18.17   Full authority.
SUBCHAPTER II
REVENUE OBLIGATIONS
18.51   Provisions applicable.
18.52   Definitions.
18.53   Purposes of revenue obligations and amounts.
18.54   Limitations on revenue obligations.
18.55   Procedures.
18.56   Revenue obligations.
18.561   Enterprise obligations.
18.562   Special fund obligations.
18.57   Funds established for revenue obligations.
18.58   Other fiscal and administrative regulations.
18.59   Bond anticipation notes.
18.60   Refunding obligations.
18.61   Undertakings of state.
18.62   Revenue obligations as legal investments.
18.63   Validation of revenue obligations.
18.64   Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.
SUBCHAPTER III
OPERATING NOTES
18.70   Provisions applicable.
18.71   Definitions.
18.72   Purposes of operating notes.
18.725   Limit on amount of operating notes.
18.73   Procedures.
18.74   Application of operating note proceeds.
18.75   Operating note redemption fund.
18.76   Suits against the state.
18.77   Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms.
SUBCHAPTER IV
HIGHER EDUCATION BONDS
18.81   Definitions.
18.82   Bond designation.
18.822   Debt requirements.
18.83   Redemption.
18.84   Schools as bond trustees or fiscal agents; contracts.
18.85   Facilities.
18.852   Procedure.
subch. I of ch. 18 SUBCHAPTER I
STATE DEBT
18.01 18.01 Definitions. In this subchapter unless a different meaning is expressly provided or the context clearly indicates a different meaning:
18.01(1e) (1e)“Aggregate expected debt service and net exchange payments" means the sum of the following:
18.01(1e)(a) (a) The aggregate net payments expected to be made and received under a specified interest exchange agreement under s. 18.06 (8) (a).
18.01(1e)(b) (b) The aggregate debt service expected to be made on bonds related to that agreement.
18.01(1e)(c) (c) The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.06 (8) (a) relating to those bonds that are in force at the time of executing the agreement.
18.01(1m) (1m)“Authorizing resolution" means any resolution adopted by the commission pursuant to this subchapter which authorizes the contracting of public debt.
18.01(2) (2)“Commission" means the building commission.
18.01(3) (3)“Evidence of indebtedness" means a bond, a note or any other written promise to pay a public debt.
18.01(4) (4)“Public debt" or “debt" means every voluntary, unconditional undertaking by the state, other than an operating note, to repay a sum certain:
18.01(4)(a) (a) Out of the state treasury, except a loan or advance by any state agency or fund to any other state agency or fund; or
18.01(4)(b) (b) For which any existing asset of the state is pledged, except the pledge of an outstanding evidence of indebtedness without recourse.
18.02 18.02 Scope of subchapter. Public debt may be contracted and evidences of indebtedness issued therefor only to the amounts, for the purposes, by the procedures and with the kinds of evidence of indebtedness specified in this subchapter, except that this subchapter is not applicable:
18.02(1) (1)To public debt, not exceeding in the aggregate $100,000, incurred for the purpose of defraying extraordinary expenditures of the state.
18.02(2) (2)To public debt incurred to repel invasion, suppress insurrection or defend the state in time of war.
18.02 History History: 1977 c. 29 s. 1652.
18.03 18.03 Commission.
18.03(1)(1)Subject to the conditions and limitations contained in this subchapter, the commission shall have supervision over all matters relating to the contracting of public debt and the issuance of evidences of indebtedness therefor.
18.03(2) (2)
18.03(2)(a)(a) The commission shall have all of the powers necessary to carry out its functions.
18.03(2)(b) (b) The commission may interpret the statutes enforced or administered by it as it considers to be necessary to effectuate the purpose of the statutes. The authority granted by this paragraph shall not exceed the authority granted by s. 227.11 (2) (a).
18.03(2)(c) (c) The commission may prescribe such forms and procedures in connection with statutes to be enforced or administered by it as it considers to be necessary to effectuate the purpose of the statutes, but nothing in this paragraph authorizes the imposition of substantive requirements in connection with such forms or procedures.
18.03(3) (3)The department of administration shall assist the commission to carry out its functions and carry out all directives of the commission.
18.03(4) (4)All actions of the commission shall be taken by resolution. Each authorizing resolution shall be reduced to writing. The secretary of the commission shall maintain a full and correct record of each step or proceeding had or taken in the course of authorizing and contracting every public debt.
18.03(5) (5)Upon request of a state department or agency, the commission shall prepare periodic reports describing the current status of indebtedness relevant to the department's or agency's program responsibilities.
18.03(5m) (5m)Upon the request of a local exposition district under subch. II of ch. 229, the commission shall serve as financial consultant to assist and coordinate the issuance of bonds of the district.
18.03(5s) (5s)Upon the request of a local professional baseball park district created under subch. III of ch. 229 or a local professional football stadium district created under subch. IV of ch. 229, the commission may serve as financial consultant to assist and coordinate the issuance of the bonds of a district.
18.03(6) (6)Nothing in this subchapter shall be construed to supersede the authority by statute of any state department or agency in carrying out program responsibilities for which public debt has been authorized by the legislature.
18.04 18.04 Purposes of public debt and amounts.
18.04(1)(1)The commission may authorize public debt to be contracted and evidences of indebtedness to be issued therefor in an amount sufficient to fund or refund, as provided in s. 18.06 (5), or to fund, refund or acquire for any of the purposes set forth in sub. (5) and as provided in s. 18.06 (7), the whole or any part of:
18.04(1)(a) (a) Any public debt contracted pursuant to this subchapter.
18.04(1)(b) (b) Any indebtedness incurred prior to January 1, 1972, by the Wisconsin State Agencies Building Corporation, Wisconsin State Colleges Building Corporation, Wisconsin State Public Building Corporation or Wisconsin University Building Corporation.
18.04(2) (2)The commission shall authorize public debt to be contracted and evidences of indebtedness to be issued for the debt up to the amounts specified by the legislature to acquire, construct, develop, extend, enlarge or improve land, waters, property, highways, buildings, equipment or facilities or to make funds available for veterans housing loans for the classes of public purposes specified by the legislature as the funds are required. The requirements for funds shall be established by that department or agency head having program responsibilities for which public debt has been authorized by the legislature.
18.04(3) (3)Each purpose enumerated in sub. (1) shall be construed to include any premium payable with respect thereto and the expenses of funding, refunding and acquiring public debt. Each purpose specified by the legislature under subs. (1) and (2) shall be construed to include the expenses of contracting public debt.
18.04(5) (5)Public debt may be contracted under sub. (1) for any of the following purposes:
18.04(5)(a) (a) To acquire public debt contracted to make funds available for veterans housing loans under sub. (2).
18.04(5)(b) (b) To fund or refund public debt contracted to make funds available for veterans housing loans under sub. (2).
18.04(5)(d) (d) To acquire public debt contracted for any of the purposes under pars. (a) and (b).
18.04(6) (6)
18.04(6)(a)(a) Public debt may include public debt contracted to fund interest, accrued or to accrue, on the public debt and to fund reserve funds for the public debt.
18.04(6)(b) (b) The commission may direct that moneys resulting from any public debt contracted under this section be deposited in the funds or accounts created or designated by resolution of the commission, including escrow accounts established under refunding escrow agreements that are authorized by the commission.
18.04(6)(c) (c) Notwithstanding s. 25.17, moneys deposited or held in funds or accounts under par. (b) may be invested in any obligations, either through cash purchase or exchange, as specified by resolution of the commission.
18.04(6)(d) (d) Notwithstanding s. 25.17, moneys deposited or held in funds or accounts under par. (b) may be transferred to other funds or accounts or expended as provided by resolution of the commission, except that moneys resulting from public debt contracted for the purpose set forth in sub. (5) (b) and deposited in an escrow account shall be payable solely for the purposes of the bond security and redemption fund and for costs related to the creation and maintenance of the escrow account.
18.05 18.05 Limitations on aggregate public debt.
18.05(1)(1)The aggregate public debt contracted in any calendar year for purposes specified by the legislature pursuant to s. 18.04 (2) shall not exceed an amount equal to the lesser of:
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2017-18 Wisconsin Statutes updated through 2019 Wis. Act 18 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on August 19, 2019. Published and certified under s. 35.18. Changes effective after August 19, 2019, are designated by NOTES. (Published 8-19-19)