PDF State Level Debt Issuance - Wisconsin

State Level Debt Issuance

Informational Paper 78

Wisconsin Legislative Fiscal Bureau

January, 2015

State Level Debt Issuance

Prepared by

Al Runde

Wisconsin Legislative Fiscal Bureau

One East Main, Suite 301

Madison, WI 53703



TABLE OF CONTENTS

Chapter 1: The Nature of Bonds and the Bond Market

Rationale for Use of Bonds ....................................................................................................................... 1

Description of Bonds ................................................................................................................................. 2

Bond Characteristics: Pledges of Security ............................................................................................... 2

Bond Characteristics: Repayment Features ............................................................................................. 3

Bond Market in Operation......................................................................................................................... 4

Interest Rates and Their Determinants ...................................................................................................... 5

Chapter 2: Use of Debt Issuance in Wisconsin

General Obligation Bonds ....................................................................................................................... 10

State-Issued Revenue Bonds ................................................................................................................... 16

Appropriation Obligation Bonds ............................................................................................................. 18

Total State Debt Obligations ................................................................................................................... 19

Agreements Related to State Debt Programs .......................................................................................... 19

Authority-Issued Revenue Bonds ........................................................................................................... 20

Special Purpose Districts ......................................................................................................................... 21

Redevelopment Authority of the City of Milwaukee ............................................................................. 22

State-Issued Operating Notes .................................................................................................................. 22

Master Lease Program ............................................................................................................................. 22

Chapter 3: Wisconsin's Bond Issuance Process

General Obligation Bonds ....................................................................................................................... 24

State-Issued Revenue Bonds ................................................................................................................... 27

Authority-Issued Revenue Bonds ........................................................................................................... 27

Appendix

Wisconsin State Programs for Which General Obligation Debt Has Been Authorized ........................ 29

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