234.17234.17 Repayment to general fund. 234.17(1)(1) The authority shall repay the amounts appropriated under s. 20.143 (1) (a), 1971 stats., to the general fund from that portion of the authority’s surplus, if any, as is determined by agreement between the authority and the secretary of administration. 234.17(2)(2) By July 31, 2005, July 31, 2006, and July 31, 2007, the authority shall pay into the state treasury an amount equal to the cost to the state of the tax exemption under ss. 71.05 (1) (c) 1m., 71.26 (1m) (em), and 71.45 (1t) (em) in the previous taxable year, as determined jointly by the secretary of administration and the authority. 234.18234.18 Limit on amount of outstanding bonds and notes. 234.18(1)(1) The authority may not issue notes and bonds that are secured by a capital reserve fund to which s. 234.15 (4) applies if, upon issuance, the total aggregate outstanding principal amount of notes and bonds that are secured by a capital reserve fund to which s. 234.15 (4) applies would exceed $600,000,000. This section does not apply to bonds and notes issued to refund outstanding notes and bonds. 234.18(2)(2) On July 5, 2019, the amount specified in sub. (1) is increased by $200,000,000. 234.18(3)(3) On July 7, 2023, the amount specified in sub. (1), including the increase specified in sub. (2), is increased by $200,000,000. 234.19234.19 Notes and bonds; pledge and agreement of state. The state pledges and agrees with the holders of any notes or bonds issued under this chapter, that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of the holders until the notes or bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such notes or bonds. 234.19 HistoryHistory: 1971 c. 287. 234.20234.20 Default; trustee. 234.20(1)(1) If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days or if the authority fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 percent in aggregate principal amount of the notes or bonds of the issue then outstanding, by instrument recorded in the office of the register of deeds of Dane County and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the notes or bonds for the purposes otherwise specifically provided. 234.20(2)(2) The trustee may, and upon written request of the holders of 25 percent in principal amount of such notes or bonds then outstanding shall, in the trustee’s name: 234.20(2)(a)(a) By action or proceeding, enforce all rights of the noteholders or bondholders, including the right to require the authority to collect fees and charges and interest and amortization payments on mortgage loans made by it adequate to carry out any agreement as to, or pledge of, such fees and charges and interest and amortization payments on such mortgages, and other properties and to require the authority to carry out any other agreements with the holders of such notes or bonds and to perform its duties under this chapter; 234.20(2)(c)(c) By action, require the authority to account as if it were the trustee of an express trust for the holders of such notes or bonds; 234.20(2)(d)(d) By action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds; and 234.20(2)(e)(e) Declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25 percent of the principal amount of such notes or bonds then outstanding, to annul such declaration and its consequences. 234.21234.21 Trustee; additional powers. The trustee, in addition to the powers granted in s. 234.20 shall have all of the powers necessary or appropriate for the exercise of any functions specifically set forth in this chapter or incident to the general representation of noteholders or bondholders in the enforcement and protection of their rights. 234.21 HistoryHistory: 1971 c. 287. 234.22234.22 Venue. The venue of any action or proceeding by the trustee under ss. 234.19, 234.20 and 234.21 shall be in Dane County. 234.22 HistoryHistory: 1971 c. 287. 234.23234.23 Notice before declaration that notes or bonds are due and payable. Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days’ notice in writing to the governor, the authority and the attorney general. 234.23 HistoryHistory: 1971 c. 287. 234.24234.24 System of funds and accounts. Subject to agreements with noteholders and bondholders, the authority shall prescribe a system of funds and accounts.