18.75 Operating note redemption fund.
134 words·~1 min read·
/wi/chapter-18/18-75-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
18.75 Operating note redemption fund.
(1)When operating notes are authorized, there shall be established in the state treasury or with a trustee if so required in the authorizing resolution, an operating note redemption fund separate and distinct from every other fund, which may contain separate and distinct accounts for each particular operating note issue.
(2)The operating note redemption fund shall be expended and all moneys from time to time on hand therein are irrevocably appropriated, in sums sufficient, only for the payment of principal and interest on operating notes giving rise to it and premium, if any, due upon refunding or early redemption of such operating notes, and for the payment due, if any, under an agreement or ancillary arrangement entered into under s. 18.73
(5)with respect to such operating notes.