Wisconsin Statutes 237.03 – Duties of authority
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Terms Used In Wisconsin Statutes 237.03
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
- Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(1) General duties. In addition to all other duties imposed under this chapter, the authority shall do all of the following:
(a) Adopt bylaws and policies and procedures for the regulation of its affairs and the conduct of its business.
(b) Contract for any legal services required for the authority.
(c) Establish the authority’s annual budget and monitor the fiscal management of the authority.
(d) Procure liability insurance covering its officers and employees and procure insurance against any loss in connection with its property and other assets.
(e) Make every reasonable effort to contract with one or more corporations to provide the services specified under s. 237.09 (2).
(f) Establish an escrow account with moneys sufficient to dispose of the visitor center authorized under s. 237.04 (11) and to terminate any lease under s. 237.04 (7) associated with the visitor center.
(2) Duties upon leasing. Upon entering into the lease under s. 237.06, the authority shall rehabilitate, repair, replace, operate, and maintain the navigational system.