18.52 Definitions.

462 words·~2 min read·/wi/chapter-18/18-52-6

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

18.52 Definitions. In this subchapter, unless the context requires otherwise:

(1c)“Aggregate expected debt service and net exchange payments” means the sum of the following:

(a)The aggregate net payments expected to be made and received under a specified interest exchange agreement under s. 18.55

(a).

(b)The aggregate debt service expected to be made on obligations related to that agreement.

(c)The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.55

(a)relating to those obligations that are in force at the time of executing the agreement.

(1e)“Ancillary payments” means payments for issuance costs and expenses, payments under contracts entered into under s. 18.55

(6), payments of accrued or funded interest, and payments of other costs and expenses of administering revenue obligations.

(1m)“Authorizing resolution” means any resolution adopted by the commission under this subchapter which authorizes the contracting of a revenue obligation.

(2)“Commission” means the building commission.

(2m)“Enterprise obligation” means every undertaking by the state to repay a certain amount of borrowed money that is all of the following:

(a)Created for the purpose of purchasing, acquiring, leasing, constructing, extending, expanding, adding to, improving, conducting, controlling, operating or managing a revenue-producing enterprise or program.

(b)Payable from and secured by the property or income or both of the enterprise or program.

(c)Not public debt under s. 18.01

(4).

(3)“Evidence of revenue obligation” means a written promise to pay a revenue obligation.

(4)“Public debt” means every voluntary, unconditional undertaking by the state to repay a certain amount of borrowed money:

(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

(b)For which any existing asset of the state is pledged, except the pledge of an outstanding evidence of indebtedness without recourse.

(5)“Revenue obligation” means an enterprise obligation or a special fund obligation. A revenue obligation may be both an enterprise obligation and a special fund obligation.

(6)“Revenue-producing enterprise” or “program” means every state enterprise or program deemed by the legislature to be likely to produce sufficient net income to pay when due the principal and interest of revenue obligations to be issued in connection therewith.

(7)“Special fund obligation” means every undertaking by the state to repay a certain amount of borrowed money that is all of the following:

(a)Payable from a special fund consisting of fees, penalties or excise taxes.

(b)Not public debt under s. 18.01

(4).

(8)“Special fund program” means a state program or purpose with respect to which the legislature has determined that financing with special fund obligations is appropriate and will serve a public purpose.