Wis. Stat. § 16.848 — WI Code / Chapter 16 / Section 16.848
Section 16.848
Status: in_force

(f) Subsection (1) does not apply to lands acquired with revenues paid into the conservation fund under s. 70.58 .

(g) Subsection (1) does not apply to property that is subject to sale by the department of veterans affairs under s. 45.32 (7) , 2017 stats.

(gc) Subsection (1) does not apply to property that is subject to sale by the department of military affairs under s. 321.03 (2) (b) .

(gg) Subsection (1) does not apply to property that is conveyed by the department of corrections under s. 301.25 .

(gn) Subsection (1) does not apply to property that is subject to sale by the state under s. 20.909 (2) .

(gr) Subsection (1) does not apply to land that is sold or traded by the Kickapoo reserve management board under s. 41.41 (7) .

(gt) Subsection (1) does not apply to property that is donated by the department of transportation under s. 84.09 (5r) .

(gx) Subsection (1) does not apply to any property that is owned or leased by the investment board.

(h) The department shall not sell any property under this section that is leased by the state until the lease expires or the lease is modified, renewed, or extended, whichever first occurs, without consent of the lessee.

(i) Subsection (1) does not apply to property that is traded by the department under sub. (5) .

(4)

(a) Except as provided in s. 13.48 (14) (e) , if there is any outstanding public debt used to finance the acquisition, construction, or improvement of any property that is sold or leased under sub. (1) , the department shall deposit a sufficient amount of the net proceeds from the sale or lease of the property in the bond security and redemption fund under s. 18.09 to repay the principal and pay the interest on the debt, and any premium due upon refunding any of the debt. If there is any outstanding public debt used to finance the acquisition, construction, or improvement of any property that is sold or leased under sub. (1) , the department shall then provide a sufficient amount of the net proceeds from the sale or lease of the property for the costs of maintaining federal tax law compliance applicable to the debt. If the property was acquired, constructed, or improved with federal financial assistance, the department shall pay to the federal government any of the net proceeds required by federal law. If the property was acquired by gift or grant or acquired with gift or grant funds, the department shall adhere to any restriction governing use of the proceeds. Except as required under ss. 13.48 (14) (e) , 20.395 (9) (qd) , and 51.06 (6) , if there is no such debt outstanding, there are no moneys payable to the federal government, and there is no restriction governing use of the proceeds, and if the net proceeds exceed the amount required to be deposited, paid, or used for another purpose under this subsection, the department shall use the net proceeds or remaining net proceeds to pay principal and interest costs on outstanding public debt issued to finance the acquisition, construction, or improvement of property. If any net proceeds remain thereafter, the department shall use the proceeds to pay principal and interest costs on other outstanding public debt.

(b) For the purpose of paying principal and interest costs on other outstanding public debt under par. (a) , the secretary may cause outstanding bonds to be called for redemption on or following their optional redemption date, establish one or more escrow accounts to redeem bonds at their optional redemption date, or purchase bonds in the open market. To the extent practical, the secretary shall consider all of the following in determining which public debt to redeem:

1. To the extent that debt service on the property being sold or leased was paid from a segregated fund, other outstanding public debt related to that segregated fund should be redeemed.

3. The extent to which general obligation debt that was issued to acquire, build, or improve the property being sold or leased is subject to current optional redemption, would require establishment of an escrow, or could be assigned for accounting purposes to another statutory bond purpose.

4. The fiscal benefit of redeeming outstanding debt with higher interest costs.

5. The costs of maintaining federal tax law compliance in the selection of general obligation debt to be redeemed.

(c) If there are any outstanding revenue obligations, issued pursuant to subch. II of ch. 18 , used to finance the acquisition, construction, or improvement of any property that is sold or leased under sub. (1) , the department shall deposit a sufficient amount of the net proceeds from the sale or lease of the property in the respective redemption fund provided under s. 18.561 (5) or 18.562 (3) to repay the principal and pay the interest on the revenue obligations, and any premium due upon refunding any of the revenue obligations. If there are any outstanding revenue obligations, issued pursuant to subch. II of ch. 18 , used to finance the acquisition, construction, or improvement of any property that is sold or leased under sub. (1) , the department shall then provide a sufficient amount of the net proceeds from the sale or lease of the property for the costs of maintaining federal tax law compliance applicable to the revenue obligations. For the purpose of paying principal and interest costs on other outstanding revenue obligations, the secretary may cause outstanding revenue obligations to be called for redemption on or following their optional redemption date, establish one or more escrow accounts to redeem obligations at their optional redemption date, or purchase bonds on the open market. Except as required under ss. 13.48 (14) (e) , 20.395 (9) (qd) , and 51.06 (6) , if the net proceeds exceed the amount required to be deposited, paid, or used for another purpose under this paragraph, the department shall use the net proceeds or remaining net proceeds to pay principal and interest costs on other similar revenue obligations.

(5)

(a) In this subsection, “navigational system” has the meaning given in s. 237.01 (5) .

(b) The department may trade a parcel of land that is part of the navigational system for another parcel of land if the parcels are of comparable value and any of the following applies:

1. The parcel to be received by the department is more suitable to the purposes of the navigational system than the parcel to be traded by the department.

2. The trade consolidates navigational system land.

3. The trade settles a boundary dispute or encroachment.

History: 2005 a. 25 ; 2007 a. 20 ss. 113 , 114 , 9121 (6) (a) ; 2007 a. 100 ; 2009 a. 180 ; 2011 a. 32 ; 2013 a. 20 ; 2013 a. 173 s. 33 ; 2015 a. 230 , 357 ; 2017 a. 59 ; 2019 a. 9 .