2013 WISCONSIN ACT
222
An Act
to amend
66.0715 (3) (b); and
to create
66.0602 (3) (d) 6. of the statutes;
relating to:
changing the method for charging interest that may be charged on special assessments and creating an exception for local levy limits.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1
.
66.0602 (3) (d) 6. of the statutes is created to read:
66.0602
(3)
(d) 6. The limit otherwise applicable under this section does not apply to the amount that a political subdivision levies to make up any revenue shortfall for the debt service on a special assessment B bond issued under s. 66.0713 (4).
Section
2
.
66.0715 (3) (b) of the statutes is amended to read:
66.0715
(3)
(b)
The first installment shall include a proportionate part of the
Installment payments of
principal
of the special assessment, determined by the number of installments, together with
and
interest
on the whole assessment from a date, not before the date of the notice under par. (e), and to that date, not later than December 31, in the year in which the installment is to be collected as determined
shall be structured
by the governing body.
Each subsequent installment shall include the same proportion of the principal and one year's interest on the unpaid portion of the assessment
The interest rate shall be set by the governing body, and may include an administrative fee of not more than 2 percent. The interest rate set under this paragraph may not be changed during the course of the installment payments for a particular special assessment
.
Section
4
.
Initial applicability.
(1) The treatment of section 66.0715 (3) (b) of the statutes first applies to a special assessment that is imposed on the effective date of this subsection.
(2) The treatment of section 66.0602 (3) (d) 6. of the statutes first applies to the levy that is imposed in December 2013.
