2011 Wisconsin Laws 16.848 – Sale of certain state property
16.848(2)
(2)
16.848
16.848 Sale of certain state property.
16.848(1)
(1) Except as provided in sub. (2), the department may offer for sale any state-owned real property, if the department determines that the sale is in the best interest of the state. Any sale may be either on the basis of public bids, with the department reserving the right to reject any bid in the interest of the state, or negotiated prices. If the department receives an offer to purchase property offered under this subsection, the department may submit a report to the building commission recommending acceptance of the offer. The report shall contain a description of the property and the reasons for the recommendation. The department may recommend the sale of a parcel of property with or without the approval of the agency, as defined in § 16.52 (7), having jurisdiction of the property. If the building commission approves the proposed sale, the department may sell the property.
16.848(2)(a)
(a) Subsection (1) does not authorize the closure or sale of any facility or institution the operation of which is provided for by law.
16.848(2)(b)
(b) Subsection (1) does not apply to property under the jurisdiction of the board of regents of the University of Wisconsin System.
16.848(2)(c)
(c) Subsection (1) does not apply to property sold by the department under § 16.98 (3).
16.848(2)(d)
(d) Subsection (1) does not apply to lands under the jurisdiction of the board of commissioners of public lands.
16.848(2)(e)
(e) Subsection (1) does not apply to property under the jurisdiction of the department of natural resources, except central or district office facilities.
16.848(2)(f)
(f) Subsection (1) does not apply to lands acquired with revenues collected under § 70.58.
16.848(2)(g)
(g) Subsection (1) does not apply to property that is subject to sale by the department of veterans affairs under § 45.32 (7).
16.848(2)(gc)
(gc) Subsection (1) does not apply to property that is subject to sale by the department of military affairs under § 321.03 (2)(b).
16.848(2)(gg)
(gg) Subsection (1) does not apply to property that is conveyed by the department of corrections under § 301.25.
16.848(2)(gn)
(gn) Subsection (1) does not apply to property that is subject to sale by the state under 20.909 (2).
16.848(2)(gr)
(gr) Subsection (1) does not apply to land that is sold or traded by the Kickapoo reserve management board under § 41.41 (7).
16.848(4)
(4)
16.848(4)(b)4.
4. The fiscal benefit of redeeming outstanding debt with higher interest costs.
16.848(4)(b)5.
5. The costs of federal tax law compliance in the selection of general obligation debt to be redeemed.
16.848(2)(gt)
(gt) Subsection (1) does not apply to property that is donated by the department of transportation under § 84.09 (5r).
16.848(2)(gw)
(gw) Subsection (1) does not apply to the sale of property by the department of health services under § 51.06 (6).
16.848(2)(h)
(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.
16.848(4)(a)
(a) Except as provided in § 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 under sub. (1), the department shall deposit a sufficient amount of the net proceeds from the sale of the property in the bond security and redemption fund under § 18.09 to repay the principal and pay the interest on the debt, and any premium due upon refunding any of 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 paragraph, the department shall use the net proceeds or remaining net proceeds to pay principal and interest costs on other outstanding public debt.
16.848(4)(b)
(b) For the purpose of paying principal and interest costs on other outstanding public debt under para. (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:
16.848(4)(b)1.
1. According preference to the redemption of general obligation debt within the same statutory bond purpose that was used to acquire, build, or improve the property being sold.
16.848(4)(b)2.
2. Maintaining compliance with federal tax law applicable to the general obligation debt that was issued to acquire, build, or improve the property being sold.
16.848(4)(b)3.
3. The extent to which general obligation debt that was issued to acquire, build, or improve the property being sold is subject to current optional redemption, would require establishment of an escrow, or could be assigned for accounting purposes to another statutory bond purpose.