AB2,39,134
119.49
(2) Upon receipt of the communication, the common council shall file the
5communication as provided in s. 8.37 and shall cause the question of issuing such
6school bonds in the stated amount and for the stated school purposes to be submitted
7to the voters of the city at the next election held in the city. The question of issuing
8such school bonds shall be submitted so that the vote upon issuing such school bonds
9is taken separately from any other question submitted to the voters. If a majority
10of the electors voting on the school bond question favors issuing such school bonds,
11the common council shall cause the school bonds to be issued immediately or within
12the period permitted by law, in the amount requested by the
board superintendent
13of schools and in the manner other bonds are issued.
AB2, s. 92
14Section
92. 119.49 (3) of the statutes is amended to read:
AB2,39,1915
119.49
(3) The proper city officials shall sell or dispose of the bonds in the same
16manner as other bonds are disposed of. The entire proceeds of the sale of the bonds
17shall be placed in the city treasury, subject to the order of the
board superintendent
18of schools for the purposes named in the communication under sub. (1). Such school
19bonds shall be payable within 20 years from the date of their issue.
AB2, s. 93
20Section
93. 119.495 (2) of the statutes is amended to read:
AB2,40,421
119.495
(2) The board shall include in its budget transmitted to the common
22council under s. 119.16 (8) (b)
, 2007 stats., a written notice specifying the amount of
23borrowing to be authorized in the budget for the ensuing year. The common council
24shall issue the notes and levy a direct annual irrepealable tax sufficient to pay the
25principal and interest on the notes as they become due. The common council may
1issue the notes by private sale. The common council shall make every effort to
2involve a minority investment firm certified under s. 560.036 as managing
3underwriter of the notes or to engage a minority financial adviser certified under s.
4560.036 to advise the city regarding any public sale of the notes.
AB2, s. 94
5Section
94. 119.496 (2) of the statutes is amended to read:
AB2,40,156
119.496
(2) The board shall include in its budget transmitted to the common
7council under s. 119.16 (8) (b)
, 2007 stats., a written notice specifying the amount of
8borrowing to be authorized in the budget for the ensuing year. The common council
9shall issue the notes and levy a direct annual irrepealable tax sufficient to pay the
10principal and interest on the notes as they become due. The common council may
11issue the notes by private sale. The common council shall establish goals of involving
12minority investment firms certified under s. 560.036 as managing underwriters for
13at least 50% of the total amount financed by the notes and of engaging a minority
14financial adviser certified under s. 560.036 to advise the city regarding any public
15sale of the notes.
AB2, s. 95
16Section
95. 119.496 (6) (b) of the statutes is amended to read:
AB2,40,2317
119.496
(6) (b) The board adopts a resolution declaring its intention, beginning
18in 1992 and annually thereafter until all notes issued under this section are repaid,
19to include as part of its budget transmitted to the common council under s. 119.16
20(8) (b)
, 2007 stats., a communication under s. 119.48
, 2007 stats., stating an amount
21needed for a school construction fund that is sufficient to require the common council
22to levy 0.6 mills on each dollar of the assessed valuation of all taxable property in the
23city, and notifies the secretary of administration of its action.
AB2, s. 96
24Section
96. 119.498 (1) of the statutes is amended to read:
AB2,41,5
1119.498
(1) Subject to s. 119.499 (1), the
board superintendent of schools may
2adopt a resolution requesting request the common council of the city to authorize the
3issuance of promissory notes under s. 67.12 (12) for school purposes consisting of
4paying unfunded prior service liability contributions under the Wisconsin
5Retirement System.
AB2, s. 97
6Section
97. 119.498 (2) of the statutes is amended to read:
AB2,41,127
119.498
(2) If the
board adopts a resolution superintendent of schools makes
8a request under sub. (1) and the city issues the notes, annually the
board 9superintendent of schools shall include in
its the budget transmitted to the common
10council under s. 119.16 (8) (b) an amount sufficient to pay the principal of and interest
11and redemption premium on the notes as they become due. The common council may
12authorize the issuance of the notes at public or private sale.
AB2, s. 98
13Section
98. 119.499 of the statutes is amended to read:
AB2,41,18
14119.499 Borrowing; unfunded prior service liability. (1) The
board 15superintendent of schools may not request the redevelopment authority of the city
16to issue bonds under s. 66.1333 (5s) or adopt a resolution under s. 119.498 (1) unless
17it he or she develops information on both options and chooses the option that is in the
18best public interest.
AB2,41,24
19(1m) If the redevelopment authority of the city issues bonds under s. 66.1333
20(5s), the
board superintendent of schools may borrow money from the redevelopment
21authority to pay unfunded prior service liability contributions under the Wisconsin
22Retirement System for the board. If the
board superintendent of schools borrows
23money from the redevelopment authority of the city to make such payments,
it he or
24she may use any school district revenues, including state aid, to repay the loan.
AB2,42,6
1(2) (a) If the
board superintendent of schools decides to use school district
2revenues to repay the loan,
it he or she may request the city to remit designated
3revenues of the school district to the redevelopment authority of the city at such
4times and in such amounts as
the board he or she determines. The city may agree
5to the request, which is irrevocable while any amount due under the loan remains
6outstanding.
AB2,42,127
(b) If the
board superintendent of schools decides to use state aid to repay the
8loan,
it he or she may request the department to remit the aid to the redevelopment
9authority of the city in an annual amount agreed to by the
board superintendent of
10schools and the department, and the department shall ensure that the aid
11remittance does not affect the amount determined to be received by the
board school
12district as state aid under s. 121.08 for any other purpose.
AB2, s. 99
13Section
99. 119.50 (2) of the statutes is amended to read:
AB2,42,1514
119.50
(2) The
board superintendent of schools shall provide
by resolution for
15the manner in which the payroll shall be certified, audited, approved and paid.
AB2, s. 100
16Section
100. 119.53 of the statutes is created to read:
AB2,42,18
17119.53 Budget committee. (1) There is created a budget committee
18consisting of the following members:
AB2,42,1919
(a) The city comptroller or his or her designee.
AB2,42,2020
(b) The president of the common council or his or her designee.
AB2,42,2121
(c) The president of the board or his or her designee.
AB2,42,2222
(d) The state superintendent or his or her designee.
AB2,42,2323
(e) Three members appointed by the mayor to serve at his or her pleasure.
AB2,42,25
24(2) The budget committee shall advise the superintendent of schools on the
25formulation of the annual school budget.
AB2, s. 101
1Section
101. 119.55 of the statutes is amended to read: