SB21,438 9Section 438. 18.64 (1) (c) of the statutes is amended to read:
SB21,174,1110 18.64 (1) (c) "Minority financial adviser" means a financial adviser certified by
11the department of administration
under s. 16.287 203.07 (2).
SB21,439 12Section 439. 18.64 (1) (d) of the statutes is amended to read:
SB21,174,1413 18.64 (1) (d) "Minority investment firm" means an investment firm certified by
14the department of administration
under s. 16.287 203.07 (2).
SB21,440 15Section 440. Subchapter III (title) of chapter 18 [precedes 18.70] of the
16statutes is repealed.
SB21,441 17Section 441. 18.70 of the statutes is repealed.
SB21,442 18Section 442. 18.71 (intro.), (1d), (3), (4) and (5) of the statutes are renumbered
1916.526 (1) (intro), (a), (b), (c) and (d), and 16.526 (1) (intro.), (a) 1. and 3. and (c) 1. and
202., as renumbered, are amended to read:
SB21,174,2221 16.526 (1) Definitions. (intro.) In this subchapter section, unless the context
22requires otherwise:
SB21,174,2423 (a) 1. The aggregate net payments expected to be made and received under a
24specified interest exchange agreement under s. 18.73 (5) (a) sub. (4) (e) 1.
SB21,175,3
13. The aggregate net payments expected to be made and received under all
2other interest exchange agreements under s. 18.73 (5) (a) sub. (4) (e) 1. relating to
3those notes that are in force at the time of executing the agreement.
SB21,175,64 (c) 1. Created for the purpose of funding operating deficits of the state as
5determined under s. 16.405 (1) 16.526 (1m) (a), which must be repaid not later than
6the last day of the fiscal year during which the operating note is issued;
SB21,175,97 2. Payable from and secured solely by revenues pledged by the commission and
8the department pursuant to the authorizing resolution certification provided that all
9such pledged revenues must first be available for the payment of public debt; and
SB21,443 10Section 443. 18.71 (1m) and (2) of the statutes are repealed.
SB21,444 11Section 444. 18.72 of the statutes is renumbered 16.526 (2), and 16.526 (2) (a)
12to (c), as renumbered, are amended to read:
SB21,175,1813 16.526 (2) (a) The commission department may authorize financial obligations
14to be incurred and evidences of operating notes to be issued therefor in an amount
15sufficient to fund or refund the whole or any part of any operating note issued under
16this subchapter section. However, no operating notes originally issued in a fiscal
17year may be funded or refunded by proceeds of an operating note to mature in a later
18fiscal year.
SB21,175,2219 (b) The commission department may authorize financial obligations to be
20incurred and evidences of operating notes to be issued therefor to fund operating
21deficits as moneys are required. The requirements for moneys shall be established
22by the department.
SB21,175,2523 (c) Each purpose specified in subs. (1) and (2) pars. (a) and (b) may include the
24expenses of issuance of the operating notes and reserves securing the operating
25notes.
SB21,445
1Section 445. 18.725 of the statutes is renumbered 16.526 (3) and amended to
2read:
SB21,176,103 16.526 (3) Limit on amount of operating notes. The building commission
4department may not sell operating notes under s. 18.73 (2) sub. (4) (b) at any time
5if the amount of operating notes to be sold at that time plus the amount of operating
6notes outstanding at that time exceed 10% of the amounts shown in the schedule
7under s. 20.005 (3) of appropriations of general purpose revenues, as defined in s.
820.001 (2) (a), plus the amounts shown in the schedule of appropriations of program
9revenues, as defined in s. 20.001 (2) (b), both calculated as of that time and for that
10fiscal year.
SB21,446 11Section 446. 18.73 (1) of the statutes is repealed.
SB21,447 12Section 447. 18.73 (2), (4) and (5) (a), (b), (c), (d) (intro.), 1. and 2., (e) 1. and
133. and (f) of the statutes are renumbered 16.526 (4) (b), (d) and (e) 1., 2., 3., 4. (intro.),
14a. and b., 5. a. and c. and 6., and 16.526 (4) (b), (d) and (e) 1., 2., 4. (intro.), a. and b.,
155. a. and 6. (intro.), as renumbered, are amended to read:
SB21,176,2116 16.526 (4) (b) Sale. Operating notes may be sold at either public or private sale.
17The commission department may provide in an authorizing resolution certification
18for the refunding of operating notes, for their exchange privately, in payment and
19discharge of any of the outstanding operating notes being refunded. All operating
20notes sold at public sale shall be noticed as provided in the authorizing resolution
21certification. Any bids received at public sale may be rejected.
SB21,177,522 (d) Exercise of authority. Financial obligations may be incurred and evidences
23of operating notes issued therefor pursuant to one or more authorizing resolutions
24certifications, unless otherwise provided in the resolution certification or in this
25subchapter section, at any time and from time to time, for any combination of

1purposes, in any specific amounts, at any rates of interest, for any term, payable at
2any intervals, at any place, in any manner and having any other terms or conditions
3deemed necessary or useful. Unless sooner exercised or unless a shorter period is
4provided in the resolution, every authorizing resolution shall expire 3 months after
5the date of its adoption.
SB21,177,186 (e) 1. Subject to pars. (d) and (e) subd. 4. and 5., at the time of, or in anticipation
7of, contracting operating notes and at any time thereafter while the operating notes
8are outstanding, the commission department may enter into agreements and
9ancillary arrangements relating to the operating notes, including liquidity facilities,
10remarketing or dealer agreements, letter of credit agreements, insurance policies,
11guaranty agreements, reimbursement agreements, indexing agreements, or interest
12exchange agreements. Any payment received pursuant to any such agreements or
13ancillary arrangements shall be deposited in, and any payments made pursuant to
14any such agreements or ancillary arrangements will be made from, the general fund
15or the operating note redemption fund, as determined by the commission
16department. The determination of the commission department included in an
17interest exchange agreement that such an agreement relates to an operating note
18shall be conclusive.
SB21,177,2119 2. The commission department may delegate to other persons the authority and
20responsibility to take actions necessary and appropriate to implement agreements
21and ancillary arrangements under par. (a) subd. 1.
SB21,177,2322 4. (intro.) With respect to any interest exchange agreement or agreements
23specified in par. (a) subd. 1., all of the following shall apply:
SB21,178,3
1a. The commission department shall contract with an independent financial
2consulting firm to determine if the terms and conditions of the agreement reflect a
3fair market value, as of the proposed date of the execution of the agreement.
SB21,178,74 b. The interest exchange agreement must identify the note to which the
5agreement is related. The determination of the commission department included in
6an interest exchange agreement that such agreement relates to a note shall be
7conclusive.
SB21,178,148 5. a. Subject to subd. 2. 5. b., the terms and conditions of an interest exchange
9agreement under par. (a) subd. 1. shall not be structured so that, as of the trade date
10of the agreement, the aggregate expected debt service and net exchange payments
11relating to the agreement during the fiscal year in which the trade date occurs will
12be less than the aggregate expected debt service and net exchange payments relating
13to the agreement that would be payable during that fiscal year if the agreement is
14not executed.