SB238,4,1714 24.61 (2) (b) Deposited with secretary of administration Manner for holding
15securities
. All bonds, notes, and other instruments of indebtedness and securities
16purchased under par. (a) shall be deposited with the secretary of administration held
17in a manner determined by the board
.
SB238, s. 7 18Section 7. 24.61 (3) (c) of the statutes is repealed.
SB238, s. 8 19Section 8. 24.61 (3) (d) of the statutes is repealed.
SB238, s. 9 20Section 9. 24.61 (4) (title) of the statutes is amended to read:
SB238,4,2121 24.61 (4) (title) Loan limitations to counties.
SB238, s. 10 22Section 10. 24.61 (4m) of the statutes is created to read:
SB238,5,223 24.61 (4m) Loans to pay off existing indebtedness. If the board makes a loan
24to a municipality to pay off existing indebtedness, the making of the loan and the

1payment of the existing indebtedness shall be treated as if they occur
2simultaneously.
SB238, s. 11 3Section 11. 24.63 (1), (2), (2m) and (2r) of the statutes are amended to read:
SB238,5,134 24.63 (1) Loans General obligation loans other than to school districts.
5A state general obligation trust fund loan, other than a loan to a school district, may
6be made for any term not exceeding 20 years and may be made payable in
7installments. A state general obligation trust fund loan to a municipality other than
8a school district shall be in an amount which does not, together with all other
9indebtedness of the municipality applying for the loan, exceed 5% of the valuation
10of the taxable property within the municipality as equalized for state purposes. If
11a state trust fund loan is made to pay off existing indebtedness, it may be advanced
12to the borrower in installments as fast as the indebtedness or the evidence of
13indebtedness is canceled.
SB238,5,18 14(2) School General obligation school district loans. A state general
15obligation
trust fund loan to a school district may be made for any time, not exceeding
1620 years, as is agreed upon between the school district and the board, and for an
17amount which, together with all other general obligation indebtedness of that
18district, does not exceed its allowable indebtedness as determined under s. 67.03 (1).
SB238,5,25 19(2m) Cooperative General obligation cooperative educational service
20agency loans.
A state general obligation trust fund loan to a cooperative educational
21service agency may be made for any term, not exceeding 20 years, as is agreed upon
22between the agency and the board, and for a total amount which, for each school
23district for which the loan is sought, in the proportion determined under s. 24.61 (7),
24together with all other general obligation indebtedness of the school district, does not
25exceed the school district's allowable indebtedness under s. 67.03 (1).
SB238,6,7
1(2r) Federated General obligation federated public library system loans.
2A state general obligation trust fund loan to a federated public library system may
3be made for any term, not exceeding 20 years, that is agreed upon between the
4federated public library system and the board and may be made for a total amount
5that, together with all other general obligation indebtedness of the federated public
6library system, does not exceed the federated public library system's allowable
7indebtedness under s. 43.17 (9) (b).
SB238, s. 12 8Section 12. 24.63 (2s) of the statutes is created to read:
SB238,6,119 24.63 (2s) Revenue obligation loans. (a) A revenue obligation trust fund loan
10to a city, village, town, or county may be made for any term not exceeding 30 years
11and may be made payable in installments.
SB238,6,1712 (b) 1. If the board makes a revenue obligation trust fund loan to a city, village,
13town, or county as described in s. 24.60 (2m) (b) to (d), the loan may not exceed an
14amount that would require the city, village, town, or county to make annual
15payments, including principal and interest, of more than 80 percent of the shared
16revenue payments received by the city, village, town, or county under subch. I of ch.
1779 in the year immediately preceding the year in which the loan application is made.
SB238,6,2118 2. The board may allow a city, village, town, or county that pledges and assigns
19tax increments as security for a revenue obligation trust fund loan to provide that
20the pledge and assignment is subject to future annual appropriations made by the
21governing body of the respective city, village, town, or county to repay the loan.
SB238,6,2322 3. The board may prescribe loan conditions in addition to the conditions
23specified in this paragraph.
SB238, s. 13 24Section 13. 24.66 (1) (intro.) of the statutes is renumbered 24.66 (1) (ag) and
25amended to read:
SB238,7,7
124.66 (1) (ag) No trust fund loan may be made unless an application is made
2to the board under this section. The application shall state the amount of money
3required, the purpose to which it is to be applied, the times and terms of repayment,
4whether the loan is sought for an educational technology or distance education
5project under s. 24.61 (3) (d),
and, in the case of a cooperative educational service
6agency, the names of the school districts participating in the distance education
7project for which the loan is sought. The
SB238,7,9 8(bg) An application for a general obligation trust fund loan shall be
9accompanied by satisfactory proof of all of the following:
SB238, s. 14 10Section 14. 24.66 (1) (a) of the statutes is renumbered 24.66 (1) (bg) 1. and
11amended to read:
SB238,7,1312 24.66 (1) (bg) 1. Of the The valuation of all the taxable property within the
13municipality as equalized for state purposes;.
SB238, s. 15 14Section 15. 24.66 (1) (b) of the statutes is renumbered 24.66 (1) (bg) 2. and
15amended to read:
SB238,7,1616 24.66 (1) (bg) 2. Of all All the existing indebtedness of the municipality; and .
SB238, s. 16 17Section 16. 24.66 (1) (c) of the statutes is renumbered 24.66 (1) (bg) 3. and
18amended to read:
SB238,7,2019 24.66 (1) (bg) 3. Of the The approval of the application as required by subs. (2)
20to (4).
SB238, s. 17 21Section 17. 24.66 (1) (cg) of the statutes is created to read:
SB238,7,2322 24.66 (1) (cg) An application for a revenue obligation trust fund loan shall be
23accompanied by all of the following:
SB238,8,224 1. If the loan is for a project that will be secured in the manner specified in s.
2524.60 (2m) (a), a statement of the revenue that the municipality anticipates receiving

1from moneys generated by that project, and the municipality's pledge and first
2priority assignment of those revenues to pay off the loan.
SB238,8,73 2. If the loan is for project costs that will be secured in the manner specified in
4s. 24.60 (2m) (b) to (d), a statement of the tax increments that the municipality
5anticipates will be allocated to the municipality for those project costs by the
6department of revenue and the municipality's pledge and first priority assignment
7of that allocation to pay off the loan.
SB238,8,108 3. Satisfactory proof of the amount of annual shared revenue payments made
9to the municipality under subch. I of ch. 79 in the year immediately preceding the
10year in which the application for the loan is made.
SB238,8,1111 4. Satisfactory proof of the approval of the application as required by sub. (2).
SB238, s. 18 12Section 18. 24.66 (3m) of the statutes is amended to read:
SB238,8,2013 24.66 (3m) For educational technology or distance education loans. An
14application by a county, city, village or town to undertake an educational technology
15or distance education project, or by a consortium that includes a county, city, village
16or town under s. 24.61 (3) (d)
shall be accompanied by a resolution of the county or
17municipal library board for that county, city, village or town, or the county or
18municipal library board of each county, city, village or town participating in the
19consortium,
requesting the county, city, village or town to apply for the loan for the
20purpose of conducting an educational technology or distance education project.
SB238, s. 19 21Section 19. 24.66 (5) (a) of the statutes is amended to read:
SB238,9,1622 24.66 (5) (a) Every application for a general obligation trust fund loan under
23this section by a municipality shall be accompanied by a certified copy under the
24hand of the proper clerk of a recorded resolution adopted by the municipality
25applying for or approving the loan, levying, except as provided in par. (b), upon all

1the taxable property of the municipality a direct annual tax for the purpose of paying
2and sufficient to pay the principal and interest on the proposed loan as they become
3due. In a 1st class city school district, the application shall be accompanied by a
4certified copy of a resolution, adopted by the board of school directors, stating that
5it is the intention of the board of school directors to include in its budget transmitted
6to the common council under s. 119.16 (8) (b) a written notice specifying the amount
7of money necessary to pay the principal and interest on the loan as they become due.
8Every application for a general obligation trust fund loan under this subsection by
9a cooperative educational service agency shall be accompanied by a copy of a recorded
10resolution adopted by the school board of each school district for which the loan is
11sought, certified by the school district clerk of that school district, levying upon all
12taxable property of the school district a direct annual tax for the purpose of paying
13and sufficient to pay the school district's share of the principal and interest on the
14proposed loan as they become due. The levy imposed by the municipality shall be
15void if the board declines to make the loan; otherwise it shall remain valid and
16irrepealable until the loan and all interest on the loan are fully paid.
SB238, s. 20 17Section 20. 24.67 (1) (d) of the statutes is amended to read:
SB238,9,1818 24.67 (1) (d) For a city, by its mayor or city manager.
SB238, s. 21 19Section 21. 24.67 (2) (a) of the statutes is amended to read:
SB238,9,2120 24.67 (2) (a) For the county, town, village, or city, by the clerk of that county,
21town, village, or city.
SB238, s. 22 22Section 22. 24.67 (3) of the statutes is amended to read:
SB238,9,2523 24.67 (3) If a municipality has acted under subs. (1) and (2), it shall certify that
24fact to the department of administration board. Upon receiving a certification from
25a municipality, or upon direction of the board if a loan is made to a cooperative

1educational service agency, drainage district created under ch. 88, local professional
2baseball park district created under subch. III of ch. 229, or a federated public library
3system, the secretary of administration board shall draw a warrant for disburse the
4amount of the loan amount, payable to the treasurer of the municipality, cooperative
5educational service agency, drainage district, or federated public library system
6making the loan or as the treasurer of the municipality, cooperative educational
7service agency, drainage district, local professional baseball park district, or
8federated public library system directs. The certificate of indebtedness shall then be
9conclusive evidence of the validity of the indebtedness and that all the requirements
10of law concerning the application for the making and acceptance of the loan have
11been complied with.
SB238, s. 23 12Section 23. 24.68 of the statutes is amended to read:
SB238,10,15 1324.68 Payment of state trust fund loans. All the taxable property in any
14municipality which obtains a general obligation trust fund loan shall stand charged
15for the payment of the principal and interest on that loan.
SB238, s. 24 16Section 24. 24.70 (3) of the statutes is amended to read:
SB238,11,217 24.70 (3) Amount added to municipal levy. Upon receipt of a certified
18statement by a municipal clerk, the municipal clerk shall then cause the amount to
19be added to the municipal levy and collected in the same manner as the municipal
20tax except the amount for the state trust fund loan shall be separately designated.
21Upon receipt of a certified statement by a school district clerk from a cooperative
22educational service agency, the clerk shall cause the amount for which the district
23is responsible under s. 24.61 (7) to be added to the school district levy and collected
24in the same manner as the school district tax, except that the amount for the loan

1shall be separately stated. This subsection does not apply to revenue obligation trust
2fund loans.
SB238, s. 25 3Section 25. 24.70 (4) of the statutes is amended to read:
SB238,11,104 24.70 (4) Payment to board. The treasurer of each municipality shall transmit
5remit to the board on its order the full amount levied due for state trust fund loans
6within 15 days after March 15. Each cooperative educational service agency shall
7similarly transmit remit the annual amount owed on any state trust fund loan made
8to the agency by that date. Any payment not made by March 30 is delinquent and
9is subject to a penalty of one percent per month to be paid to the board with the
10delinquent payment.
SB238, s. 26 11Section 26. 24.70 (6) of the statutes is amended to read:
SB238,11,1812 24.70 (6) Failure to make payments. If any municipality fails to remit the
13amount due by the date specified under sub. (4), the board may shall file a certified
14statement of the delinquent amount with the department of administration. The
15secretary of administration shall collect the amount due, including any penalty, by
16deducting that amount from any state payments due the municipality and, shall
17notify the treasurer and the board of that action, and shall immediately remit to the
18board any amounts deducted from any state payments due to the municipality
.
SB238, s. 27 19Section 27. 24.71 (3) of the statutes is amended to read:
SB238,11,2420 24.71 (3) Added to school district levy. The school district clerk shall then
21cause the amount due to be added to the school district levy and collected in the same
22manner as the school district tax except the amount for state trust fund loans shall
23be separately designated. This subsection does not apply to revenue obligation trust
24fund loans.
SB238, s. 28 25Section 28. 24.71 (4) of the statutes is amended to read:
SB238,12,5
124.71 (4) Payment to board. The school district treasurer shall transmit remit
2to the board the full amount levied due for state trust fund loans within 15 days after
3March 15. Any payment not made by March 30 is delinquent and is subject to a
4penalty of one percent per month or fraction thereof, to be paid to the board with the
5delinquent payment.
SB238, s. 29 6Section 29. 24.71 (5) of the statutes is amended to read:
SB238,12,127 24.71 (5) Failure to make payment. If the school district treasurer fails to remit
8the amounts due under sub. (4), the state superintendent, upon certification of
9delinquency by the board, shall deduct the amount due including any penalty from
10any school aid payments due the school district, shall remit such amount to the
11secretary of administration board and, no later than June 15, shall notify the school
12district treasurer and the board to that effect.
SB238, s. 30 13Section 30. 24.715 (3) of the statutes is amended to read:
SB238,12,1814 24.715 (3) Payment to board. The system board shall transmit remit to the
15board on its own order the full amount levied due for state trust fund loans within
1615 days after March 15. Any payment not made by March 30 is delinquent and is
17subject to a penalty of one percent per month or fraction thereof, to be paid to the
18board with the delinquent payment.
SB238, s. 31 19Section 31. 24.715 (4) of the statutes is amended to read:
SB238,12,2520 24.715 (4) Failure to make payment. If the system board fails to remit the
21amounts due under sub. (3), the state superintendent, upon certification of
22delinquency by the board, shall deduct the amount due, including any penalty, from
23any aid payments due the system, shall remit such amount to the state treasurer
24board and, no later than June 15, shall notify the system board and the board to that
25effect.
SB238, s. 32
1Section 32. 24.716 (3) of the statutes is amended to read:
SB238,13,62 24.716 (3) Payment to board. The district board shall transmit remit to the
3board on its own order the full amount levied due for state trust fund loans within
415 days after March 15. Any payment not made by March 30 is delinquent and is
5subject to a penalty of 1 percent per month or fraction thereof, to be paid to the board
6with the delinquent payment.
SB238, s. 33 7Section 33. 24.716 (4) of the statutes is amended to read:
SB238,13,138 24.716 (4) Failure to make payment. If the district board fails to remit the
9amounts due under sub. (3), the secretary of administration, upon certification of
10delinquency by the board of commissioners of public lands, shall deduct the amount
11due, including any penalty, from any state aid payments due the district, shall remit
12such amount to the secretary of administration board, and, no later than June 15,
13shall notify the district board and the board to that effect.
SB238, s. 34 14Section 34. 24.717 (3) of the statutes is amended to read:
SB238,13,2015 24.717 (3) Payment to board. The local professional baseball park district
16board shall transmit remit to the board of commissioners of public lands on its own
17order the full amount levied due for state trust fund loans within 15 days after March
1815. Any payment not made by March 30 is delinquent and is subject to a penalty of
191 percent per month or fraction thereof, to be paid to the board of commissioners of
20public lands with the delinquent payment.
SB238, s. 35 21Section 35. 24.717 (4) of the statutes is amended to read:
SB238,14,322 24.717 (4) Failure to make payment. If the local professional baseball park
23district board fails to remit the amounts due under sub. (3), the secretary of
24administration, upon certification of delinquency by the board of commissioners of
25public lands, shall deduct the amount due, including any penalty, from any state

1payments due the district, shall remit such amount to the secretary of
2administration
board, and, no later than June 15, shall notify the district board and
3the board of commissioners of public lands to that effect.
SB238, s. 36 4Section 36. 121.07 (1) (a) of the statutes is amended to read:
SB238,14,95 121.07 (1) (a) The membership of the school district in the previous school year
6and the shared cost for the previous school year shall be used in computing general
7aid. If a school district has a state trust fund loan as a result of s. 24.61 (3) (c) 2., 2009
8stats.,
the school district's debt service costs shall be based upon current school year
9costs for the term of the loan and for one additional school year.
SB238,14,1010 (End)
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