66.1103(2)(k)9.
9. Dock, wharf, airport, railroad or mass transit facilities;
66.1103(2)(k)11.
11. Recreational facilities, convention centers and trade centers, as well as related hotels, motels or marinas;
66.1103(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;
66.1103(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
66.1103(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.
66.1103(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.
66.1103(2)(k)16.
16. Repair or new construction of dry dock facilities, storage facilities or other harbor improvements.
66.1103(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.
66.1103(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.
66.1103(2)(k)21.
21. Cable television facilities which provide services only in a municipality having a population of 2,500 or less.
66.1103(2)(L)
(L) "Revenue agreement" includes any lease, sublease, installment or direct sales contract, service contract, take or pay contract, loan agreement or similar agreement providing that 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 construct the project.
66.1103(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.
66.1103(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.
66.1103(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.
66.1103(3)(b)1.
1. To finance all or 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 for industrial projects;
66.1103(3)(b)2.
2. To fund the whole or part of any revenue bonds issued by the municipality, including any premium payable with respect to the bonds and any interest accrued or to accrue on the bonds; or
66.1103(3)(c)
(c) Enter into revenue agreements with eligible participants with respect to industrial projects.
66.1103(3)(d)
(d) Mortgage all or part of the industrial project or assign the revenue agreements in favor of the holders of the bonds issued for the industrial project and in connection with the mortgage or assignment irrevocably waive any rights it would otherwise have to redeem the mortgaged premises in the event of foreclosure.
66.1103(3)(e)
(e) Sell and convey the industrial project and site, including without limitation the sale and conveyance subject to a mortgage, for the price and at the time that the governing body determines, but no sale or conveyance of any industrial project or site may be made that impairs the rights or interests of the holders of any bonds issued for the industrial project.
66.1103(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 for the project also relates to another project of the same eligible participant, part of which is located within the geographic limits of the municipality. The power granted by this paragraph does not include the power to annex, tax, zone or exercise any other municipal power with respect to that part of the project located outside of the geographic limits of the municipality.
66.1103(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 installment of principal or interest or any other term of the revenue agreement, indenture or bonds.
66.1103(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.
66.1103(4)(a)(a) Bonds issued by a municipality under this section are limited obligations of the municipality. The principal of and interest on the bonds are payable solely out of the revenues derived under the revenue agreement pertaining to the project to be financed by the bonds, or, if there is a default of the agreement and to the extent that the municipality provides in the proceedings of the governing body authorizing the bonds 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 are not an indebtedness of the municipality, within the meaning of any state constitutional provision or statutory limitation. Bonds and interest coupons issued under this section are not a charge against the municipality's general credit or taxing powers or a pecuniary liability of the municipality or a redevelopment authority under
s. 66.1333, including but not limited to:
66.1103(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
66.1103(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.
66.1103(4)(b)
(b) The limitation of liability provided by
par. (a) (intro.) shall be plainly stated on the face of each bond.
66.1103(4)(c)
(c) The bonds may be executed and delivered at any time; be in the 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 installments and at such time, not exceeding 35 years from their date; be payable before maturity on the terms and conditions; be payable both with respect to principal and interest at the place in or out of this state; bear interest at the rate, either fixed or variable in accordance with the formula; be evidenced in the manner; and may contain other provisions not inconsistent with this section, as specified by the governing body.
66.1103(4)(d)
(d) Unless otherwise expressly or implicitly provided in the proceedings of the governing body authorizing the bonds to be issued, bonds issued under this section are subject to the general provisions of law, not inconsistent with this section, respecting the authorization, execution and delivery of the bonds of the municipality.
66.1103(4)(e)
(e) Bonds issued under this section may be sold at public or private sale in the manner, at the price and at the time determined by the governing body. The municipality may pay all expenses, premiums and commissions which the governing body considers necessary or advantageous in connection with the authorization, sale and issuance of the bonds.
66.1103(4)(f)
(f) All bonds issued under the authority of this section, and all interest coupons applicable to the bonds, are negotiable instruments, even though they are payable solely from a specified source.
66.1103(4m)(a)(a) A municipality may not enter into a revenue agreement with any person unless:
66.1103(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
66.1103(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.
66.1103(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.
66.1103(4m)(c)
(c) Nothing in this subsection requires a person with whom a municipality has entered into a revenue agreement to satisfy an estimate under
par. (a) 2.
66.1103(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.
66.1103(4s)(a)4.
4. "New job" means an employment position with an employer that meets all of the following requirements:
66.1103(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.
66.1103(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.
66.1103(4s)(a)4.c.
c. Is created within one year after the construction of the project is completed.
66.1103(4s)(a)4.d.
d. Is substantially similar in tasks performed and skills required as a lost job.
66.1103(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.
66.1103(4s)(a)5.
5. "Project site" means the location of a project that is the subject of a revenue agreement.
66.1103(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:
66.1103(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.
66.1103(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.
66.1103(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.
66.1103(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).
66.1103(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 employee's domicile.
66.1103(4s)(d)
(d) The department shall administer this subsection and shall prescribe forms for certification and reports under
par. (b).
66.1103(5)
(5) Pledge of revenues and proceedings for issuance of bonds. 66.1103(5)(a)(a) The principal of, and interest on, any bonds issued under this section shall be secured by a pledge of the revenues out of which the bonds are made payable. The bonds may, but need not, be secured by any one or more of the following:
66.1103(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.
66.1103(5)(a)3.
3. An assignment of the revenue agreement and any security given for the revenue agreement.
66.1103(5)(b)
(b) The proceedings under which the bonds are authorized to be issued under this section, and any indenture given to secure the bonds, may contain any agreements and provisions customarily contained in instruments securing bonds, including, but not limited to:
66.1103(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.
66.1103(5)(b)2.
2. Provisions respecting the fixing and collection of the proceeds under the revenue agreement pertaining to any project covered by the proceedings or indenture.
66.1103(5)(b)3.
3. The terms to be incorporated in the revenue agreement pertaining to the project.
66.1103(5)(b)5.
5. The creation, maintenance, custody, investment and reinvestment and use of special funds from the revenues of the project.
66.1103(5)(b)6.
6. The rights and remedies available in case of a default to the bondholders or to any trustee for the bondholders.
66.1103(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 securities and other investments as provided in the proceedings under which the bonds are authorized to be issued. The municipality may also provide that the 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 agreements or provisions under this paragraph, a municipality may not obligate itself, except with respect to the project and the application of the revenues from the project, and may not incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
66.1103(5)(d)
(d) The proceedings authorizing any bonds under this section, or any indenture securing the bonds, may provide that if there is a default in the payment of the principal of, or the interest on, the bonds or in the performance of any agreement contained in the 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 the proceedings or the provisions of the indenture.
66.1103(5)(e)
(e) An 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 of the bonds or a violation of any agreement contained in the indenture, it may be foreclosed and the collateral sold under proceedings in any manner permitted by law. The indenture may also provide that a trustee under or a pledgee or assignee of or the holder of any bonds secured by the indenture may become the purchaser at any foreclosure sale if that person is the highest bidder.
66.1103(5)(f)
(f) The revenue agreement may include any provisions that the municipality considers appropriate to effect the financing of the project, including a provision for payments to be made in installments and the securing of the obligation for any 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.
66.1103(6)(a)(a) Before the execution of a revenue agreement with respect to a project, the governing body shall determine all of the following:
66.1103(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 the project.
66.1103(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.
66.1103(6)(a)3.
3. Unless the terms of the revenue agreement provide that the eligible participant is obligated to provide for maintenance of the project and the carrying of all proper insurance with respect to the project, the estimated cost of maintaining the project in good repair and keeping it properly insured.
66.1103(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 amounts specified in
par. (a) 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. Before 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 those amounts, based upon the determination and findings, that 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 considered advisable by the governing body, in connection with the project; 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.
66.1103(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).
