(1) The governing body of a county may not issue bonds under s. 67.05 or promissory notes under s. 67.12 (12) unless one or more of the following apply: (a) A referendum is held, following the procedures in s. 67.05 (3), that approves the debt issuance. (b) The governing body of the county adopts a resolution that sets forth its reasonable expectations that issuance of the debt will not cause the county to increase the debt levy rate, as defined in s. 59.605 (1) (b). (c) Issuance of the debt was authorized by an initial resolution adopted by the governing body of the county prior to August 12, 1993. (d) The debt is issued for the purposes under s. 67.05 (7) (c), (cc), (f), (h) or (i). (e) The debt is issued to fund or refund outstanding municipal obligations, interest on outstanding municipal obligations, or the payment of related issuance costs or redemption premiums. (f) The governing body adopts a resolution to issue the debt by a vote of at least three-fourths of the members-elect, as defined in s. 59.001 (2m). (g) The debt is issued by a county having a population of 750,000 or more to pay unfunded prior service liability with respect to an employee retirement system. (h) The debt is issued for the purpose of acquiring or installing energy efficient equipment. (2) (a) The department of revenue shall promulgate rules that set forth the standards to be used by the governing body of a county in adopting a resolution under sub. (1) (b). The rules shall permit the reasonable exercise of local self-determination and debt management and prohibit the consideration of unreasonable assumptions that may cause an increase in the debt levy rate, as defined in s. 59.605 (1) (b). (b) The standards in the rules under par. (a) shall address issues including all of the following: 1. The equalized value of taxable property in the county. 2. The annual debt service on the debt being issued. 3. The treatment of anticipated refunding of balloon payments. 4. Variable rate obligations. 5. Past and anticipated revenues that may abate a debt levy. 6. The amount of state aid that may be received in future years.
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