Chapter 18 — STATE DEBT, REVENUE OBLIGATIONS AND OPERATING NOTES

18.01 Definitions. In this subchapter unless a different meaning is expressly provided or the context clearly indicates a different meaning: (1e) “Aggregate expected debt service and net exchange payments” means the sum of the following: (a) The aggregate net payments expected to…

18.02 Scope of subchapter. Public debt may be contracted and evidences of indebtedness issued therefor only to the amounts, for the purposes, by the procedures and with the kinds of evidence of indebtedness specified in this subchapter, except that this subchapter is not applicab…

18.03 Commission. (1) Subject to the conditions and limitations contained in this subchapter, the commission shall have supervision over all matters relating to the contracting of public debt and the issuance of evidences of indebtedness therefor. (2) (a) The commission shall hav…

18.04 Purposes of public debt and amounts. (1) The commission may authorize public debt to be contracted and evidences of indebtedness to be issued therefor in an amount sufficient to fund or refund, as provided in s. 18.06 (5), or to fund, refund or acquire for any of the purpos…

18.05 Limitations on aggregate public debt. (1) The aggregate public debt contracted in any calendar year for purposes specified by the legislature pursuant to s. 18.04 (2) shall not exceed an amount equal to the lesser of: (a) Three-fourths of one percent of the aggregate value …

18.06 (8) (a). (b) The aggregate debt service expected to be made on bonds related to that agreement. (c) The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.06 (8) (a) relating to those bonds that are in force at t…

18.07 Form and content of evidence of indebtedness. (1) Any provision of s. 403.104 to the contrary notwithstanding, every evidence of indebtedness and every interest coupon appurtenant thereto is declared to be a negotiable instrument. (2) Every loan agreement entered into pursu…

18.08 Capital improvement fund. (1) (a) All moneys resulting from the contracting of public debt or any payment to be received with respect to any agreement or ancillary arrangement entered into under s. 18.06 (8) (a) with respect to any such public debt and any moneys transferre…

18.09 Bond security and redemption fund. (1) When bonds are authorized, there shall be established in the state treasury a bond security and redemption fund separate and distinct from every other fund, which shall contain separate and distinct sinking funds for each particular bo…

18.10 Other fiscal and administrative regulations. (1) ANTICIPATORY CONTRACTS. After adoption of an authorizing resolution for a purpose which is to be accomplished wholly or in part through performance of an executory contract by some other contracting party, such contract may b…

18.12 Pledge of full faith. The full faith, credit and taxing power of this state are irrevocably pledged to the payment of the principal, interest and premium due, if any, on all public debt. There is irrevocably appropriated through s. 20.866, as a first charge upon all revenue…

18.13 Suits against the state. (1) IN GENERAL. This section and ss. 18.14 and 18.15 shall govern all civil claims, suits, proceedings and actions respecting public debt notwithstanding any contrary provision of the statutes. (2) TO RECOVER A DEBT. If the state fails to pay any pu…

18.14 Validation of debt. (1) Notwithstanding any defects, irregularities, lack of power or failure to comply with any statute or any act of the commission, all public debt contracted or attempted to be contracted after December 7, 1969 is declared to be valid and entitled to the…

18.15 Diversion of funds, liability of officers for. Any public officer or public employee, as defined in s. 939.22 (30), and the surety on the official bond of the officer or employee, or any other person participating in any direct or indirect impairment of the capital improvem…

18.16 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. (1) In this section: (a) “Disabled veteran-owned financial adviser” means a financial adviser certified by the department of administration under s. 16.283 (3).…

18.17 Full authority. This chapter shall constitute full authority for the accomplishment of all acts authorized in this chapter to be done. No other law restricting the carrying out of such acts shall be construed as applying to proceedings had or acts done pursuant to this chap…

18.51 Provisions applicable. The following sections apply to this subchapter, except that all references to “public debt” or “debt” shall be read to refer to a “revenue obligation” and all references to “evidences of indebtedness” shall be read to refer to “evidences of revenue o…

18.52 Definitions. In this subchapter, unless the context requires otherwise: (1c) “Aggregate expected debt service and net exchange payments” means the sum of the following: (a) The aggregate net payments expected to be made and received under a specified interest exchange agree…

18.53 Purposes of revenue obligations and amounts. (1) The commission may authorize money to be borrowed and evidences of revenue obligation to be issued therefor in an amount sufficient to fund or refund, as provided in s. 18.60, the whole or any part of: (a) Any revenue obligat…

18.54 Limitations on revenue obligations. (1) The amount of evidences of revenue obligation issued or outstanding for the purposes specified in s. 18.53 (1) and (2) are subject only to the limits provided in this subchapter. (2) The amount of evidences of revenue obligation issue…

18.55 (6) (a). (b) The aggregate debt service expected to be made on obligations related to that agreement. (c) The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.55 (6) (a) relating to those obligations that are i…

18.56 Revenue obligations. The commission may authorize, for any of the purposes described in s. 18.53 (3), the issuance of revenue obligations. The revenue obligations shall mature at any time not exceeding 50 years from the date thereof as the commission shall determine. The re…

18.561 (5) or 18.562 (3) and each revenue obligation shall contain on its face a statement to that effect. A revenue obligation may contain a provision authorizing redemption, in whole or in part, at stipulated prices, at the option of the commission and shall provide the method …

18.562 Special fund obligations. (1) SECURITY INTEREST IN SPECIAL FUND. (a) There is a security interest, for the benefit of the owners of the special fund obligations and other persons specified in the authorizing resolution providing for the issuance of the particular special f…

18.57 Funds established for revenue obligations. (1) A separate and distinct fund shall be established in the state treasury or in an account maintained by a trustee appointed for that purpose by the authorizing resolution with respect to each revenue-producing enterprise or prog…

18.58 Other fiscal and administrative regulations. (1) MANAGEMENT OF FUNDS AND RECORDS. All funds established under this subchapter which are deposited in the state treasury shall be managed as provided by law for other state funds, subject to any contract rights vested in owners…

18.59 Bond anticipation notes. (1) Whenever the commission has adopted an authorizing resolution for revenue-obligation bonds for any one or more of the purposes described in s. 18.53 (3), it may, prior to the issuance of the bonds and in anticipation of their sale, adopt an auth…

18.60 Refunding obligations. (1) The commission may authorize, for any one or more of the purposes described in s. 18.53 (1), the issuance of revenue-obligation refunding obligations. Refunding obligations may be issued, subject to any contract rights vested in owners of obligati…

18.61 Undertakings of state. (1) The state shall not be generally liable on revenue obligations and revenue obligations shall not be a debt of the state for any purpose whatsoever. All evidences of revenue obligation shall contain on their face a statement to that effect. (2) The…

18.62 Revenue obligations as legal investments. Any other provision of law to the contrary notwithstanding, any of the following may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any revenue obligations issued under this sub…

18.63 Validation of revenue obligations. (1) Notwithstanding any defects, irregularities, lack of power or failure to comply with any statute or any act of the commission, all revenue obligations issued or attempted to be issued after July 1, 1977 are declared to be valid; all in…

18.64 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. (1) In this section: (a) “Disabled veteran-owned financial adviser” means a financial adviser certified by the department of administration under s. 16.283 (3).…

18.70 Provisions applicable. The following sections apply to this subchapter, except that all references to “public debt,” “debt,” or “revenue obligation” are deemed to refer to “operating notes,” all references to “evidence of indebtedness” are deemed to refer to “evidence of op…

18.71 Definitions. In this subchapter, unless the context requires otherwise: (1d) “Aggregate expected debt service and net exchange payments” means the sum of the following: (a) The aggregate net payments expected to be made and received under a specified interest exchange agree…

18.72 Purposes of operating notes. (1) The commission may authorize financial obligations to be incurred and evidences of operating notes to be issued therefor in an amount sufficient to fund or refund the whole or any part of any operating note issued under this subchapter. Howe…

18.725 Limit on amount of operating notes. The building commission may not sell operating notes under s. 18.73 (2) at any time if the amount of operating notes to be sold at that time plus the amount of operating notes outstanding at that time exceed 10 percent of the amounts sho…

18.73 (5) (a). (b) The aggregate debt service expected to be made on notes related to that agreement. May 22, 2026, are designated by NOTES. (Published 5-22-26) 15 Updated 23-24 Wis. Stats. (c) The aggregate net payments expected to be made and received under all other interest e…

18.74 Application of operating note proceeds. All moneys resulting from the contracting of operating notes or any payment to be received under an agreement or ancillary arrangement entered into under s. 18.73 (5) with respect to any such operating notes shall be credited to the g…

18.75 Operating note redemption fund. (1) When operating notes are authorized, there shall be established in the state treasury or with a trustee if so required in the authorizing resolution, an operating note redemption fund separate and distinct Updated 23-24 Wis. Stats. 16 fro…

18.76 Suits against the state. (1) IN GENERAL. This section governs all civil claims, suits, proceedings and actions respecting operating notes notwithstanding any contrary provision of the statutes. (2) TO RECOVER AN OPERATING NOTE. If the state fails to pay any operating note i…

18.77 Minority financial advisers and investment firms; disabled veteran-owned financial advisers and investment firms. (1) In this section: (a) “Disabled veteran-owned financial adviser” means a financial adviser certified by the department of administration under s. 16.283 (3).…

18.81 Definitions. In this subchapter: (1) “Commission” means the building commission. (2) “Eligible educational institution” means a regionally accredited, nonprofit, postsecondary educational institution. (3) “Higher education bond” means obligations designated by the commissio…

18.82 Bond designation. The commission may designate any obligation authorized and issued under subch. I or II as a higher education bond. History: 1989 a. 46.

18.822 Debt requirements. The authorizing resolution for an obligation under this subchapter shall require that all of the following conditions be met: (1) The terms of the obligation are structured to encourage ownership by as many individuals as possible. (2) The evidences of t…

18.83 Redemption. The commission may provide that higher education bonds may be presented for payment before maturity to any eligible educational institution for tuition, fees and other educationally related costs owed that eligible educational institution plus an allowance for o…

18.84 Schools as bond trustees or fiscal agents; contracts. Notwithstanding s. 18.10 (8), the commission may designate any eligible educational institution as a trustee or fiscal agent for any issue of higher education bonds and may enter into any contract with any eligible educa…

18.85 Facilities. The commission may enter into agreements and ancillary arrangements for public debt under this subchapter, including liquidity facilities, remarketing or dealer agreements, letter of credit agreements and line of credit agreements. History: 1989 a. 46.

18.852 Procedure. (1) The commission may establish any procedure necessary to administer this subchapter. (2) The sale of any bond, authorized and issued under subch. I and designated by the commission under s. 18.82 as a higher education bond, shall be private. History: 1989 a. …