18.77
18.77
Minority financial advisers and investment firms. 18.77(1)(1) In this section, "minority financial adviser" and "minority investment firm" mean a financial adviser and investment firm, respectively, certified by the department of commerce under
s. 560.036 (2).
18.77(2)
(2) Except as provided under
sub. (7), in contracting operating notes by competitive sale, the commission shall ensure that at least 6% of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.
18.77(3)
(3) Except as provided under
sub. (7), in contracting operating notes by negotiated sale, the commission shall ensure that at least 6% of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.
18.77(4)
(4) Except as provided under
sub. (7), in contracting operating notes by competitive sale or negotiated sale, the commission shall ensure that at least 6% of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of minority financial advisers.
18.77(5)
(5) Except as provided under
sub. (7), an individual underwriter or syndicate of underwriters shall ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of an operating note, provides for a portion of sales to minority investment firms.
18.77(6)
(6) The commission shall annually report to the department of administration the total amount of operating note indebtedness contracted with the underwriting services of minority investment firms and the total amount of moneys expended for the services of minority financial advisers during the preceding fiscal year.
18.77(7)
(7) The requirements of any of
subs. (2) to
(5) do not apply to a contracting of operating notes, if the secretary of administration submits a report in writing to the joint committee on finance specifying the building commission's reasons for not complying with the requirements of any of
subs. (2) to
(5) for that contracting.
HIGHER EDUCATION BONDS
18.81
18.81
Definitions. In this subchapter:
18.81(1)
(1) "Commission" means the building commission.
18.81(2)
(2) "Eligible educational institution" means a regionally accredited, nonprofit, postsecondary educational institution.
18.81(3)
(3) "Higher education bond" means obligations designated by the commission under
s. 18.82.
18.81 History
History: 1989 a. 46.
18.82
18.82
Bond designation. The commission may designate any obligation authorized and issued under
subch. I or
II as a higher education bond.
18.82 History
History: 1989 a. 46.
18.822
18.822
Debt requirements. The authorizing resolution for an obligation under this subchapter shall require that all of the following conditions be met:
18.822(1)
(1) The terms of the obligation are structured to encourage ownership by as many individuals as possible.
18.822(2)
(2) The evidences of the obligation are issued in denominations of not more than $1,000.
18.822 History
History: 1989 a. 46.
18.83
18.83
Redemption. The commission may provide that higher education bonds may be presented for payment before maturity to any eligible educational institution for tuition, fees and other educationally related costs owed that eligible educational institution plus an allowance for other educationally related costs such as room and board, books and supplies and other miscellaneous expenses owed to any person except that eligible educational institution, subject to any requirement of the commission. The commission may treat higher education bonds presented for payment under this section as still outstanding, even though owned by the state, and the commission may resell such higher education bonds or fund or refund such higher education bonds through the issuance of other obligations. If obligations are issued to fund or refund such higher education bonds, such obligations shall be treated as issued for the purpose of funding, not refunding, for all purposes under this chapter and
ch. 20.
18.83 History
History: 1989 a. 46.
18.84
18.84
Schools as bond trustees or fiscal agents; contracts. Notwithstanding
s. 18.10 (8), the commission may designate any eligible educational institution as a trustee or fiscal agent for any issue of higher education bonds and may enter into any contract with any eligible educational institution to satisfy the purposes of this subchapter.
18.84 History
History: 1989 a. 46.
18.85
18.85
Facilities. The commission may enter into agreements and ancillary arrangements for public debt under this subchapter, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements and line of credit agreements.
18.85 History
History: 1989 a. 46.
18.852(1)(1) The commission may establish any procedure necessary to administer this subchapter.
18.852(2)
(2) The sale of any bond, authorized and issued under
subch. I and designated by the commission under
s. 18.82 as a higher education bond, shall be private.
18.852 History
History: 1989 a. 46,
68,
359.
