229.72
229.72
Issuance and negotiability of bonds. 229.72(1m)(1m)
Negotiability. All bonds are negotiable for all purposes, notwithstanding their payment from a limited source.
229.72(2)
(2) Employment of financial consultant. A district may retain the building commission or any other person as its financial consultant to assist with and coordinate the issuance of bonds.
229.72(6)
(6) Liability. Neither the members of the district board nor any person executing the bonds is liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance of the bonds, unless the personal liability or accountability is the result of willful misconduct.
229.72 History
History: 1995 a. 56.
229.74
229.74
Special debt service reserve funds. 229.74(1)
(1)
Designation of special debt service reserve funds. A district may designate one or more accounts in funds created under
s. 66.0621 (4) (e) as special debt service reserve funds, if, prior to each issuance of bonds to be secured by the special debt service reserve fund, the secretary of administration determines that all of the following conditions are met with respect to the bonds:
229.74(1)(a)
(a)
Purpose. The proceeds of the bonds, other than refunding bonds, will be used for baseball park facilities.
229.74(1)(b)
(b)
Feasibility. The proceeds of bonds, other than refunding bonds, will be used for feasible projects and there is a reasonable likelihood that the bonds will be repaid without the necessity of drawing on funds in the special debt service reserve fund that secures the bonds. The secretary of administration may make the determinations required under this paragraph only after considering all of the following:
229.74(1)(b)1.
1. Whether a pledge of the tax revenues of the district is made under the bond resolution.
229.74(1)(b)2.
2. How the tax revenues of the district are pledged to the payment of the bonds.
229.74(1)(b)3.
3. Revenue projections for the project to be financed by the bonds, including tax revenues, and the reasonableness of the assumptions on which these revenue projections are based.
229.74(1)(b)4.
4. The proposed interest rates of the bonds and the resulting cash-flow requirements.
229.74(1)(b)5.
5. The projected ratio of annual tax revenues to annual debt service of the district, taking into account capitalized interest.
229.74(1)(b)6.
6. Whether an understanding exists providing for repayment by the district to the state of all amounts appropriated to the special debt service reserve fund pursuant to
sub. (7).
229.74(1)(b)8.
8. Whether the district has agreed that the department of administration will have direct and immediate access, at any time and without notice, to all records of the district.
229.74(1)(c)
(c)
Limit on bonds issued. The amount of all bonds, other than refunding bonds, that would be secured by all special debt service reserve funds of the district will not exceed $160,000,000. In determining compliance with the limitation under this paragraph, the secretary of administration need not include bonds that are secured by a special debt service reserve fund to the extent that proceeds of the bonds are for the following purposes:
229.74(1)(c)1.
1. To make a deposit into a special debt service reserve fund.
229.74(1)(c)2.
2. To pay issuance costs of bonds secured by a special debt service reserve fund.
229.74(1)(c)3.
3. To pay capitalized interest costs on bonds secured by a special debt service reserve fund.
229.74(1)(d)
(d)
Date of issuance. The bonds, other than refunding bonds, will be issued no later than December 31, 2000.
229.74(1)(e)
(e)
Refunding bonds. All refunding bonds to be secured by the special debt service reserve fund meet all of the following conditions:
229.74(1)(e)1.
1. The refunding bonds are to be issued to fund, refund or advance refund bonds secured by a special debt service reserve fund.
229.74(1)(e)2.
2. The refunding of bonds by the refunding bonds will not adversely affect the risk that the state will be called on to make a payment under
sub. (7).
229.74(1)(f)
(f)
Approval of outstanding debt. All outstanding debt of the district has been reviewed and approved by the secretary of administration. In determining whether to approve outstanding debt under this paragraph, the secretary may consider any factor which the secretary determines to have a bearing on whether the state moral obligation pledge under
sub. (7) should be granted with respect to an issuance of bonds.
229.74(1)(g)
(g)
Financial reports. The district has agreed to provide to the department of administration, the legislative fiscal bureau and the legislative audit bureau all financial reports of the district and all regular monthly statements of any trustee of the bonds on a direct and ongoing basis.
229.74(2)
(2) Payment of funds into a special debt service reserve fund. A district shall pay into any special debt service reserve fund of the district any moneys appropriated and made available by the state for the purposes of the special debt service reserve fund, any proceeds of a sale of bonds to the extent provided in the bond resolution authorizing the issuance of the bonds and any other moneys that are made available to the district for the purpose of the special debt service reserve fund from any other source.
229.74(3)
(3) Use of moneys in the special debt service reserve fund. All moneys held in any special debt service reserve fund of a district, except as otherwise specifically provided, shall be used, as required, solely for the payment of the principal of bonds secured in whole or in part by the special debt service reserve fund, the making of sinking fund payments with respect to these bonds, the purchase or redemption of these bonds, the payment of interest on these bonds or the payment of any redemption premium required to be paid when these bonds are redeemed prior to maturity. If moneys in a special debt service reserve fund at any time are less than the special debt service reserve fund requirement under
sub. (5) for the special debt service reserve fund, the district may not use these moneys for any optional purchase or optional redemption of the bonds. Any income or interest earned by, or increment to, any special debt service reserve fund due to the investment of moneys in the special debt service reserve fund may be transferred by the district to other funds or accounts of the district to the extent that the transfer does not reduce the amount of the special debt service reserve fund below the special debt service reserve fund requirement under
sub. (5) for the special debt service reserve fund.
229.74(4)
(4) Limitation on bonds secured by a special debt service reserve fund. A district shall accumulate in each special debt service reserve fund an amount equal to the special debt service reserve fund requirement under
sub. (5) for the special debt service reserve fund. A district may not at any time issue bonds secured in whole or in part by a special debt service reserve fund if upon the issuance of these bonds the amount in the special debt service reserve fund will be less than the special debt service reserve fund requirement under
sub. (5) for the special debt service reserve fund.
229.74(5)
(5) Special debt service reserve fund requirement. The special debt service reserve fund requirement for a special debt service reserve fund, as of any particular date of computation, is equal to an amount of money, as provided in the bond resolution authorizing the bonds with respect to which the special debt service reserve fund is established, that may not exceed the maximum annual debt service on the bonds of the district for that fiscal year or any future fiscal year of the district secured in whole or in part by that special debt service reserve fund. In computing the annual debt service for any fiscal year, bonds deemed to have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds shall not be included in bonds outstanding on such date of computation. The annual debt service for any fiscal year is the amount of money equal to the aggregate of all of the following calculated on the assumption that the bonds will, after the date of computation, cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due, and application in accordance with the bond resolution authorizing those bonds, of all of the sinking fund payments payable at or after the date of computation:
229.74(5)(a)
(a) All interest payable during the fiscal year on all bonds that are secured in whole or in part by the special debt service reserve fund and that are outstanding on the date of computation.
229.74(5)(b)
(b) The principal amount of all of the bonds that are secured in whole or in part by the special debt service reserve fund, are outstanding on the date of computation and mature during the fiscal year.
229.74(5)(c)
(c) All amounts specified in bond resolutions of the district authorizing any of the bonds that are secured in whole or in part by the special debt service reserve fund to be payable during the fiscal year as a sinking fund payment with respect to any of the bonds that mature after the fiscal year.
229.74(6)
(6) Valuation of securities. In computing the amount of a special debt service reserve fund for the purposes of this section, securities in which all or a portion of the special debt service reserve fund is invested shall be valued at par, or, if purchased at less than par, at their cost to the district.
229.74(7)
(7) State moral obligation pledge. If at any time of valuation the special debt service reserve fund requirement under
sub. (5) for a special debt service reserve fund exceeds the amount of moneys in the special debt service reserve fund, the district board shall certify to the secretary of administration, the governor, the joint committee on finance and the governing body of each county in the district the amount necessary to restore the special debt service reserve fund to an amount equal to the special debt service reserve fund requirement under
sub. (5) for the special debt service reserve fund. If this certification is received by the secretary of administration in an even-numbered year prior to the completion of the budget compilation under
s. 16.43, the secretary shall include the certified amount in the budget compilation. In any case, the joint committee on finance shall introduce in either house, in bill form, an appropriation of the amount so certified to the appropriate special debt service reserve fund of the district. Recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that, if ever called upon to do so, it shall make this appropriation.
229.74(8)
(8) Information to joint committee on finance. The district shall provide to the cochairpersons of the joint committee on finance information concerning the district's projected cashflows and security features underlying each issuance of bonds under this subchapter.
229.74 History
History: 1995 a. 56;
1999 a. 150 s.
672.
229.75
229.75
Bonds not public debt. 229.75(1)
(1) The state and each county in the district's jurisdiction are not liable on bonds and the bonds are not a debt of the state or any county in the district. All bonds shall contain a statement to this effect on the face of the bond. A bond issue does not, directly or indirectly or contingently, obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of the bonds.
229.75(2)
(2) Nothing in this subchapter authorizes a district to create a debt of the state or a county in the district's jurisdiction, and all bonds issued by a district are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security for the bonds. The state and each county in the district's jurisdiction are not liable for the payment of the principal of or interest on a bond or for the performance of any pledge, mortgage, obligation or agreement that may be undertaken by a district. The breach of any pledge, mortgage, obligation or agreement undertaken by a district does not impose pecuniary liability upon the state or a county in the district's jurisdiction or a charge upon its general credit or against its taxing power.
229.75(3)
(3) Bonds issued by the district shall be secured only by the district's interest in any baseball park facilities, including any interest in a lease with the department of administration under
s. 16.82 (7); by income from these facilities; by proceeds of bonds issued by the district and other amounts placed in a special redemption fund and investment earnings on such amounts; and by the taxes imposed by the district under
subch. V of ch. 77. The district may not pledge its full faith and credit on the bonds and the bonds are not a liability of the district.
229.75 History
History: 1995 a. 56.
229.76
229.76
State pledge. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a district under this subchapter, that the state will not limit or alter the rights and powers vested in a district by this subchapter, including the rights and powers under
s. 229.68 (15), before the district has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with a district.
229.76 History
History: 1995 a. 56.
229.77
229.77
Trust funds. All moneys received under this subchapter, whether as proceeds from the sale of bonds or from any other source, are trust funds to be held and applied solely as provided in this subchapter. Any officer with whom, or any bank or trust company with which, those moneys are deposited shall act as trustee of those moneys and shall hold and apply the moneys for the purposes of this subchapter, subject to this subchapter and the bond resolution authorizing issuance of the bonds.
229.77 History
History: 1995 a. 56.
229.79
229.79
Budgets; rates and charges; audit. A district shall adopt a calendar year as its fiscal year for accounting purposes. The district board shall annually prepare a budget for the district. Rates and other charges received by the district shall be used for the general expenses and capital expenditures of the district and to pay interest, amortization, and retirement charges on bonds. A district 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.
229.79 History
History: 1995 a. 56.
229.81
229.81
Assistance by state agencies. 229.81(1)
(1)
Definition. In this section, "state agency" has the meaning given in
s. 20.001 (1).
229.81(2)
(2) Assistance with respect to granted land or property. All state agencies may provide assistance to a district if the district has entered into a lease agreement with the department of administration under
s. 16.82 (7).
229.81 History
History: 1995 a. 56.
LOCAL PROFESSIONAL FOOTBALL
STADIUM DISTRICTS
229.820
229.820
Legislative declaration. 229.820(1)
(1) The legislature determines that the provision of assistance by state agencies to a district under this subchapter, any appropriation of funds to a district under this subchapter and the moral obligation pledge under
s. 229.830 (7) serve a statewide public purpose by assisting the development of professional football stadium facilities in the state for providing recreation, by encouraging economic development and tourism, by reducing unemployment and by bringing needed capital into the state for the benefit and welfare of people throughout the state. The legislature determines that the taxes that may be imposed by a district under
subch. V of ch. 77 are special taxes that are generated apart from any direct annual tax on taxable property.
229.820(2)
(2) The legislature determines that a district serves a public purpose in the district's jurisdiction by providing recreation, by encouraging economic development and tourism, by reducing unemployment and by bringing needed capital into the district's jurisdiction for the benefit of people in the district's jurisdiction.
229.820 History
History: 1999 a. 167.
229.821
229.821
Definitions. In this subchapter:
229.821(1)
(1) "Bond" means any bond, note, or other obligation issued under
s. 66.0621 by a district.
229.821(2)
(2) "Bond resolution" means a resolution of the district board authorizing the issuance of, or providing terms and conditions related to, bonds and includes, where appropriate, any trust agreement, trust indenture, indenture of mortgage or deed of trust providing terms and conditions for bonds.
229.821(3)
(3) "Chief elected official" means the mayor of a city or, if the city is organized under
subch. I of ch. 64, the president of the council of that city, the village president of a village, the town board chair of a town or the county executive of a county or, if the county does not have a county executive, the chairperson of the county board of supervisors.
229.821(4)
(4) "District" means a special purpose district created under this subchapter.
229.821(5)
(5) "District board" means the governing board of a district.
229.821(6)
(6) "Football stadium" means a stadium that is principally used as the home stadium of a professional football team described in
s. 229.823 at the time that a district is created, or if no home stadium exists at the time that a district is created, "football stadium" means a stadium that includes the site of a proposed home stadium of such a team.
229.821(7)
(7) "Football stadium facilities" means football stadium property, tangible or intangible, including spectator seating of all types, practice facilities, parking lots and structures, garages, restaurants, parks, concession facilities, entertainment facilities, facilities for the display or sale of memorabilia, transportation facilities, and other functionally related or auxiliary facilities or structures.
229.821(9)
(9) "Members-elect" means those members of the governing body of a municipality or county, at a particular time, who have been duly elected or appointed for a current regular or unexpired term and whose service has not terminated by death, resignation or removal from office.
229.821(10)
(10) "Municipality" means a city, village or town.
229.821(11)
(11) "Political subdivision" means a city, village, town or county.
229.821(12)
(12) "Related party" means a corporation or business entity that is owned, controlled or operated by, or under common control with, a professional football team.
229.821 History
History: 1999 a. 167;
2001 a. 38.
229.822
229.822
Creation and organization. 229.822(1)
(1) There is created, for each jurisdiction under
s. 229.823, a special district that is a local governmental unit, that is a body corporate and politic, that is separate and distinct from, and independent of, the state and the political subdivisions within its jurisdiction, that has the powers under
s. 229.824 and the name of which includes "Professional Football Stadium District".
229.822(2)
(2) A district is governed by its district board. Subject to
sub. (3), the district board shall consist of the following members who shall be appointed not later than 30 days after the creation of a district:
229.822(2)(a)
(a) Three persons appointed by the chief elected official of the most populous city located wholly or partly within the jurisdiction of the district. A person appointed under this paragraph serves at the pleasure of the appointing authority and may take his or her seat immediately upon appointment and qualification, subject to confirmation or rejection by a majority of the members-elect of the common council or council.
229.822(2)(b)
(b) Three persons appointed by the chief elected official of the county in which the football stadium is located. A person appointed under this paragraph serves at the pleasure of the appointing authority and may take his or her seat immediately upon appointment and qualification, subject to confirmation or rejection by a majority of the members-elect of the county board.
229.822(2)(c)
(c) One person appointed by the chief elected official of any municipality located wholly or partly within the jurisdiction of the district, other than the most populous city located wholly or partly within the jurisdiction of the district, that has a boundary at the time of creation of the district that is contiguous to a boundary of the site of the football stadium. A person appointed under this paragraph serves at the pleasure of the appointing authority and may take his or her seat immediately upon appointment and qualification, subject to confirmation or rejection by a majority of the members-elect of the governing body of the municipality.
229.822(3)
(3) Upon appointment under
sub. (2), the appointing authorities shall certify the appointees to the secretary of administration. The terms of office of the persons appointed under
sub. (2) shall be 2 years expiring on July 1, except that the initial terms shall expire on July 1 of the 4th year beginning after the year of creation of a district. Persons appointed under
sub. (2) serve at the pleasure of their appointing authorities, and may be removed before the expiration of their terms. Vacancies shall be filled by the appointing authority who appointed the person whose office is vacant. A person appointed to fill a vacancy under
sub. (2) shall serve for the remainder of the unexpired term to which he or she is appointed unless removed at an earlier time. The appointing authorities shall confer with one another regarding their appointments with a view toward achieving diversity on the district board.
229.822(4)(a)(a) The district board shall elect from its membership a chairperson, a vice chairperson, a secretary and a treasurer. The secretary shall act as clerk of the district.
229.822(4)(b)
(b) A majority of the current membership of the district board constitutes a quorum to do business. The district may take action based on the affirmative vote of a majority of those members of the district board who are present at a meeting of the district board.
229.822(5)
(5) The members of the district board shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties.
229.822(6)
(6) Upon the appointment and qualification of a majority of the members of a district board, the district board may exercise the powers and duties of a district board under this subchapter.
229.822(7)
(7) The district board shall name the district, and the name shall include "Professional Football Stadium District".
229.822 History
History: 1999 a. 167.
229.823
229.823
Jurisdiction. A district's jurisdiction is any county with a population at the date of the district's creation of more than 150,000 that includes the principal site of a stadium that is home to a professional football team, that is a member of a league of professional football teams that have home stadiums in at least 10 states and a collective average attendance for all league members of at least 40,000 persons per game over the 5 years immediately preceding the year in which a district is created, and that is approved by that league for use as a home stadium for that professional football team. Once created, the district's jurisdiction remains fixed even if population or attendance figures subsequently decline below the minimums described in this section.
229.823 History
History: 1999 a. 167.
