DOA:......Aslesen, BB0534 - State highway rehabilitation service funds appropriation
For 2025-2027 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
TRANSPORTATION
Highways and local assistance
Use of revenue bond proceeds for state highway rehabilitation.
Under current law, the Building Commission may issue revenue bonds for certain major highway projects and transportation administrative facilities. Also under current law, state highway rehabilitation projects are funded from various sources, including bond proceeds, but not from proceeds of revenue bonds. This bill provides that revenue bond proceeds may be expended for state highway rehabilitation projects.
Transportation revenue bonds
Under current law, the Building Commission may issue revenue bonds for major highway projects and transportation administrative facilities in a principal amount that may not exceed $4,325,885,700. This bill increases the revenue bond limit to $4,644,920,800, an increase of $319,035,100.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section 1. 20.395 (3) (cs) of the statutes is created to read:
20.395 (3) (cs) State highway rehabilitation, service funds. All moneys received from the fund created under s. 18.57 (1) as reimbursement for the temporary financing under sub. (9) (th) of state highway rehabilitation projects for the purposes specified under sub. (3) (cq) that are financed under s. 84.59, for the purpose of financing such projects.
****Note: This Section involves a change in an appropriation that must be reflected in the revised schedule in s. 20.005, stats.
Section 2. 20.395 (4) (jq) of the statutes is amended to read:
20.395 (4) (jq) Transportation facilities and highway projects revenue obligation funding. As a continuing appropriation, all proceeds from revenue obligations issued under s. 84.59 and deposited into the fund created under s. 18.57 (1), for the transportation administrative facilities purposes of s. 84.01 (28) and, for major highway projects as defined under s. 84.013 (1) (a) for the purposes of ss. 84.06 and 84.09, and for state highway rehabilitation projects for the purposes specified in sub. (3) (cq), providing for reserves and for expenses of issuance and management of the revenue obligations. Estimated disbursements under this paragraph shall not be included in the schedule under s. 20.005.
Section 3. 20.395 (9) (th) of the statutes is amended to read:
20.395 (9) (th) Temporary funding of projects financed by revenue bonds. A sum sufficient to provide initial, temporary funding for any project to be financed under s. 84.59 which is a major highway project enumerated under s. 84.013 (3) or a project under s. 84.01 (28) approved under s. 13.48 (10) or authorized under s. 84.01 (30) or a state highway rehabilitation project for a purpose specified in sub. (3) (cq). The department shall keep a separate account of expenditures under this paragraph for each such project. As soon as moneys become available from the proceeds of the obligation issued under s. 84.59 to finance that project, an amount equal to the amounts expended under this paragraph shall be paid from those proceeds into the transportation fund and credited to the appropriation account under sub. (3) (br) or (cs) or (4) (at).
Section 4. 84.59 (1) of the statutes is amended to read:
84.59 (1) Transportation facilities under s. 84.01 (28) and, major highway projects as defined under s. 84.013 (1) (a) for the purposes under ss. 84.06 and 84.09, and state highway rehabilitation projects for the purposes specified in s. 20.395 (3) (cq) may be funded with the proceeds of revenue obligations issued subject to and in accordance with subch. II of ch. 18.
Section 5. 84.59 (6) of the statutes is amended to read:
84.59 (6) The building commission may contract revenue obligations when it reasonably appears to the building commission that all obligations incurred under this section can be fully paid from moneys received or anticipated and pledged to be received on a timely basis. Except as provided in this subsection, the principal amount of revenue obligations issued under this section may not exceed $4,055,372,900 $4,644,920,600, excluding any obligations that have been defeased under a cash optimization program administered by the building commission, to be used for transportation facilities under s. 84.01 (28) and, major highway projects for the purposes under ss. 84.06 and 84.09. In addition to the foregoing limit on principal amount, the building commission may contract revenue obligations under this section up to $142,254,600, excluding any obligations that have been defeased under a cash optimization program administered by the building commission, to be used for transportation facilities under s. 84.01 (28) and major highway projects for the purposes under ss. 84.06 and 84.09. In addition to the foregoing limit on principal amount, the building commission may contract revenue obligations under this section up to $128,258,200, excluding any obligations that have been defeased under a cash optimization program administered by the building commission, to be used for transportation facilities under s. 84.01 (28) and major highway projects for the purposes under ss. 84.06 and 84.09, and state highway rehabilitation projects for the purposes specified in s. 20.395 (3) (cq). In addition to the foregoing limits on principal amount, the building commission may contract revenue obligations under this section as the building commission determines is desirable to refund outstanding revenue obligations contracted under this section, to make payments under agreements or ancillary arrangements entered into under s. 18.55 (6) with respect to revenue obligations issued under this section, and to pay expenses associated with revenue obligations contracted under this section.
****Note: This is reconciled s. 84.59 (6). This Section has been affected by drafts with the following LRB numbers: -1954/P1 and 1955/P2.
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