Senate Bill 255 proposes significant amendments to the regulation of the Chippewa and Flambeau Improvement Company, primarily focusing on the management and financial operations related to its reservoir system. The bill allows the company to levy tolls for the acquisition and improvement of its reservoir system, which is currently prohibited. It also permits tolls to cover costs associated with taxes, depreciation, and working capital, while eliminating the previous restrictions on the maximum tolls that could be charged. Additionally, the bill changes the toll liability for water power operators, making those who operate for at least two months during a six-month period subject to tolls for the entire duration, and removes limitations on the issuance of negotiable bonds for funding improvements.

Further changes include the removal of restrictions on paying dividends to stockholders while bonds are outstanding and the requirement to invest earnings in a sinking fund for bond retirement. The bill also renumbers existing statutes and introduces new definitions, such as "capital invested," which encompasses all capital paid in and the par value of issued bonds. Overall, these amendments aim to enhance the financial flexibility of the Chippewa and Flambeau Improvement Company, allowing it to better manage its operations and improve its infrastructure.

Statutes affected:
Text as Enrolled: 182.71(5)(b), 182.71, 182.71(5)(c), 182.71(5)(f), 182.71(6)(intro.), 182.71(6)(a), 182.71(6)(f), 182.71(7)(c), 182.71(7)(d), 182.71(8)
Bill Text: 182.71(5)(b), 182.71, 182.71(5)(c), 182.71(5)(f), 182.71(6)(intro.), 182.71(6)(a), 182.71(6)(f), 182.71(7)(c), 182.71(7)(d), 182.71(8)