Wisconsin Statutes 237.07 – Management plan; financial statements
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Terms Used In Wisconsin Statutes 237.07
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1)
(a) The authority shall submit to the department of administration a plan that does all the following:
1. Addresses the costs of and funding for the rehabilitation, repair, replacement, operation, and maintenance of the navigational system.
2. Describes how the authority will manage its funds to ensure that sufficient funding is available to abandon the navigational system if the operation of the navigational system is no longer feasible.
3. Describes the escrow account required under s. 237.03 (1) (f).
(b) The authority shall submit the plan under par. (a) within 180 days after the date on which the state and the authority enter into the lease agreement specified in s. 237.06.
(2) The authority shall update and resubmit the plan under sub. (1) upon the request of the department of administration.
(3)
(a) For each fiscal year, the authority shall submit to the department of administration an audited financial statement of the funding received by the authority from contributions and other funding accepted by the authority under s. 237.08 (3).
(b) The financial statement under par. (a) shall include notes that explain in detail the specific sources of funding contained in the financial statement.
(4) For each fiscal year in which moneys are to be released to the authority by the department of natural resources under s. 237.08, each corporation specified in s. 237.09 shall submit to the authority an audited financial statement of the amount raised by the corporation under s. 237.09 (2) (b) for that fiscal year.