AB710,172,18 (14) Refunding bonds. A company may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such the time prior to the maturity or redemption of the refunded bonds as that the company deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon on the bonds, any interest accrued or to accrue to the date of payment of such the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such the reserves for debt service or other capital or current expenses from the proceeds of such the refunding bonds as may be required by the resolution, trust indenture or other security instruments. The issue of refunding bonds, the maturities and other details thereof of, the security therefor for, the rights of the holders thereof of, and the rights, duties and obligations of the company in respect of the same shall be refunding bonds are governed by the provisions of this section relating to the issue of bonds other than refunding bonds insofar as the same may be to the extent that the provisions are applicable.

AB710,173,4 (15) Bonds eligible for investment. Bonds issued by a company under this section are hereby made securities in which all All public officers and agencies of the state and all political subdivisions, of the state and all insurance companies, trust companies, banks, savings banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such, in bonds issued by a company under this section. The bonds are hereby made securities which may properly and legally be deposited with and received by any officer or agency of the state or any political subdivision for any purpose for which the deposit of bonds or obligation of the state or any political subdivision is now or may hereafter be authorized by law.

AB710,173,15 (16) (b) The property of a company, including any proportional share of any property owned by a company in conjunction with any other person or public agency, is declared to be public property used for essential public and governmental purposes and such the property or proportional share, a company and its income shall be are exempt from all taxes of the state or any state public body except that for each project owned or partly owned by it, a company shall make payments-in-lieu-of-taxes to the state equal to the amount which would be paid to the state under ss. 76.01 to 76.26 for such the project or share thereof of the project if it were deemed to be owned by a company under s. 76.02 (2). The payment shall be determined, administered and distributed by the state in the same manner as the taxes paid by companies under ss. 76.01 to 76.26.

AB710,173,21 (17) Successor. A company shall, if the contract so provides, be the successor to any nonprofit corporation, agency or any other entity theretofore previously organized by such the contracting municipalities to provide the same or a related function, and the company shall be is entitled to all rights and privileges and shall assume all obligations and liabilities of the other entity under existing contracts to which the other entity is a party.

AB710,174,2 (18) Other statutes. The powers granted under this section do not limit the powers of municipalities to enter into intergovernmental cooperation or contracts or to establish separate legal entities under s. 66.30 ss. 66.0301 to 66.0311 or any other applicable law, or otherwise to carry out their powers under applicable statutory provisions, nor shall such do the powers granted under this section limit the powers reserved to municipalities by state law.

AB710, s. 212 Section 212. 66.0735 of the statutes is renumbered 66.0823, and 66.0823 (5) (q), as renumbered, is amended to read:

AB710,174,8 66.0823 (5) (q) Invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as the authority deems proper in accordance with s. 66.04 (2) 66.0603 (1).

AB710, s. 213 Section 213. 66.074 of the statutes is repealed.

Note: Repealed as obsolete. Section 66.074 grants authority to cities, villages and towns in connection with ice plants, fuel depots and landing fields. Current municipal authority regarding airports is contained in ch. 114.

AB710, s. 214 Section 214. 66.075 of the statutes is repealed.

Note: Repealed as obsolete. Section 66.075 authorizes counties, cities, villages and towns of over 5,000 population to construct and maintain public slaughterhouses.

AB710, s. 215 Section 215. 66.076 (title) of the statutes is renumbered 66.0821 (title) and amended to read:

AB710,174,14 66.0821 (title) Sewerage system, service charge and storm water systems.

AB710, s. 216 Section 216 . 66.076 (1) of the statutes is renumbered 66.0821 (2) (a) and amended to read:

AB710,175,7 66.0821 (2) (a) 1. In addition to all other methods provided by law, any a municipality may construct, acquire or lease, extend or improve any plant and equipment within or without its corporate limits for the collection, transportation, storage, treatment and disposal of sewage or storm water and surface water, including the necessary lateral, main and interceptor sewers necessary in connection therewith, and any a town, village or city may arrange for such the service to be furnished by a metropolitan sewerage district or joint sewerage system. Except as provided in s. 66.60 (6m), payment for a sewerage project described in this paragraph, or any part of such project, may be provided from the general fund, from taxation, special assessments, sewerage service charges, or from the proceeds of either municipal obligations, revenue bonds or from any combination of these enumerated methods of financing.

Note: The deleted sentence is restated as s. 66.0813 (3) (a) by Section 245 .

AB710,175,21 2. If the extension of a sewer line or water main that is described under par. (a) subd. 1. is required because of a new subdivision, as defined in s. 236.02 (12), or commercial development, the municipality may recoup some or all of the costs that it has incurred for the extension by a method described under par. (a) subd. 1. or by any other method of financing agreed to by the municipality and the developer. If a person, whose property is outside of the subdivision for which a developer is paying, or has paid, the costs of a sewerage project under this paragraph subdivision, connects an extension into the sewerage project after the amount is established that the developer is required to pay under this paragraph subdivision, that person shall pay to the developer an amount determined by the public service commission. The public service commission shall promulgate rules to determine the amount that such a person shall pay to a developer. The rules promulgated under this paragraph subdivision, shall be based on the benefits accruing to the property that connects an extension into the sewerage project.

AB710, s. 217 Section 217. 66.076 (1m) of the statutes is renumbered 66.0821 (1) (intro.) and amended to read:

AB710,175,24 66.0821 (1) (intro.) In this section, "municipality":

AB710,176,3 (a) "Municipality" means any a town, village, city or metropolitan sewerage district created under ss. 66.20 200.01 to 66.26 200.15 or under ss. 66.88 200.21 to 66.918 200.65.

AB710, s. 218 Section 218. 66.076 (2) of the statutes is renumbered 66.0821 (3) (b) and amended to read:

AB710,176,14 66.0821 (3) (b) Where payment If funding under par. (a) in whole or in part is made by the issue and sale of revenue bonds, the payments shall be made as provided in s. 66.066. The provisions of s. 66.066 which are 66.0621 to the extent not inconsistent with this section are made a part of this section. The term. In this paragraph, "public utility" as used in s. 66.066 shall for this purpose include 66.0621 includes the sewerage system, accessories, equipment and other property, including land. The mortgage or revenue bonds or mortgage certificates shall do not constitute an indebtedness of the municipality but shall and may be secured only by the sewerage system and its revenue, and the franchise provided for in this section.

AB710, s. 219 Section 219. 66.076 (3) of the statutes is renumbered 66.0821 (6) and amended to read:

AB710,177,14 66.0821 (6) In the event of If there is a sale of the mortgaged sewerage system premises on a judgment of foreclosure and sale, the price paid for the same shall premises may not exceed the amount of the judgment and the costs of sale to and including the recording of the sheriff's deed. The purchaser on the foreclosure sale may operate and maintain said the sewerage system and collect sewerage service charges, and for that purpose shall be is deemed to have a franchise from the municipality. The term "purchaser" shall include includes the purchaser's successors or assigns. The rates to be charged, in addition to the contributions, if any, which the municipality has obligated itself to make toward the capital or operating costs of the plant, shall be sufficient to meet the requirements of operation, maintenance, repairs, depreciation, interest and an amount sufficient to amortize the judgment debts and all additional capital costs which the purchaser contributes to the plan over a period not exceeding 20 years, and in. In addition to the foregoing, the purchaser of the premises shall be entitled to may earn a reasonable amount, as determined by the public service commission, on the actual amount of the purchaser's investment in the premises represented by the purchase price of the premises, plus any additions made to the same investment by the purchaser or minus any payments made by the municipality on account of such the investments. The municipality may at any time by payment reduce such the investment of the purchaser and after full payment of the purchase price plus the cost of subsequent improvements the premises shall revert to the municipality. So long as While the premises are owned by the private purchaser, the same premises shall be considered a public utility and be are subject to ch. 196 so far as to the extent applicable.

AB710, s. 220 Section 220. 66.076 (4) of the statutes is renumbered 66.0821 (4) (a) and amended to read:

AB710,178,4 66.0821 (4) (a) The governing body of the municipality may establish sewerage service charges in such an amount as to meet all or part of the requirements for the construction, reconstruction, improvement, extension, operation, maintenance, repair and depreciation of the sewerage system, and for the payment of all or part of the principal and interest of any indebtedness incurred thereof for those purposes, including the replacement of funds advanced by or paid from the general fund of the municipality. Service charges made by a metropolitan sewerage district to any town, village or city shall in turn be levied by such the town, village or city against the individual sewer system users within the corporate limits of such the municipality, and the responsibility for collecting such municipality shall collect the charges and promptly remitting same remit them to the metropolitan sewerage district shall lie with such municipality. Delinquent charges shall be collected in accordance with sub. (7) (4) (c).

AB710, s. 221 Section 221. 66.076 (5) (a) of the statutes is renumbered 66.0821 (4) (b) and amended to read:

AB710,178,14 66.0821 (4) (b) For the purpose of making equitable charges for all services rendered by the sanitary sewerage system to the municipality or to citizens, corporations and other users, the property benefited thereby by the system may be classified, taking into consideration the volume of water, including surface or drain waters, the character of the sewage or waste and the nature of the use made of the sewerage system, including the sewage disposal plant. The charges may also include standby charges to property not connected but for which such sewerage system facilities have been made available.

AB710, s. 222 Section 222. 66.076 (5) (b) of the statutes is renumbered 66.0821 (4) (c).