66.1039(8)(c)
(c) If an officer whose signatures appear on any bonds or coupons ceases to be an officer of the authority before the delivery of the bonds or coupons, the officer's signature shall, nevertheless, be valid for all purposes as if the officer had remained in office until delivery of the bonds or coupons.
66.1039(9)
(9) Covenants. An authority may do all of the following in connection with the issuance of bonds:
66.1039(9)(a)
(a) Covenant as to the use of any or all of its property, real or personal.
66.1039(9)(b)
(b) Redeem the bonds, or covenant for the redemption of the bonds, and provide the terms and conditions of the redemption.
66.1039(9)(c)
(c) Covenant as to charge fees, rates, rents, and charges sufficient to meet operating and maintenance expenses, renewals, and replacements of any transportation system, principal and debt service on bonds creation and maintenance of any reserves required by a bond resolution, trust indenture, or other security instrument and to provide for any margins or coverages over and above debt service on the bonds that the board of directors considers desirable for the marketability of the bonds.
66.1039(9)(d)
(d) Covenant as to the events of default on the bonds and the terms and conditions upon which the bonds shall become or may be declared due before maturity, as to the terms and conditions upon which this declaration and its consequences may be waived, and as to the consequences of default and the remedies of bondholders.
66.1039(9)(e)
(e) Covenant as to the mortgage or pledge of, or the grant of a security interest in, any real or personal property and all or any part of the revenues of the authority to secure the payment of bonds, subject to any agreements with the bondholders.
66.1039(9)(f)
(f) Covenant as to the custody, collection, securing, investment, and payment of any revenues, assets, moneys, funds, or property with respect to which the authority may have any rights or interest.
66.1039(9)(g)
(g) Covenant as to the purposes to which the proceeds from the sale of any bonds may be applied, and as to the pledge of such proceeds to secure the payment of the bonds.
66.1039(9)(h)
(h) Covenant as to limitations on the issuance of any additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds.
66.1039(9)(i)
(i) Covenant as to the rank or priority of any bonds with respect to any lien or security.
66.1039(9)(j)
(j) Covenant as to the procedure by which the terms of any contract with or for the benefit of the holders of bonds may be amended or abrogated, the amount of bonds, the holders of which must consent thereto, and the manner in which such consent may be given.
66.1039(9)(k)
(k) Covenant as to the custody and safekeeping of any of its properties or investments, the insurance to be carried on the property or investments, and the use and disposition of insurance proceeds.
66.1039(9)(L)
(L) Covenant as to the vesting in one or more trustees, within or outside the state, of those properties, rights, powers, and duties in trust as the authority determines.
66.1039(9)(m)
(m) Covenant as to the appointing of, and providing for the duties and obligations of, one or more paying agent or other fiduciaries within or outside the state.
66.1039(9)(n)
(n) Make all other covenants and do any act that may be necessary or convenient or desirable in order to secure its bonds or, in the absolute discretion of the authority, tend to make the bonds more marketable.
66.1039(9)(o)
(o) Execute all instruments necessary or convenient in the exercise of the powers granted under this section or in the performance of covenants or duties, which may contain such covenants and provisions as a purchaser of the bonds of the authority may reasonably require.
66.1039(10)
(10) Refunding bonds. An authority may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. An authority may issue refunding bonds at such time prior to the maturity or redemption of the refunded bonds as the authority deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium on the bonds, any interest accrued or to accrue to the date of payment of the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds as may be required by the resolution, trust indenture, or other security instruments. To the extent applicable, refunding bonds are subject to
subs. (8) and
(9).
66.1039(11)(a)(a) Any of the following may invest funds, including capital in their control or belonging to them, in bonds of the authority:
66.1039(11)(b)
(b) The authority's bonds are securities that may be deposited with and received by any officer or agency of the state or any local governmental unit, as defined in
s. 19.42 (7u), for any purpose for which the deposit of bonds or obligations of the state or any local governmental unit is authorized by law.
66.1039(12)
(12) Budgets; rates and charges; audit. The board of directors of an authority shall annually prepare a budget for the authority. Rates and other charges received by an authority shall be used only for the general expenses and capital expenditures of the authority, to pay interest, amortization, and retirement charges on bonds, and for specific purposes of the authority and may not be transferred to any political subdivision. The authority shall maintain an accounting system in accordance with generally accepted accounting principles and shall have its financial statements and debt covenants audited annually by an independent certified public accountant.
66.1039(13)
(13) Withdrawal from authority. A participating political subdivision that becomes a member of an authority under
sub. (2) (c) 4. shall withdraw from the authority if the county in which the municipality is located withdraws from the authority under this subsection and a participating political subdivision that joined an authority under
sub. (2) (b) 3.,
(c) 3., or
(e) 2. may withdraw from an authority if all of the following conditions are met:
66.1039(13)(a)
(a) The governing body of the political subdivision adopts a resolution requesting withdrawal of the political subdivision from the authority.
66.1039(13)(b)
(b) The political subdivision has paid, or made provision for the payment of, all obligations of the political subdivision to the authority.
66.1039(13)(c)
(c) If a participating political subdivision withdraws from an authority, the authority shall provide the department of revenue with a certified copy of the resolution that approves the withdrawal. The withdrawal is effective on the first day of the calendar quarter that begins at least 120 days after the department receives the certified copy of the resolution approving the withdrawal. If the authority in which the withdrawing political subdivision continues to exist after the withdrawal, the authority shall provide information describing the exact boundaries of its jurisdictional area, as provided in
sub. (4) (s) 2.
66.1039(14)
(14) Duty to provide transit service. An authority shall provide, or contract for the provision of, transit service within the authority's jurisdictional area.
66.1039(17)
(17) Other statutes. This section does not limit the powers of political subdivisions to enter into intergovernmental cooperation or contracts or to establish separate legal entities under
s. 66.0301 or
66.1021 or any other applicable law, or otherwise to carry out their powers under applicable statutory provisions.
Section 66.0803 (2) does not apply to an authority.
66.1039 History
History: 2009 a. 28.
DEVELOPMENT
66.1101
66.1101
Promotion of industry; industrial sites. 66.1101(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 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, 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 for that purpose is determined to be a public purpose.
66.1101(2)
(2) For financing purposes, the purchase, reservation and development of industrial sites undertaken by a city, village or town is a public utility within the meaning of
s. 66.0621. In financing under that section, rentals and fees are considered to be revenue. Any indebtedness created under this section shall not be included in arriving at the constitutional debt limitation.
66.1101(3)
(3) Sites purchased for industrial development under this section or under 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. The sites may be sold or leased for industrial purposes but only for a fair consideration to be determined by the governing body.
66.1101 History
History: 1999 a. 150 s.
494; Stats. 1999 s. 66.1101.
66.1102
66.1102
Land development; notification; records requests. 66.1102(1)(b)
(b) "Political subdivision" means any city, village, town, or county.
66.1102(2)
(2) Notification requirements. Before a political subdivision may take action that would allow the development of a residential, commercial, or industrial property that would likely increase the amount of water that the main drain of a drainage district would have to accommodate, the political subdivision shall send notice to the drainage district.
66.1102(3)
(3) Failure to notify. A political subdivision's failure to notify under
sub. (2) does not invalidate any decision made or action taken by the political subdivision.
66.1102(4)
(4) Land information record requests. Whenever any office or officer of a political subdivision receives a request to copy a record containing land information, the requester has a right to receive a copy of the record in the same format in which the record is maintained by the custodian, unless the requester requests that a copy be provided in a different format that is authorized by law.
66.1102 History
History: 2007 a. 121;
2009 a. 370.
66.1103
66.1103
Industrial development revenue bonding. 66.1103(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 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 insurance; 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; and 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 the policy of this state to promote the right to gainful employment, business opportunities and general welfare of its inhabitants and to preserve and enhance the tax base by authorizing municipalities and counties to acquire industrial buildings and to finance the acquisition through the issuance of revenue bonds for the purpose of fulfilling the aims of this section. These purposes are declared to be public purposes for which public money may be spent and the necessity in the public interest for the provisions of this section is declared a matter of legislative determination.
66.1103(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.
66.1103(1)(c)
(c) It is found and declared that the revitalization of counties and 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.
66.1103(2)
(2) Definitions. As used in this section, unless the context otherwise requires:
66.1103(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 county or in the local area containing the municipality or county.
66.1103(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.
66.1103(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 or county 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.
66.1103(2)(d)
(d) "Equip" means to install or place on or in any building or improvements or the site of the building or improvements equipment of any kind, including machinery, utility service connections, pollution control facilities, building service equipment, fixtures, heating equipment and air conditioning equipment.
66.1103(2)(e)
(e) "Governing body" means the board, council or other body in which the legislative powers of the municipality or county are vested.
66.1103(2)(f)
(f) "Improve," "improving," "improvements," and "facilities" include any real or personal property or mixed property of whatever useful life that can be used or that will be useful in an industrial project including 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.
66.1103(2)(g)
(g) "Indenture" means an instrument under which bonds may be issued and the rights and security of the bondholders are defined, whether the 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 these forms and whether or not the instrument creates a lien on property.
66.1103(2)(h)
(h) "Initial resolution" means a resolution of the governing body expressing an intention, which may be subject to conditions stated in the resolution, 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.
66.1103(2)(i)
(i) "Municipality" means any city, village or town in this state.
66.1103(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.
66.1103(2)(k)
(k) "Project" and "industrial project" mean any of the following:
66.1103(2)(k)1.
1. Assembling, fabricating, manufacturing, mixing or processing facilities for any products of agriculture, forestry, mining or manufacture, even though the products may require further treatment before delivery to the ultimate consumer;
66.1103(2)(k)2.
2. Generating, manufacturing, transmission or distributing facilities for electric energy, gas or water;
66.1103(2)(k)4.
4. Pollution control facilities, including any connected environmental studies and monitoring systems;
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.
