Wisconsin § 67.12 - Temporary borrowing and borrowing on promissory notes.

§ 67.12. Temporary borrowing and borrowing on promissory notes.

67.12(1) (1) Borrowing in anticipation of revenues. 67.12(1)(a) (a) Except for school districts and technical college districts, any municipality that becomes entitled to receive federal or state aids, taxes levied or other deferred payments may, in the same fiscal year it is entitled to receive the payments, issue municipal obligations in anticipation of receiving the payments. The municipal obligations issued under this paragraph shall not exceed 60 percent of the municipality’s total actual and anticipated receipts in that fiscal year and shall be repaid no later than 18 months after the first day of that fiscal year. 67.12(1)(b) (b) 67.12(1)(b)1. 1. Any municipality may issue municipal obligations in anticipation of receiving proceeds from clean water fund loans or grants for which the municipality has received a notice of financial assistance commitment under s. 281.58 (15) , from bonds or notes the municipality has authorized or has covenanted to issue under this chapter or from grants that are committed to the municipality. Any municipal obligation issued under this subdivision may be refunded one or more times. Such obligation and any refundings thereof shall be repaid within 5 years after the original date of the original obligation. 67.12(1)(b)2. 2. Any municipality may issue municipal obligations in anticipation of receiving proceeds from brownfields revolving loan program loans or grants under the program described in s.