66.1201(13)(a)1.1. An authority may issue any bonds for its corporate purposes, including bonds on which the principal and interest are payable by any of the following methods:
66.1201(13)(a)1.a.
a. Exclusively from the income and revenues of the housing project financed with the proceeds of the bonds, or with those proceeds together with a grant from the federal government in aid of the project.
66.1201(13)(a)1.b.
b. Exclusively from the income and revenues of certain designated housing projects whether or not they were financed in whole or in part with the proceeds of the bonds.
66.1201(13)(a)2.
2. Any of the bonds under
subd. 1. may be additionally secured by a pledge of any revenues or, subject to the limitations imposed under
pars. (b) and
(c), a mortgage of any housing project, projects or other property of the authority.
66.1201(13)(b)
(b) Neither the commissioners of the authority nor any person executing the bonds is liable personally on the bonds by reason of their issuance.
66.1201(13)(c)
(c) The bonds and other obligations of the authority are not a debt of any municipality located within its boundaries or of the state and this fact shall be stated on their face. Neither the state nor any municipality is liable for the bonds or other obligations, nor are they payable out of any funds or properties other than those of the authority.
66.1201(14)(a)(a) Bonds of an authority shall be authorized by its resolution and may be issued in one or more series and shall bear any date, mature at any time, bear interest at any rate, be in any denomination, be in the form of coupon bonds or of bonds registered under
s. 67.09, carry any conversion or registration privileges, have any rank or priority, be executed in any manner, be payable in any medium of payment, at any place, and be subject to any terms of redemption, with or without premium, that the resolution, its trust indenture or mortgage may provide. Any bond reciting in substance that it has been issued by an authority to aid in financing a housing project to provide dwelling accommodations for persons of low income shall be conclusively deemed, in any suit, action or proceeding involving the validity or enforceability of the bond or the security for the bond, to have been issued for such a housing project. Bonds of an authority are issued for an essential public and governmental purpose and are public instrumentalities and, together with interest and income, are exempt from taxes.
66.1201(14)(b)
(b) The bonds may be sold at public or private sale as the authority provides. The bonds may be sold at any price determined by the authority.
66.1201(14)(d)
(d) The authority may purchase, out of available funds, any bonds issued by it at a price not more than the principal amount of the bonds and the accrued interest. Bonds payable exclusively from the revenues of a designated project or projects shall be purchased only out of any revenues available for that purpose. All bonds so purchased shall be canceled. This paragraph does not apply to the redemption of bonds.
66.1201(14)(e)
(e) Any provision of any law to the contrary notwithstanding, any bonds, interim certificates, or other obligations issued pursuant to
ss. 66.1201 to
66.1211 are fully negotiable.
66.1201(15)
(15) Provisions of bonds, trust indentures, and mortgages. In connection with the issuance of bonds or the incurring of any obligation under a lease and in order to secure the payment of bonds or obligations, the authority may:
66.1201(15)(a)
(a) Pledge by resolution, trust indenture, mortgage, subject to the limitations in this subsection, or other contract any of its rents, fees, or revenues.
66.1201(15)(b)
(b) Covenant against mortgaging any of its property or against permitting any lien on its property.
66.1201(15)(c)
(c) Covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project or any part of a housing project, or with respect to limitations on its right to undertake additional housing projects.
66.1201(15)(d)
(d) Covenant against pledging any of its rents, fees and revenues or against permitting any lien on its rents, fees and revenues.
66.1201(15)(e)
(e) Provide for the release of property, rents, fees and revenues from any pledge or mortgage, and reserve rights and powers in, or the right to dispose of, property which is subject to a pledge or mortgage.
66.1201(15)(f)
(f) Covenant as to the bonds to be issued pursuant to any resolution, trust indenture, mortgage or other instrument and as to the issuance of bonds in escrow or otherwise, and as to the use and disposition of the proceeds of the bonds.
66.1201(15)(g)
(g) Provide for the terms, form, registration, exchange, execution and authentication of bonds.
66.1201(15)(h)
(h) Provide for the replacement of lost, destroyed or mutilated bonds.
66.1201(15)(i)
(i) Covenant that the authority warrants the title to the premises.
66.1201(15)(j)
(j) Covenant as to the rents and fees to be charged, the amount to be raised each year or other period of time by rents, fees and other revenues and as to the use and disposition to be made of the revenues.
66.1201(15)(L)
(L) Create special funds which segregate all of the following: