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 obligation issued under this subchapter.
(b) Any public debt or indebtedness described in s. 18.04.
(2) The commission may authorize money to be borrowed and evidences of revenue obligation to be issued therefor, in an amount sufficient, as provided in s. 18.59:
(a) To anticipate the sale of revenue-obligation bonds.
(b) To renew the whole or any part of any revenue-bond anticipation notes then outstanding.
(3) The commission shall authorize money to be borrowed and evidences of revenue obligation to be issued. The requirements for funds shall be established by the state department or agency head carrying out program responsibilities for which the revenue obligations have been authorized by the legislature, but shall not exceed the following:
(a) In the case of enterprise obligations, the amounts specified by the legislature to purchase, acquire, lease, construct, extend, expand, add to, improve, conduct, control, operate or manage such revenue-producing enterprises or programs as are specified by the legislature.
(b) In the case of special fund obligations, the amount specified by the legislature for such expenditures to be paid from special fund obligations.
(4) Unless otherwise provided in laws applicable to the issuance of a specific revenue obligation, in addition to the requirements established under sub. (3), the commission shall establish the amounts required for ancillary payments and establishment of reserves relating to the revenue obligations.
History: 1977 c. 29; 1999 a. 9; 2003 a. 33.
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