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LRB-2681/1
MPG&EVM:all
2021 - 2022 LEGISLATURE
April 5, 2021 - Introduced by Senators Stroebel, Felzkowski, Stafsholt, Cowles
and Jacque, cosponsored by Representatives Murphy, Spiros, Gundrum,
Snyder, Krug, James, Oldenburg, Duchow, Wittke, Horlacher, Edming,
Vorpagel, Tranel, Rozar, Cabral-Guevara, Moses, Petryk, Swearingen,
Zimmerman, Knodl, Loudenbeck, Jagler and Steffen. Referred to Joint
Committee on Finance.
SB272,1,1 1An Act relating to: retiring public debt and transportation revenue bonds.
Analysis by the Legislative Reference Bureau
This bill requires the governor to allocate $250,000,000 of the funds accepted
under the federal American Rescue Plan Act of 2021 to retire public debt in the
2021-22 fiscal year.
The bill also requires the governor to allocate $250,000,000 of the funds
accepted under the federal American Rescue Plan Act of 2021 for the retirement of
transportation revenue bonds. Current law authorizes the Building Commission to
issue revenue bonds for major highway projects and transportation administrative
facilities in a principal amount that may not exceed $4,197,627,500.
Finally, if the retirement of public debt and transportation revenue is not
eligible for funding under the federal American Rescue Plan Act of 2021, then the bill
requires the governor to allocate the amounts specified in the bill for the financing
of building projects in the 2021-23 Authorized State Building Program in lieu of
borrowing.
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:
SB272,1 2Section 1. Nonstatutory provisions.
SB272,2,3
1(1) Definition. In this section, “Section 602” means section 602 of the federal
2Social Security Act as amended by the federal American Rescue Plan Act of 2021, P.L.
3117-2.
SB272,2,124 (2) Retiring public debt. Of the moneys the governor accepts from the federal
5government under s. 16.54 pursuant to Section 602, the governor shall allocate
6$250,000,000 for the payment, in the 2021-22 fiscal year, of principal and interest
7costs on outstanding public debt, as defined in s. 18.01 (4). If the payment of principal
8and interest costs on outstanding public debt is not eligible for funding under Section
9602, then, of the moneys the governor accepts from the federal government under s.
1016.54 pursuant to Section 602, the governor shall allocate $250,000,000 to finance
11building projects in the 2021-23 Authorized State Building Program in lieu of
12borrowing.
SB272,2,2013 (3) Transportation revenue bond retirement. Of the moneys the governor
14accepts from the federal government under s. 16.54 pursuant to Section 602, the
15governor shall allocate $250,000,000 for the purpose of retiring revenue obligations
16issued under s. 84.59. If the retirement of revenue obligations under s. 84.59 is not
17eligible for funding under Section 602, then, of the moneys the governor accepts from
18the federal government under s. 16.54 pursuant to Section 602, the governor shall
19allocate $250,000,000 to finance building projects in the 2021-23 Authorized State
20Building Program in lieu of borrowing.
SB272,2,2121 (End)
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