SB21,438 Section 438. 18.64 (1) (c) of the statutes is amended to read:

SB21,174,11 18.64 (1) (c) "Minority financial adviser" means a financial adviser certified by the department of administration under s. 16.287 203.07 (2).

SB21,439 Section 439. 18.64 (1) (d) of the statutes is amended to read:

SB21,174,14 18.64 (1) (d) "Minority investment firm" means an investment firm certified by the department of administration under s. 16.287 203.07 (2).

SB21,440 Section 440. Subchapter III (title) of chapter 18 [precedes 18.70] of the statutes is repealed.

SB21,441 Section 441. 18.70 of the statutes is repealed.

SB21,442 Section 442. 18.71 (intro.), (1d), (3), (4) and (5) of the statutes are renumbered 16.526 (1) (intro), (a), (b), (c) and (d), and 16.526 (1) (intro.), (a) 1. and 3. and (c) 1. and 2., as renumbered, are amended to read:

SB21,174,22 16.526 (1) Definitions. (intro.) In this subchapter section, unless the context requires otherwise:

SB21,174,24 (a) 1. The aggregate net payments expected to be made and received under a specified interest exchange agreement under s. 18.73 (5) (a) sub. (4) (e) 1.

SB21,175,3 3. The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.73 (5) (a) sub. (4) (e) 1. relating to those notes that are in force at the time of executing the agreement.

SB21,175,6 (c) 1. Created for the purpose of funding operating deficits of the state as determined under s. 16.405 (1) 16.526 (1m) (a), which must be repaid not later than the last day of the fiscal year during which the operating note is issued;

SB21,175,9 2. Payable from and secured solely by revenues pledged by the commission and the department pursuant to the authorizing resolution certification provided that all such pledged revenues must first be available for the payment of public debt; and

SB21,443 Section 443. 18.71 (1m) and (2) of the statutes are repealed.

SB21,444 Section 444. 18.72 of the statutes is renumbered 16.526 (2), and 16.526 (2) (a) to (c), as renumbered, are amended to read:

SB21,175,18 16.526 (2) (a) The commission department may authorize financial obligations to be incurred and evidences of operating notes to be issued therefor in an amount sufficient to fund or refund the whole or any part of any operating note issued under this subchapter section. However, no operating notes originally issued in a fiscal year may be funded or refunded by proceeds of an operating note to mature in a later fiscal year.

SB21,175,22 (b) The commission department may authorize financial obligations to be incurred and evidences of operating notes to be issued therefor to fund operating deficits as moneys are required. The requirements for moneys shall be established by the department.

SB21,175,25 (c) Each purpose specified in subs. (1) and (2) pars. (a) and (b) may include the expenses of issuance of the operating notes and reserves securing the operating notes.

SB21,445 Section 445. 18.725 of the statutes is renumbered 16.526 (3) and amended to read:

SB21,176,10 16.526 (3) Limit on amount of operating notes. The building commission department may not sell operating notes under s. 18.73 (2) sub. (4) (b) at any time if the amount of operating notes to be sold at that time plus the amount of operating notes outstanding at that time exceed 10% of the amounts shown in the schedule under s. 20.005 (3) of appropriations of general purpose revenues, as defined in s. 20.001 (2) (a), plus the amounts shown in the schedule of appropriations of program revenues, as defined in s. 20.001 (2) (b), both calculated as of that time and for that fiscal year.

SB21,446 Section 446. 18.73 (1) of the statutes is repealed.

SB21,447 Section 447. 18.73 (2), (4) and (5) (a), (b), (c), (d) (intro.), 1. and 2., (e) 1. and 3. and (f) of the statutes are renumbered 16.526 (4) (b), (d) and (e) 1., 2., 3., 4. (intro.), a. and b., 5. a. and c. and 6., and 16.526 (4) (b), (d) and (e) 1., 2., 4. (intro.), a. and b., 5. a. and 6. (intro.), as renumbered, are amended to read:

SB21,176,21 16.526 (4) (b) Sale. Operating notes may be sold at either public or private sale. The commission department may provide in an authorizing resolution certification for the refunding of operating notes, for their exchange privately, in payment and discharge of any of the outstanding operating notes being refunded. All operating notes sold at public sale shall be noticed as provided in the authorizing resolution certification. Any bids received at public sale may be rejected.

SB21,177,5 (d) Exercise of authority. Financial obligations may be incurred and evidences of operating notes issued therefor pursuant to one or more authorizing resolutions certifications, unless otherwise provided in the resolution certification or in this subchapter section, at any time and from time to time, for any combination of purposes, in any specific amounts, at any rates of interest, for any term, payable at any intervals, at any place, in any manner and having any other terms or conditions deemed necessary or useful. Unless sooner exercised or unless a shorter period is provided in the resolution, every authorizing resolution shall expire 3 months after the date of its adoption.

SB21,177,18 (e) 1. Subject to pars. (d) and (e) subd. 4. and 5., at the time of, or in anticipation of, contracting operating notes and at any time thereafter while the operating notes are outstanding, the commission department may enter into agreements and ancillary arrangements relating to the operating notes, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements, insurance policies, guaranty agreements, reimbursement agreements, indexing agreements, or interest exchange agreements. Any payment received pursuant to any such agreements or ancillary arrangements shall be deposited in, and any payments made pursuant to any such agreements or ancillary arrangements will be made from, the general fund or the operating note redemption fund, as determined by the commission department. The determination of the commission department included in an interest exchange agreement that such an agreement relates to an operating note shall be conclusive.

SB21,177,21 2. The commission department may delegate to other persons the authority and responsibility to take actions necessary and appropriate to implement agreements and ancillary arrangements under par. (a) subd. 1.

SB21,177,23 4. (intro.) With respect to any interest exchange agreement or agreements specified in par. (a) subd. 1., all of the following shall apply:

SB21,178,3 a. The commission department shall contract with an independent financial consulting firm to determine if the terms and conditions of the agreement reflect a fair market value, as of the proposed date of the execution of the agreement.

SB21,178,7 b. The interest exchange agreement must identify the note to which the agreement is related. The determination of the commission department included in an interest exchange agreement that such agreement relates to a note shall be conclusive.

SB21,178,14 5. a. Subject to subd. 2. 5. b., the terms and conditions of an interest exchange agreement under par. (a) subd. 1. shall not be structured so that, as of the trade date of the agreement, the aggregate expected debt service and net exchange payments relating to the agreement during the fiscal year in which the trade date occurs will be less than the aggregate expected debt service and net exchange payments relating to the agreement that would be payable during that fiscal year if the agreement is not executed.