SB45,626,16 (10) Refunding bonds. An authority may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. An authority may issue refunding bonds at such time prior to the maturity or redemption of the refunded bonds as the authority deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium on the bonds, any interest accrued or to accrue to the date of payment of the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service or other capital or current expenses from the proceeds of such refunding bonds as may be required by the resolution, trust indenture, or other security instruments. To the extent applicable, refunding bonds are subject to subs. (8) and (9).

SB45,626,19 (11) Bonds eligible for investment. (a) Any of the following may invest funds, including capital in their control or belonging to them, in bonds of the authority:

SB45,626,20 1. Public officers and agencies of the state.

SB45,626,21 2. Local governmental units, as defined in s. 19.42 (7u).

SB45,626,22 3. Insurance companies.

SB45,626,23 4. Trust companies.

SB45,627,1 5. Banks.

SB45,627,2 6. Savings banks.

SB45,627,3 7. Savings and loan associations.

SB45,627,4 8. Investment companies.

SB45,627,5 9. Personal representatives.

SB45,627,6 10. Trustees.

SB45,627,7 11. Other fiduciaries not listed in this paragraph.

SB45,627,11 (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.

SB45,627,20 (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 the 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.

SB45,627,23 (13) Withdrawal from authority. A participating political subdivision that joined an authority under sub. (2) (f) 2. may withdraw from an authority if all of the following conditions are met:

SB45,628,2 (a) The governing body of the political subdivision adopts a resolution requesting withdrawal of the political subdivision from the authority.

SB45,628,4 (b) The political subdivision has paid, or made provision for the payment of, all obligations of the political subdivision to the authority.

SB45,628,7 (14) Duty to provide transit service. An authority shall provide, or contract for the provision of, transit service within the authority’s jurisdictional area.

SB45,628,12 (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.

SB45,1169 Section 1169. 66.1105 (2) (ab) of the statutes is renumbered 66.1105 (2) (n) (intro.) and amended to read:

SB45,628,20 66.1105 (2) (n) (intro.) “Affordable Workforce housing” means housing that costs a household no more than 30 percent of the household’s gross monthly income. to which all of the following apply, as adjusted for family size and the county in which the household is located, based on the county’s 5-year average median income and housing costs as calculated by the U.S. bureau of the census in its American community survey:

SB45,1170 Section 1170. 66.1105 (2) (cm) of the statutes is renumbered 66.1105 (2) (cm) (intro.) and amended to read:

SB45,629,3 66.1105 (2) (cm) (intro.) “Mixed-use development” means development that contains a combination of industrial, commercial, or residential uses, except that lands proposed for newly platted residential use, as shown in the project plan, may not exceed 35 either of the following:

SB45,629,4 1. Thirty-five percent, by area, of the real property within the district.

SB45,1171 Section 1171. 66.1105 (2) (cm) 2. of the statutes is created to read:

SB45,629,8 66.1105 (2) (cm) 2. Sixty percent, by area, of the real property within the district if the newly platted residential use that exceeds 35 percent is used solely for workforce housing.

SB45,1172 Section 1172. 66.1105 (2) (n) 1. of the statutes is created to read:

SB45,629,11 66.1105 (2) (n) 1. The housing costs a household no more than 30 percent of the household’s gross median income.