200.55 Financing.

452 words·~2 min read·/wi/chapter-200/200-55

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

200.55 Financing. The district may borrow money and issue and execute bonds, notes and other forms of indebtedness and may enter into agreements to secure its indebtedness in the manner specified in subs.

(1)to

(7):

(1)Revenue bonds and notes.

(a)The district may issue bonds, notes or certificates for the purposes provided in s. 66.0621 . Except as provided in pars.

(b)to

(fa), the procedure for issuance of these bonds, notes or certificates is as specified in s. 66.0621 .

(b)The commission has the powers and duties specified for a board or council in s. 66.0621 . The district has the powers and duties specified for a municipality in s. 66.0621 . If s. 66.0621 specifies that a board, council or municipality shall act by ordinance, the commission shall act by resolution.

(c)District bonds issued under s. 66.0621

(a)shall be executed by the chairperson and secretary of the commission rather than by a chief executive and clerk.

1. Section 66.0621

(a)2. does not apply to district bonds. District bonds shall either mature:

a. Serially, commencing not later than 3 years from the date of issue;

b. In a specified term of years, if a sinking fund is created to pay the principal of these term bonds; or

c. In any combination of serial and term bonds.

2. A sinking fund created under subd. 1. b. shall provide for the retirement of the term bonds beginning not later than 3 years from the date of issue, or for deposit of money in the sinking fund, beginning not later than 3 years from the date of issue, to pay the principal of the term bonds at maturity.

3. Notwithstanding s. 66.0621

(a)1. , district bonds shall be made payable within 50 years from the date of the bonds, whether the bonds mature serially or within a specified term of years.

(e)Notwithstanding s. 66.0621

(c):

1. The commission may fix the proportion of revenues needed for operation and maintenance of the sewerage system and the proportion of revenues to be set aside as a depreciation fund.

2. The commission shall by resolution determine the proportion of revenues to be set aside for payment of principal and interest on the bonds as accurately as possible in advance. The commission may recompute the proportion of revenues set aside under this paragraph at any time, subject to the contract rights vested in holders of revenue obligations secured by the revenues.

(f)Deeds or mortgages that secure principal and interest of bonds under s. 66.0621 shall be executed by the commission chairperson and secretary rather than by a chief executive and clerk.