MPG:amn
2021 - 2022 LEGISLATURE
February 24, 2021 - Introduced by Senators Bewley,
Agard, Carpenter,
Erpenbach, Johnson, Larson, Pfaff, Ringhand, Roys, Smith and Wirch,
cosponsored by Representatives
Hintz, Anderson, Andraca, Baldeh,
Billings, Bowen, Brostoff, Cabrera, Conley, Considine, Doyle, Drake,
Emerson, Goyke, Haywood, Hebl, Hesselbein, Hong, McGuire, B. Meyers,
Milroy, Moore Omokunde, L. Myers, Neubauer, Ohnstad, Ortiz-Velez,
Pope, Riemer, S. Rodriguez, Shankland, Shelton, Sinicki, Snodgrass,
Spreitzer, Stubbs, Subeck, Vining and Vruwink. Referred to Committee on
Government Operations, Legal Review and Consumer Protection.
SB136,1,2
1An Act relating to: loans awarded by the Board of Commissioners of Public
2lands to ensure municipal utilities maintain liquidity.
Analysis by the Legislative Reference Bureau
Under current law, the Board of Commissioners of Public Lands manages the
common school fund, the normal school fund, the university fund, and the
agricultural college fund (trust funds). Current law authorizes BCPL to manage and
invest moneys belonging to the trust funds in good faith and with the care an
ordinary prudent person in a like position would exercise under similar
circumstances.
This bill authorizes BCPL to loan moneys belonging to the trust funds to cities,
villages, and towns to ensure that a municipal utility under the control of the city,
village, or town is able to maintain liquidity. A municipal utility is a public utility
that is a city, village, or town or that is wholly owned or operated by a city, village,
or town. Each trust fund loan BCPL awards to a city, village, or town under the bill
is secured in the same manner as other trust fund loans BCPL awards to cities,
villages, and towns under current law. BCPL may not award a loan under the bill
after April 15, 2021.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB136,9135
1Section 9135.
Nonstatutory provisions; Public Lands, Board of
2Commissioners of.
SB136,2,33
(1)
Loans to municipal utilities.
SB136,2,44
(a)
Definitions. In this subsection:
SB136,2,5
51. “Board” means the board of commissioners of public lands.
SB136,2,6
62. “Municipal utility” has the meaning given in s. 196.377 (2) (a) 3.
SB136,2,7
73. “Trust funds” has the meaning given in s. 24.60 (5).
SB136,2,13
91. The board may loan moneys under its control or belonging to the trust funds
10to a city, village, or town to ensure that a municipal utility under the control of the
11city, village, or town is able to maintain liquidity. The loan shall be for the sum of
12money, for the time, and upon the conditions as may be agreed upon between the
13board and the borrower.
SB136,2,15
142. Each loan under this subsection shall be considered a state trust fund loan
15for purposes of s. 24.70.
SB136,2,16
163. The board may not award a loan under this subsection after April 15, 2021.
SB136,2,18
174. The legislature finds and determines that the loans authorized under this
18subsection serve a public purpose.
