SB576,20,8 6. Savings banks.

SB576,20,9 7. Savings and loan associations.

SB576,20,10 8. Investment companies.

SB576,20,11 9. Personal representatives.

SB576,20,12 10. Trustees.

SB576,20,13 11. Other fiduciaries not listed in this paragraph.

SB576,20,17 (b) The authority's bonds are securities that may be deposited with and received by any officer or agency of the state or any local governmental unit, as defined in s. 19.42 (7u), for any purpose for which the deposit of bonds or obligations of the state or any local governmental unit is authorized by law.

SB576,20,25 (12) Budgets; rates and charges; audit. The board of directors of an authority shall annually prepare a budget for the authority. Rates and other charges received by an authority shall be used only for the general expenses and capital expenditures of the authority, to pay interest, amortization, and retirement charges on bonds, and for specific purposes of the authority and may not be transferred to any political subdivision. The authority shall maintain an accounting system in accordance with generally accepted accounting principles and shall have its financial statements and debt covenants audited annually by an independent certified public accountant.

SB576,21,6 (13) Withdrawal from authority. (a) A participating political subdivision that becomes a member of an authority under sub. (2) (c) 4. shall withdraw from the authority if the county in which the municipality is located withdraws from the authority under this subsection and a participating political subdivision that joined an authority under sub. (2) (c) 3. may withdraw from an authority if all of the following conditions are met:

SB576,21,8 1. The governing body of the political subdivision adopts a resolution requesting withdrawal of the political subdivision from the authority.

SB576,21,10 2. The political subdivision has paid, or made provision for the payment of, all obligations of the political subdivision to the authority.

SB576,21,18 (b) If a participating political subdivision withdraws from an authority, the authority shall provide the department of revenue with a certified copy of the resolution that approves the withdrawal. The withdrawal is effective on the first day of the calendar quarter that begins at least 120 days after the department receives the certified copy of the resolution approving the withdrawal. If the authority from which the political subdivision withdraws continues to exist after the withdrawal, the authority shall provide information describing the exact boundaries of its jurisdictional area, as provided in sub. (4) (s) 2.

SB576,21,20 (14) Duty to provide transit service. An authority shall provide, or contract for the provision of, transit service within the authority's jurisdictional area.

SB576,21,25 (17) Other statutes. This section does not limit the powers of political subdivisions to enter into intergovernmental cooperation or contracts or to establish separate legal entities under s. 66.0301 or 66.1021 or any other applicable law, or otherwise to carry out their powers under applicable statutory provisions. Section 66.0803 (2) does not apply to an authority.

SB576,11 Section 11. 67.01 (5) of the statutes is amended to read:

SB576,22,9 67.01 (5) “Municipality" means any of the following which is authorized to levy a tax: a county, city, village, town, school district, board of park commissioners, technical college district, metropolitan sewerage district created under ss. 200.01 to 200.15 or 200.21 to 200.65, town sanitary district under subch. IX of ch. 60, transit authority created under s. 66.1039, public inland lake protection and rehabilitation district established under s. 33.23, 33.235, or 33.24, and any other public body empowered to borrow money and issue obligations to repay the money out of public funds or revenues. “Municipality" does not include the state.

SB576,12 Section 12 . 70.11 (2) of the statutes is amended to read:

SB576,22,25 70.11 (2) Municipal property and property of certain districts, exception. Property owned by any county, city, village, town, school district, technical college district, public inland lake protection and rehabilitation district, metropolitan sewerage district, municipal water district created under s. 198.22, joint local water authority created under s. 66.0823, transit authority created under s. 66.1039, long-term care district under s. 46.2895 or town sanitary district; lands belonging to cities of any other state used for public parks; land tax-deeded to any county or city before January 2; but any residence located upon property owned by the county for park purposes that is rented out by the county for a nonpark purpose shall not be exempt from taxation. Except as to land acquired under s. 59.84 (2) (d), this exemption shall not apply to land conveyed after August 17, 1961, to any such governmental unit or for its benefit while the grantor or others for his or her benefit are permitted to occupy the land or part thereof in consideration for the conveyance. Leasing the property exempt under this subsection, regardless of the lessee and the use of the leasehold income, does not render that property taxable.

SB576,13 Section 13. 71.26 (1) (b) of the statutes is amended to read:

SB576,23,6 71.26 (1) (b) Political units. Income received by the United States, the state and all counties, cities, villages, towns, school districts, technical college districts, joint local water authorities created under s. 66.0823, transit authorities created under s. 66.1039, long-term care districts under s. 46.2895 or other political units of this state.

SB576,14 Section 14 . Chapter 77 (title) of the statutes is amended to read:

SB576,23,8 CHAPTER 77

SB576,23,19 TAXATION OF FOREST CROPLANDS; REAL ESTATE TRANSFER FEES; SALES AND USE TAXES; COUNTY, TRANSIT AUTHORITY, AND SPECIAL DISTRICT SALES AND USE TAXES; MANAGED FOREST LAND; ECONOMIC DEVELOPMENT SURCHARGE; LOCAL FOOD AND BEVERAGE TAX; LOCAL RENTAL CAR TAX; Premier resort area taxes; state rental vehicle fee; dry cleaning fees

SB576,15 Section 15 . 77.54 (9a) (er) of the statutes is created to read:

SB576,23,21 77.54 (9a) (er) Any transit authority created under s. 66.1039.

SB576,16 Section 16 . Subchapter V (title) of chapter 77 [precedes 77.70] of the statutes is amended to read:

SB576,23,24 CHAPTER 77

SB576,23,25 SUBCHAPTER V

SB576,24,3 COUNTY, TRANSIT AUTHORITY, AND SPECIAL DISTRICT SALES AND USE TAXES