16.297 Grants for local government expenditures; moral obligation pledge.

451 words·~2 min read·/wi/chapter-16/16-297

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section:

(a)“Local governmental unit” means a city, village, town, county, or technical college district that contains any part of an electronics and information technology manufacturing zone designated under s. 238.396

(1m).

(b)“Municipal obligation” has the meaning given in s. 67.01

(6).

(1m)Grants. From the appropriation under s. 20.505

(fr), the department may make one or more grants to a local governmental unit for the local governmental unit’s expenditures for costs the department determines are associated with development occurring in an electronics and information technology manufacturing zone designated under s. 238.396

(1m), including costs related to infrastructure and public safety.

(2)Match. The department may require a local governmental unit to match in whole or in part a grant the department makes to the local governmental unit under sub.

(1m).

(3)Moral obligation pledge.

(a)Recognizing its moral obligation to do so, the legislature expresses its expectation and aspiration that, if ever called upon to do so, it shall make an appropriation to pay the principal and interest of a local governmental unit’s municipal obligations, if all of the following apply:

1. The local governmental unit’s municipal obligation is issued to finance costs related to development occurring in or for the benefit of an electronics and information technology manufacturing zone designated under s. 238.396

(1m).

2. The secretary designates the moral obligation pledge for the local governmental unit’s municipal obligation before the municipal obligation is issued, based on a plan that the local governmental unit shall submit to the department on a form prescribed by the department.

(b)No more than 40 percent of a local governmental unit’s aggregate municipal obligations under par.

(a)shall be subject to the moral obligation pledge under that paragraph.

(c)The proceeds of municipal obligations issued by a local governmental unit under this subsection shall be used to finance costs related to development occurring in or for the benefit of an electronics and information technology manufacturing zone designated under s. 238.396

(1m). The legislature determines that the provision of assistance by state agencies to a local governmental unit under this section, any appropriation of funds to a local governmental unit under this section, and the moral obligation pledge under par.

(a)serve a substantial statewide public purpose by assisting the development of an electronics and information technology manufacturing zone in the state, by encouraging economic development, by reducing unemployment, and by bringing needed capital into the state for the benefit and welfare of people throughout the state.

(4)Contract. The secretary may contract with a local governmental unit to implement this section.