18.75(1)(1)
When operating notes are authorized, there shall be established in the state treasury or with a trustee if so required in the authorizing resolution, an operating note redemption fund separate and distinct from every other fund, which may contain separate and distinct accounts for each particular operating note issue.
18.75(2)
(2) The operating note redemption fund shall be expended and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on operating notes giving rise to it and premium, if any, due upon refunding or early redemption of such operating notes, and for the payment due, if any, under an agreement or ancillary arrangement entered into under s.
18.73 (5) with respect to such operating notes.
18.75(3)
(3) Moneys of the operating note redemption fund may be commingled only for the purpose of investment with other public funds, but they may be invested only as provided in the authorizing resolution. All such reinvestments shall be the exclusive property of such fund and all earnings on or income from such investments shall be used in meeting principal and interest payments on operating notes issued.
18.75(4)
(4) There shall be transferred, under s.
20.855 (1) (a), a sum sufficient for the payment of the principal, interest and premium due, if any, and for the payment due, if any, under an agreement or ancillary arrangement entered into pursuant to s.
18.73 (5) with respect to operating notes giving rise to it as the same falls due. Such transfers shall be so timed that there is at all times on hand in the fund an amount not less than the amount to be paid out of it during the ensuing 30 days or such other period if so provided for in the authorizing resolution. The commission may pledge the deposit of additional amounts at periodic intervals and the secretary of the department may impound moneys of the general fund, including moneys temporarily reallocated from other funds under s.
20.002 (11), in accordance with the pledge of revenues in the authorizing resolution, and all such impoundments are deemed to be payments for purposes of s.
16.53 (10), but no such impoundment may be made until the amounts to be paid into the bond security and redemption fund under s.
18.09 during the ensuing 30 days have been deposited in the bond security and redemption fund.
18.76
18.76
Suits against the state. 18.76(1)(1)
In general. This section governs all civil claims, suits, proceedings and actions respecting operating notes notwithstanding any contrary provision of the statutes.
18.76(2)
(2) To recover an operating note. If the state fails to pay any operating note in accordance with its terms, an action to compel such payment may be commenced against the state in accordance with s.
801.02. The plaintiff shall serve an authenticated copy of the summons and complaint on the attorney general by leaving the copies at the attorney general's office in the capitol with an assistant or clerk. The place of trial of such an action shall be as provided in s.
801.50.
18.76(3)
(3) Judgment. Sections
16.007 and
775.01 do not apply to such claims for payment of operating notes. If there is final judgment against the state in such an action, it shall be paid as provided in s.
775.04 together with interest thereon at the rate of 10 percent per year from the date the payment was judged to have been due until the date of payment of the judgment.
18.76 History
History: 1983 a. 3;
1983 a. 228 s.
16.
18.77
18.77
Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. 18.77(1)(a)
(a) “Disabled veteran-owned financial adviser" means a financial adviser certified by the department of administration under s.
16.283 (3).
18.77(1)(b)
(b) “Disabled veteran-owned investment firm" means an investment firm certified by the department of administration under s.
16.283 (3).
18.77(1)(c)
(c) “Minority financial adviser" means a financial adviser certified by the department of administration under s.
16.287 (2).
18.77(1)(d)
(d) “Minority investment firm" means an investment firm certified by the department of administration under s.
16.287 (2).
18.77(2)(a)(a) Except as provided under sub.
(7), in contracting operating notes by competitive sale, the commission shall ensure that at least 6 percent of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.
18.77(2)(b)
(b) Except as provided under sub.
(7), in contracting operating notes by competitive sale, the commission shall make efforts to ensure that at least 1 percent of total operating note indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.
18.77(3)(a)(a) Except as provided under sub.
(7), in contracting operating notes by negotiated sale, the commission shall ensure that at least 6 percent of total operating note indebtedness contracted in each fiscal year is underwritten by minority investment firms.
18.77(3)(b)
(b) Except as provided under sub.
(7), in contracting operating notes by negotiated sale, the commission shall make efforts to ensure that at least 1 percent of total operating note indebtedness contracted in each fiscal year is underwritten by disabled veteran-owned investment firms.
18.77(4)(a)(a) Except as provided under sub.
(7), in contracting operating notes by competitive sale or negotiated sale, the commission shall ensure that at least 6 percent 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(4)(b)
(b) Except as provided under sub.
(7), in contracting operating notes by competitive sale or negotiated sale, the commission shall make efforts to ensure that at least 1 percent of the total moneys expended in such fiscal year for the services of financial advisers are expended for the services of disabled veteran-owned financial advisers.
18.77(5)(a)(a) 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(5)(b)
(b) Except as provided under sub.
(7), an individual underwriter or syndicate of underwriters shall make efforts to ensure that each bid or proposal, submitted by that individual or syndicate in a competitive or negotiated sale of an operating note, provides for at least 1 percent of sales to disabled veteran-owned 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 and disabled veteran-owned 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.
