exceed 2 years, for the purpose of deriving revenue from the property pending its sale.
66.521(8)
(8) Purchase. The municipality may, by or with the consent of the eligible participant, accept any bona fide offer to purchase the project which is sufficient to pay all the outstanding bonds, interest, taxes, special levies and other costs that have been incurred. The municipality may also, by or with the consent of the eligible participant, accept any bona fide offer to purchase any unimproved land which is a part of the project, if the purchase price is not less than the cost of such land to the municipality computed on a prorated basis and if such purchase price is applied directly or indirectly to the payment of the principal or interest on the bonds.
66.521(9)
(9) Payment of taxes. When any industrial project acquired by a municipality under this section is used by a private person as a lessee, sublessee or in any capacity other than owner, that person shall be subject to taxation in the same amount and to the same extent as though that person were the owner of the property. Taxes shall be assessed to such private person using the real property and collected in the same manner as taxes assessed to owners of real property. When due, the taxes shall constitute a debt due from such private person to the taxing unit and shall be recoverable as provided by law, and such unpaid taxes shall become a lien against the property with respect to which they were assessed, superior to all other liens, except a lien under
s. 292.31 (8) (i) or
292.81, and shall be placed on their tax roll when there has been a conveyance of the property in the same manner as are other taxes assessed against real property.
66.521(10)(a)(a) Any action required or permitted by this section to be taken by a governing body may be taken at any lawful meetings thereof. A simple majority of a quorum of such governing body shall be sufficient for any such action. The ayes and noes need not be taken with respect to any such action and such action need not be officially read prior to adoption. Failure to publish any such action shall not affect the validity thereof.
66.521(10)(b)
(b) Upon the adoption of an initial resolution under this section, public notice of such adoption shall be given to the electors of the municipality prior to the issuance of the bonds therein described, by publication as a class 1 notice, under
ch. 985. The notice need not set forth the full contents of the resolution, but shall state the maximum amount of the bonds; the name of the eligible participant; the purpose of the bonds; the net number of jobs which the project which the municipality would finance with the bond issue is expected to eliminate, create or maintain on the project site and elsewhere in this state which is required to be shown by the proposed eligible participant on the form submitted under
sub. (4m) (a) 1.; and that the resolution was adopted under this section. A form of the public notice shall be attached to the initial resolution. Prior to adoption of the initial resolution, the open meeting notice given to members of the public under
s. 19.84 shall indicate that information with respect to the job impact of the project will be available at the time of consideration of the initial resolution. No other public notice of the authorization, issuance or sale of bonds under this section is required.
66.521(10)(c)
(c) A copy of the initial resolution together with a statement indicating when the public notice required under
par. (b) was published shall be filed with the secretary of commerce within 20 days following publication of notice. Prior to the closing of the bond issue, the secretary may require additional information from the eligible participant or the municipality. After the closing of the bond issue, the secretary shall be notified of the closing date, any substantive changes made to documents previously filed with the secretary and the principal amount of the financing.
66.521(10)(d)
(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for such bonds, a petition conforming to the requirements of
s. 8.40, signed by not less than 5% of the registered electors of the municipality, or, if there is no registration of electors in the municipality, by 10% of the number of electors of the municipality voting for the office of governor at the last general election as determined under
s. 115.01 (13), is filed with the clerk of the municipality requesting a referendum upon the question of the issuance of the bonds. If such a petition is filed, the bonds shall not be issued until approved by a majority of the electors of the municipality voting thereon at a general or special election.
66.521(10)(e)
(e) Members of a governing body and officers and employes of a municipality are not personally liable on bonds and are not personally liable for any act or omission related to the authorization or issuance of bonds.
66.521(10)(g)
(g) Bonds may not be issued unless prior to adoption of an initial resolution a document which provides a good faith estimate of attorney fees which will be paid from bond proceeds is filed with the clerk of the municipality and the department of commerce.
66.521(10)(h)
(h) Bonds may not be issued unless prior to issuance all prerequisite conditions contained in the initial resolution are satisfied.
66.521(11)(a)(a) With respect to the enforcement of any construction lien or other lien under
ch. 779 arising out of the construction of projects financed under this section, no deficiency judgment or judgment for costs may be entered against the municipality. Projects financed under this section shall not be deemed to be public works, public improvements or public construction within the meaning of
ss. 59.52 (29),
60.47,
61.55,
62.15,
779.14,
779.15 and
779.155 and contracts for the construction of such projects shall not be deemed to be public contracts within the meaning of
ss. 59.52 (29) and
66.29 unless factors such as and including municipal control over the costs, construction and operation of the project and the beneficial ownership of the project warrant such conclusion.
66.521(11)(b)1.1. Except as provided by
subd. 2., construction work which is let by contract and which has an estimated cost exceeding $5,000 may be financed with bonds only if the contract is let to the lowest responsible bidder and proposals for the contract are advertised by publishing a class 2 notice under
ch. 985.
66.521(11)(b)1m.
1m. The contract shall include a clause prohibiting discrimination in employment and subcontracting. No facility constructed with industrial revenue bonds shall be used for any purpose which includes any act of employment discrimination as specified under
s. 111.322.
66.521(11)(b)2.
2. The governing body of a municipality may waive
subd. 1. with respect to a particular project by adopting an ordinance or resolution containing a statement of the reasons for the waiver and a description of the project for which waiver is made and publishing it as a class 1 notice under
ch. 985.
66.521(12)
(12) Validation of certain bonds and proceedings. Notwithstanding this section or any other law:
66.521(12)(a)
(a) In the absence of fraud, all bonds issued prior to July 25, 1980 purportedly pursuant to this section, and all proceedings taken purportedly pursuant to this section prior to that date for the authorization and issuance of those bonds or of bonds not yet issued, and the sale, execution and delivery of bonds issued prior to July 25, 1980, are hereby validated, ratified, approved and confirmed, notwithstanding any lack of power, however patent, other than constitutional, of the issuing municipality or the governing body or officer thereof, to authorize and issue the bonds, or to sell, execute or deliver the same, and notwithstanding any defects or irregularities, however patent, other than constitutional, in the proceeding or in the sale, execution or delivery of bonds issued prior to July 25, 1980. All such bonds are binding, legal obligations in accordance with their terms.
66.521(12)(b)
(b) Any proceedings for the authorization and issuance of bonds under this section in process prior to July 25, 1980 may be continued under this section as in effect prior to July 25, 1980 or under this section as in effect on and after July 25, 1980 if the governing body so elects and the initial resolution is published or republished after July 25, 1980. All such continued proceedings are validated, ratified, approved and confirmed; and all bonds issued as a result of such proceedings are binding, legal obligations in accordance with their terms.
66.521(13)
(13) Cost of industrial project eligible for financing. 66.521(13)(a)1.
1. "Placed into service" means having become a completed part of a facility which is in fact operational at the level of pollution control for which it was designed.
66.521(13)(a)2.
2. "Substantially" refers to an expenditure of 15% or more of the financed cost of acquiring the property involved.
66.521(13)(b)
(b) This section may be used to finance all or any part of the cost, tangible or intangible, whenever incurred, of providing an industrial project under this section, whether or not such industrial project is in existence on the date of adoption of the initial resolution or of issuance of the bonds; whether new or previously used; whether or not previously owned by the eligible participant, the eligible participant's designee or a party affiliated with either; and notwithstanding that this section was not in effect or did not permit such financing on the date of such adoption or at the time such ownership was acquired, except as follows:
66.521(13)(b)1.
1. No part of the costs of constructing or acquiring personal property owned by the eligible participant, the eligible participant's designee or a party affiliated with either at any time prior to the date of adoption of the initial resolution may be so financed except such costs for:
66.521(13)(b)1.a.
a. Pollution control facilities which have not been placed into service on the date of adoption of the initial resolution; or
66.521(13)(b)1.b.
b. Personal property which will either be substantially reconstructed, rehabilitated, rebuilt or repaired in connection with the financing or which represents less than 10% of the entire financing. Personal property shall be deemed owned only after 50% of the acquisition cost thereof has been paid and such property has been delivered and installed.
66.521(13)(b)2.
2. No part of the costs of acquiring real property or of acquiring or constructing improvements thereto may be so financed except such costs:
66.521(13)(b)2.a.
a. For pollution control facilities which have not been placed into service on the date of adoption of the initial resolution;
66.521(13)(b)2.b.
b. For real property which will be substantially improved or rehabilitated in connection with the project or which represents less than 25% of the entire financing;
66.521(13)(b)2.c.
c. For acquiring improvements which will themselves be substantially improved or rehabilitated in connection with the project, which represent less than 25% of the entire financing, or the cost of which is less than 33% of the cost of the real property to which they are appurtenant which is also being acquired; or
