Wisconsin

Decision instrument

Ordinary state general-obligation debt is set by a majority of the members elected to each house. It does not need a statewide vote. New debt in a calendar year is the lesser of 0.75% of taxable property, or 5% minus the public debt already outstanding.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Constitution, Article VIII, Section 7. The state pledges its full faith, credit, and taxing power. The purposes named are public facilities and veterans’ housing loans. Refunding is not under that yearly limit. The legislature has to appropriate for interest and principal as they come due, and a suit may be brought to compel the payment. An amount over the limit needs the legislature to declare an emergency, a majority of each house to send a specific amount to the people, and a majority of the electors voting on it. Not more than one such authorization in any two-year period. The Building Commission issues the debt.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended June 30, 2025. County dollar rows are not attached.

Debt limit

A county, city, town, village, or school district stops at 5% of taxable property equalized for state purposes, with two larger school caps.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article XI, Section 3. A city that may issue bonds for school purposes may add 10% for school purposes only. A school district that offers at least grades 1 through 12, and is eligible for the highest level of school aids when the debt is incurred, may go to 10%. This section does not itself require a vote.

Conflict rule

A state official may not use the office for a private financial gain. A contract over $3,000 in a year, with an organization the official or the official’s family controls by at least 10%, has to be disclosed in writing first.

Which ethics statute covers local officers, what counts as an interest, and who is left out? Statutes § 19.45. The 10% is of outstanding equity, voting rights, or outstanding indebtedness. The payment test is more than $3,000 within 12 months, from state funds. The disclosure goes to the ethics commission and to the agency making the contract. The section does not bar action on salaries, benefits, or a proposal to change state law. Local officials are under § 19.59. That section has no ownership percentage. A local official may not take official action that substantially affects a matter in which the official, the official’s family, or an associated organization has a substantial financial interest.

Geography

Seventy-two counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census county codes. County seats are not in the financial report, so they are not filled in. Cities, towns, villages, and school districts also borrow. Dollar rows stay blank.

Primary money record

General obligation bond principal: $6.387 billion, as of June 30, 2025. The payable with premium is $6.944 billion.

Which audited report is the state's own number, and as of what date? Notes to the financial statements, in thousands. The series lines add to principal of $6,386,670. Premiums and discounts are $557,480. Together that is $6,944,150. The management discussion’s $6.9 billion is that payable, rounded. Of the principal, governmental activities are $4,936,879 and business-type activities are $1,449,791. The premium split is $428,586 and $128,894. The note also says $1.7 billion of general-obligation bonds were issued for business-type assets but are repaid with governmental resources. That is a different cut from the $1.450 billion sitting in the business-type column. Defeased general-obligation principal of $81.3 million is excluded.

Who pays the coupon

In the year ending June 30, 2026, general-obligation bonds need $553.985 million of principal and $296.117 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? The governmental column is principal of $450.394 million and interest of $228.678 million. The business-type column is principal of $103.591 million and interest of $67.439 million. Those two principal columns add to the $6,386,670,000 outstanding. The constitution requires an appropriation for the interest and the principal. The full faith, credit, and taxing power are pledged. The columns show where the liability is recorded. They are not a clean split of who pays, because some bonds recorded against business-type assets are repaid from governmental resources.

Other obligors

Annual appropriation bonds: $1.9 billion in the management discussion. Master-lease certificates: $43.7 million. Do not add either to the $6.387 billion.

Which authorities and districts borrow beside the state and must not be added to its total? The $1.9 billion is the management discussion’s figure for the pension and tobacco appropriation bonds. The note says a moral obligation recognized by the legislature is not a legally enforceable obligation. The master-lease schedule, with premium, is $43.727 million, and the note says those certificates are not general obligations. It also prints a $4.7 million revolving-credit certificate. That figure is not added here. Environmental Improvement Fund revenue-bond principal is $395.755 million, plus premium of $55.679 million. Those are not general obligations.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.