Wisconsin § 67.10 - Fiscal and administrative regulations.

§ 67.10. Fiscal and administrative regulations.

67.10(1) (1) Money of the United States. All money received in payment of any tax levied under this chapter shall be lawful money of the United States; all municipal obligations shall be issued in exchange for lawful money of the United States or an obligation of the federal reserve bank or the state to pay such money; and all municipal obligations shall be payable in such money. 67.10(2) (2) Fiscal agents. The governing body of any municipality may appoint a fiscal agent or fiscal agents. Every fiscal agent shall be an incorporated bank or trust company authorized by the laws of the United States or of the state in which it is located to do a banking or trust company business or shall be a Wisconsin governmental body or officer. This contract may create a trust relationship and may provide for the performance by the fiscal agent of any of the following functions: 67.10(2)(a) (a) Distribution of municipal obligations. 67.10(2)(b) (b) Payment of debt service. 67.10(2)(c) (c) Investment of funds. 67.10(2)(d) (d) Registration of municipal obligations. 67.10(2)(e) (e) Maintenance of a book entry system. 67.10(2)(f) (f) Transfer of municipal securities. 67.10(2)(g) (g) Maintenance of registration books. 67.10(2)(h) (h) Accounting for payment of debt service. 67.10(2)(i) (i) Accounting for and cancellation of municipal obligations. 67.10(2)(j) (j) Authentication of municipal obligations. 67.10(3) (3) Borrowed money fund, source and use. All borrowed money shall be paid into the treasury of the municipality borrowing it, be entered in an account separate and distinct from all other funds, disbursements charged thereto shall be for the purpose for which it was borrowed and for no other purpose, except as provided by s.