18.06 Procedures.
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/wi/chapter-18/18-06A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
18.06 Procedures.
(1)Authorizing resolution. No public debt may be contracted nor evidence of indebtedness issued by the state except pursuant to an authorizing resolution. Each authorizing resolution shall state each purpose of the debt it authorizes, which need not be more specific but shall not be more general than those purposes in or pursuant to law, and the maximum principal amount of debt authorized for each such purpose. The commission may amend at any time any purpose authorized by a resolution if the amendment does not cause the total amount of debt for that purpose to exceed the statutory limit on the issuance of debt for that purpose.
(2)Loan. An authorizing resolution may authorize the negotiation of a loan or loan agreement of any type, upon any terms, with any bank, savings and loan association, savings bank or credit union, or with any agency of the United States.
(3)Notes. An authorizing resolution may authorize the issuance and sale of notes. Such a sale may be public or private as provided in the authorizing resolution.
(4)Bonds. An authorizing resolution may authorize the issuance and sale of bonds. Except as provided in subs.
(5),
(7)and
(9)and except for any bond authorized and issued under this subchapter and designated by the commission under s. 18.82 as a higher education bond, the sale of bonds shall be public and noticed as provided in the authorizing resolution. Any or all bids received may be rejected and the sale canceled, or the sale of all or any part of the bonds negotiated, after bids at public sale have been rejected.
(5)Funding and refunding. An authorizing resolution may authorize, for any one or more of the purposes described in s. 18.04
(1), the issuance and sale of notes as provided in sub.
(3)or the issuance and sale of bonds as provided in sub.
(4). That sale may be public or private as provided in the authorizing resolution, and public debt may be exchanged in payment of or for the acquisition of other public debt.