114.37
114.37
Advance land acquisition loan program. 114.37(1)(1)
Purpose. The purpose of this section is to promote the state's interest in preserving and improving a safe and efficient air transportation system by means of a program to provide loans for advance land acquisition for airport projects planned under
s. 114.33.
114.37(2)
(2) Administration. The department shall administer an advance land acquisition loan program to assist a county, city, village, town or an owner of a public-use airport in acquiring land necessary for airport projects under
s. 114.33. The department shall have all powers necessary and convenient to implement this section, including the following powers:
114.37(2)(a)
(a) To specify conditions of eligibility for loans under this section. Such conditions shall include the requirement that the land to be acquired must be part of a planned airport improvement project or a land acquisition project that is essential to future airport development or to the safety of aircraft using the airport.
114.37(2)(b)
(b) To receive applications for loans under this section and to prescribe the form, nature and extent of the information which shall be contained in applications.
114.37(2)(c)
(c) To establish standards for the approval of loans under this section. No loan may be made for an amount greater than 80% of the department's assessment of the value of the property.
114.37(2)(d)
(d) To enter into loan agreements with applicants to ensure the proper use and prompt repayment of loans under this section. The loan agreement shall include the requirements that the loan be repaid within a period not to exceed 5 years and that the proceeds of any state or federal land acquisition funding received under
s. 114.33 be fully pledged to repayment of the loan. The department may not make a loan for more than 80% of the estimated land acquisition costs, including the costs of any necessary project plans and environmental studies. The loan agreement shall require that the department be designated to act as the loan recipient's agent in the acquisition of the land. Title to the land acquired shall be held by the loan recipient, but the department may retain a security interest in the land until the loan is repaid. The loan agreement shall require the payment of interest and reasonable costs incurred by the department.
114.37(2)(f)
(f) To audit and inspect the records of loan recipients.
114.37(3)
(3) Funds. The department may make loans under this section from the appropriation under
s. 20.395 (2) (dv). The total outstanding balance of loans under this subsection may not exceed $6,500,000.
114.37(4)
(4) Rules. The department may adopt rules as necessary to implement this section.
114.40
114.40
Disclosure of insurance coverage for renter pilots. 114.40(1)(1)
Definition. In this section, "rental agent" means a person who, on a regular basis and in the ordinary course of business, rents or leases an aircraft to another person.
114.40(2)
(2) Required disclosures. Except as provided in
sub. (2m), before entering into an agreement to rent or lease an aircraft to another person, the rental agent shall deliver to the person who seeks to rent or lease the aircraft a written notice of insurance coverage which contains all of the following information and is in substantially the following form:
NOTICE OF INSURANCE COVERAGE
1. If you rent or lease an aircraft from ... (name of rental agent), you (are) (are not) insured under an insurance policy held by .... (name of rental agent) for liability arising from the use or maintenance of the aircraft. If liability coverage is provided, it is in the (amount) (amounts) of $...., and is subject to a deductible in the (amount) (amounts) of $....
2. If you rent or lease an aircraft from .... (name of rental agent), you (are) (are not) insured under an insurance policy held by .... (name of rental agent) for damage to the hull of the aircraft. If hull insurance is provided, it is in the (amount) (amounts) of $...., and is subject to a deductible in the (amount) (amounts) of $....
3. If you are insured under an insurance policy held by .... (name of rental agent), you may ask the rental agent for a copy of the certificate of coverage for further information about any limitations of coverage or other terms of coverage.
4. If you are not insured under an insurance policy held by .... (name of rental agent), it is recommended that you obtain insurance for liability and damage to the hull of the aircraft which may arise from your use of the aircraft.
....(Signature of rental agent
or representative of
rental agent)
The undersigned acknowledges receipt of an exact copy of this notice on .... (date).
.... (Signature)
114.40(2m)
(2m) Effective period of notice. If a rental agent delivers a notice under
sub. (2), the rental agent is not required to deliver another notice to the person who received the notice for 12 months after the date of the notice if the notice states the period of its effectiveness.
114.40(3)
(3) Inspection of certificate. If an insurance policy held by a rental agent provides insurance coverage for a person who rents or leases an aircraft from the rental agent, the rental agent shall, upon request by a person who receives the notice under
sub. (2), deliver to that person a copy of the certificate of coverage which was issued to the rental agent.
114.40(4)
(4) Retention and materiality of notice. 114.40(4)(a)(a) The rental agent shall maintain a copy of the notice delivered under
sub. (2) for at least 3 years from the date of the notice.
114.40(4)(b)
(b) The notice required under
sub. (2) is a material part of an agreement between a rental agent and another person for the rental or lease of an aircraft.
114.40(5)
(5) Civil penalty. Notwithstanding
s. 114.27, whoever violates
sub. (2) may be required to forfeit not more than $1,000.
114.40 History
History: 1987 a. 225.
