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 agreement under s. 18.73 (5) (a).

(b) The aggregate debt service expected to be made on notes related to that agreement.

(c) The aggregate net payments expected to be made and received under all other interest exchange agreements under s. 18.73 (5) (a) relating to those notes that are in force at the time of executing the agreement.

(1m) “Commission" means the building commission.

(2) “Department" means the department of administration.

(3) “Evidence of operating note" means a written promise to pay an operating note.

(4) “Operating note" means every undertaking of the state to repay a certain amount of a financial obligation which is:

(a) Created for the purpose of funding operating deficits of the state as determined under s. 16.405 (1), which must be repaid not later than the last day of the fiscal year during which the operating note is issued;

(b) Payable from and secured solely by revenues pledged by the commission and the department pursuant to the authorizing resolution provided that all such pledged revenues must first be available for the payment of public debt; and

(c) Not public debt under s. 18.01 (4) nor a revenue obligation under s. 18.52 (5).

(5) “Public debt" or “debt" has the meaning given under s. 18.01 (4).

History: 1983 a. 3; 1983 a. 36 s. 96 (4); 1983 a. 192; 1985 a. 29; 2007 a. 20.

Operating notes that are short-term borrowings to be repaid in the current year from tax collections that are in the process of collection, are not public debt under Art. XI, s. 3. State ex rel. La Follette v. Stitt, 114 Wis. 2d 358, 338 N.W.2d 684 (1983).