229.75 Bonds not public debt.
(1) The state and each county in the district's jurisdiction are not liable on bonds and the bonds are not a debt of the state or any county in the district. All bonds shall contain a statement to this effect on the face of the bond. A bond issue does not, directly or indirectly or contingently, obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of the bonds.
(2) Nothing in this subchapter authorizes a district to create a debt of the state or a county in the district's jurisdiction, and all bonds issued by a district are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security for the bonds. The state and each county in the district's jurisdiction are not liable for the payment of the principal of or interest on a bond or for the performance of any pledge, mortgage, obligation or agreement that may be undertaken by a district. The breach of any pledge, mortgage, obligation or agreement undertaken by a district does not impose pecuniary liability upon the state or a county in the district's jurisdiction or a charge upon its general credit or against its taxing power.
(3) Bonds issued by the district shall be secured only by the district's interest in any baseball park facilities, including any interest in a lease with the department of administration under s. 16.82 (7); by income from these facilities; by proceeds of bonds issued by the district and other amounts placed in a special redemption fund and investment earnings on such amounts; and by the taxes imposed by the district under subch. V of ch. 77. The district may not pledge its full faith and credit on the bonds and the bonds are not a liability of the district.
History: 1995 a. 56.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 229 - Public institutions.
229.11 - First class city museums.
229.12 - Board of trustees, composition.
229.13 - Board of trustees; annual meeting and general functions.
229.14 - Director and employees; curators.
229.15 - Museum funds; expenditures.
229.16 - Donations and miscellaneous receipts.
229.17 - Site, buildings and equipment.
229.18 - Accountability; reports.
229.19 - Applicability of sections 229.11 to 229.18.
229.21 - First class city auditoriums and music halls.
229.23 - Property and finance.
229.40 - Legislative declaration.
229.42 - Creation and organization.
229.435 - Certification of board members.
229.44 - Powers of a district.
229.45 - Powers granted to sponsoring municipality.
229.46 - Certain contracting requirements.
229.461 - Development agreement, non-relocation agreement, lease.
229.477 - Dissolution of a district.
229.50 - Special debt service reserve funds.
229.52 - Bonds not public debt.
229.54 - Responsibility to sports and entertainment arena facilities.
229.56 - Funding and refunding bonds.
229.57 - Budgets; rates and charges; audit.
229.64 - Legislative declaration.
229.66 - Creation and organization.
229.68 - Powers of a district.
229.685 - Special fund tax revenues.
229.69 - Powers granted to a city or a county in a district.
229.70 - Minority contracting goals; disabled veteran-owned business contracting goals.
229.71 - Dissolution of a district.
229.72 - Issuance and negotiability of bonds.
229.74 - Special debt service reserve funds.
229.75 - Bonds not public debt.
229.79 - Budgets; rates and charges; audit.
229.81 - Assistance by state agencies.
229.820 - Legislative declaration.
229.822 - Creation and organization.
229.824 - Powers of a district.
229.8245 - Limitations on district.
229.825 - Special fund tax revenues.
229.8257 - Football stadium facility maintenance and operating cost fund.
229.826 - Powers granted to a municipality or county.
229.8273 - Minority, disabled veteran, and women contracting.
229.828 - Dissolution of a district.
229.829 - Issuance and negotiability of bonds.
229.830 - Special debt service reserve funds for moral obligation pledge.
229.831 - Bonds not public debt.
229.834 - Budgets; rates and charges; audit.
229.840 - Legislative declaration.
229.842 - Creation and organization.
229.844 - Powers of a district.
229.845 - Minority contracting goals; disabled veteran-owned business contracting goals.
229.846 - Powers granted to a sponsoring city.
229.847 - Dissolution of a district.
229.848 - Transfers; transfer agreements.
229.849 - District bonds and debt not public debt.
229.850 - Special fund for payment of principal and interest costs on certain bonds.