67.101 Debt amortization in 1st class cities.

395 words·~2 min read·/wi/chapter-67/67-101

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

(1)In this section “amortization fund” means the public debt amortization fund established under this section and “commission” means the public debt commission created under section 5 of chapter 87, laws of 1861 . In every 1st class city, however incorporated and indebted on account of outstanding municipal bonds, a fund separate and distinct from every other fund and designated as the “Public Debt Amortization Fund” is established. Sources of the fund shall be:

(a)All interest on moneys in the city treasury or which may accrue to the city treasury as interest earned on cash advanced for funding street improvements or delayed special assessments.

(b)Beginning on January 1, 1973, except interest which is received by the city as a part of the aggregate amounts from the sale of capital assets, one-third of all interest money received by the city treasury on any invested city funds and one-third of all interest received by the city treasury on any other funds to the interest of which the city is entitled including one-third of all interest received on delinquent personal property taxes.

(c)All other moneys from any source as the common council may by resolution by a two-thirds vote direct to be paid into the fund.

(d)Moneys received by gift or bequest to the fund, except that as a condition precedent to the acceptance of any such gift or bequest, the city shall enter into a contract to be executed by the proper city officers and custodians of the fund with the donor of such gift, or the heirs of any testator making such bequest. In the contract the city and the custodians of the fund shall in consideration of the gift or bequest bind themselves and their successors in office to keep the fund intact forever, except that the fund may be used as provided under this section. The contract shall be for the express benefit of the donor, the donor’s heirs and assigns, the heirs and assigns of the testator, and every taxpayer in the city.

(2)The proper city officers shall segregate annually from the general fund and other funds of the city the moneys under sub.

(a)to

(d)and credit the moneys to the amortization fund.

(3)The amortization fund may not be considered an offset to the constitutional debt limit.