State Codes and Statutes

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66.1104

66.1104 Waiver of recovery zone facility bond limitation.

66.1104(1)

(1) Definitions. In this section:

66.1104(1)(a)

(a) "Authority" means a body created under s. 66.1201, 66.1333, or 66.1335; under subch. II of ch. 114 or subch. III of ch. 149; or under ch. 52, 231, 232, 233, 234, 235, 237, or 279.

66.1104(1)(b)

(b) "Local governmental unit" has the meaning given in s. 66.0131 (1) (a), and includes a commission created by contract under s. 66.0301.

66.1104(1)(bm)

(bm) "Midwestern disaster area bond" means a bond described under 26 USC 1400N (a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.) and (1).

66.1104(1)(c)

(c) "Recovery zone bond" means a bond described under 26 USC 1400U-3 (b) (1).

66.1104(2)

(2) Waiver.

66.1104(2)(a)

(a) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on March 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county does one of the following:

66.1104(2)(a)1.

1. States that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

66.1104(2)(a)2.

2. Identifies the amount of a proposed issuance of recovery zone bonds and the nongovernmental entity that will own or operate the project being financed, together with a letter addressed to the department of commerce from the prospective purchaser of the recovery zone bonds that states the expectation of the prospective purchaser that both an agreement will be executed before May 1, 2010, providing for the purchase of the recovery zone bonds, and that the recovery zone bonds will be issued before June 1, 2010.

66.1104(2)(b)

(b) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on May 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states one of the following:

66.1104(2)(b)1.

1. That recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

66.1104(2)(b)2.

2. That an agreement has been executed by the city, county, other local governmental unit, or authority that will issue the recovery zone bonds, and a bond purchaser, providing for the purchase of recovery zone bonds.

66.1104(2)(c)

(c) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on June 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.

66.1104(2)(d)

(d) Any allocation of a recovery zone bond limitation that is considered waived under this subsection may be reallocated by the department of commerce under s. 560.033.

66.1104(2)(e)

(e) If a city or county that is eligible to issue a Midwestern disaster area bond waives any portion of its allocation of a recovery zone bond limitation under this subsection before January 1, 2011, the department of commerce, under s. 560.033 (4), shall increase that city's or county's allocation of Midwestern disaster area bond authority by the amount of the city's or county's waived recovery zone bond limitation allocation.

66.1104(2)(f)

(f) With regard to a letter, or a copy of a letter, addressed to the department of commerce from a prospective purchaser of a recovery zone bond, as described in par. (a) 2., which is in the possession of the city or county, the name of any business or prospective bond purchaser named in the letter or copy of the letter is not subject to the right of inspection or copying under s. 19.35 (1) before the first day of the 3rd month beginning after the letter or copy of the letter is received by the city or county.

66.1104(3)

(3) Reallocation. Any authority or local governmental unit may apply for a reallocation of the recovery zone bond limitation allocation in accordance with the system established by the department of commerce under s. 560.033.

66.1104 - ANNOT.

History: 2009 a. 112.