18.08 Capital improvement fund.

337 words·~2 min read·/wi/chapter-18/18-08

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

(a)All moneys resulting from the contracting of public debt or any payment to be received with respect to any agreement or ancillary arrangement entered into under s. 18.06

(a)with respect to any such public debt and any moneys transferred under s. 20.370

(hq)or

(hr)shall be credited to a separate and distinct fund, established in the state treasury, designated as the capital improvement fund, except that:

1. Such moneys which represent accrued interest on bonds issued, or are for purposes of funding or refunding bonds pursuant to s. 18.06

(5), shall be credited to one or more of the sinking funds of the bond security and redemption fund or to the state building trust fund.

2. Any such moneys that represent any payments received pursuant to any agreement or ancillary arrangement entered into under s. 18.06

(a)with respect to any such public debt may be credited to one or more of the sinking funds of the bond security and redemption fund or to the capital improvement fund, as determined by the commission.

3. Premiums required for deposit in reserve funds or those necessary to make cost of issuance and other ancillary payments may be credited to one or more of the sinking funds of the bond security and redemption fund or to the capital improvement fund, as determined by the commission.

(b)Moneys within the capital improvement fund shall be segregated into separate and distinct accounts according to the program purposes defined under ch. 20 for which public debt has been authorized by the legislature.

(1m)With respect to premium proceeds deposited in the capital improvement fund, all of the following shall apply:

(a)Premium proceeds shall first be used for the purposes for which the bonds were issued in proportion to the par value of the bond issue. If the premiums are used for the purposes, the authorized bonding authorization for those purposes is reduced by the amount of premiums that are used.