§ 70-60. Area-grouped special assessment B bonds.

(a)

If the common council determines to issue special assessment B bonds under section 70-59, it may group the special assessments levied against benefited lands and issue of the bonds against the special assessments grouped as a whole. All of the bonds shall be equally secured by the assessments without priority one over the other.

(b)

All of the following apply to area-grouped special assessment B bonds issued under this section:

(1)

For the purpose of anticipating the collection of special assessments payable in installments under this section and after the installments have been determined, the common council may issue area-grouped special assessment B bonds payable out of the proceeds of the special assessments as provided under section 70-59. The bonds are not a general liability of the local governmental unit.

(2)

The issue of the bonds shall be in an amount not exceeding the aggregate unpaid special assessments levied for the public improvement or projects which the issue is to finance. The bonds shall mature over substantially the same period of time in which the special assessment installments are to be paid. The bonds shall be bearer bonds or may be registered bonds under Wis. Stats. § 67.09. The bonds shall be executed as provided in Wis. Stats. § 67.08(1), and shall include a statement that they are payable only from the special debt service fund provided for in subsection (b)(3) of this section and a fund created under section 70-62 for the collection and payment of the special assessment and any other provisions that the governing body deems proper to insert.

(3)

All collections of principal and interest on the underlying special assessments and installments, either before or after delinquency and after issuance of a tax certificate under Wis. Stats. § 74.57, shall be placed by the clerk-treasurer in a special debt service fund created, designated and identified for the issue of the bonds and used only for payment of the bonds and interest on the bonds to the holders of the bonds or coupons in accordance with the terms of the issue. Any surplus in the debt service fund, after all bonds and interest on the bonds are fully paid, shall be paid into the general fund.

(4)

If the tax certificate is redeemed by any person other than the county, the county treasurer shall pay to the local governmental unit the full amount received for the certificate, including interest, and the treasurer of the local governmental unit shall pay the amount of the remittance into the special debt service fund created for the payment of the bonds.

(5)

A holder of the bonds or of any coupons attached to the bonds has a lien against the special debt service fund created under subsection (b)(3) of this section, for payment of the bonds and interest on the bonds and against any reserve fund created under section 70-62 and may either at law or in equity protect and enforce the lien and compel performance of all duties required by this section of the local governmental unit issuing the bonds.

(Ord. of 12-26-2003)

State law reference

Similar provisions, Wis. Stats. § 66.0713.