67.04 Purposes of issuing municipal bonds and notes.

326 words·~1 min read·/wi/chapter-67/67-04

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

(1)In this section:

(a)“Ancillary charges” include site preparation expenditures, professional fees, legal claims directly attributable to asset acquisition and interest costs incurred prior to and during construction.

(ag)“Operating expenses” include wages, salaries, fringe benefits, materials, supplies, contractual services, equipment with a useful life of less than one year and other costs specified by the department of revenue by rule. “Operating expenses” do not include ancillary charges incurred in the acquisition, development or construction of real property or property with a useful life of one year or more.

(ar)“Project” means the acquisition, leasing, planning, design, construction, development, extension, enlargement, renovation, rebuilding, repair or improvement of land, waters, property, highways, buildings, equipment or facilities.

(b)“Public purpose” means the performance of any power or duty of the issuing municipality.

(a)Subject to the limitations specified in ss. 67.03 and 67.045 , any municipality may borrow money and issue bonds to finance any project undertaken for a public purpose.

(b)Subject to the limitations specified in s. 67.03 , any city with a population greater than 75,000 may borrow money and issue bonds to finance the cost of low-interest mortgage loans under s. 62.237 .

(3)Subject to the limitations specified in s. 67.03 , any municipality may refund municipal obligations including interest on them whether or not the obligations being refunded were issued for any purpose for which the municipal obligations might have been issued in the original instance, if the time for payment of bonds issued to refund bonds and notes authorized under this chapter does not extend beyond the period permitted under s. 67.07 . Bonds issued to refund municipal obligations issued under ch. 66 shall be paid within the period permitted under s. 67.07 , commencing on the original date of the refunding bonds.

(4)The legislature finds that contracting of debt under this chapter for any project constitutes a public purpose.