24.61(4)
(4) Loan limitations. Notwithstanding
sub. (3), the board may not loan moneys to a county unless the governing body of the county demonstrates to the board's satisfaction that
s. 67.045 (1) (a),
(b),
(c),
(d),
(e) or
(f) applies.
24.61(5)
(5) Loans to consortia or cities, villages or towns served by joint library boards. Whenever a consortium applies for a loan under
sub. (3), or whenever a group of cities, villages or towns served by a joint county or municipal library board applies for a loan for an educational technology or distance education project, the board shall treat the application as a loan to each of the members of the consortium or each city, village or town served by a county or municipal library board in an amount equal to the total amount of the loan divided equally by the number of members of the consortium or the number of cities, villages and towns served by the library board, unless all members of the consortium or all cities, villages and towns served by a joint library board agree to a different arrangement specified by the members or cities, villages and towns on their applications. The procedure for application, approval and repayment of the loan by each member of a consortium or group under this subsection shall be the same as provided in this subchapter for application, approval and repayment of a loan to that member individually, except that the loan shall not be made unless all members qualify.
24.61(7)
(7) Loans to cooperative educational service agencies. Whenever a cooperative educational service agency applies for a loan under
sub. (3), the board shall treat the application as a loan to each of the school districts on behalf of which the loan is sought in an amount equal to the total amount of the loan divided equally by the number of school districts, unless the cooperative educational service agency specifies on its application a different arrangement that has been agreed to by all school districts for which the loan is sought. The board shall not make the loan unless each school district for which the loan is sought qualifies for a loan in the amount specified in this subsection, or a different amount if that amount is specified on the application. If the cooperative educational service agency fails to make a timely repayment of the principal or payment of the interest on the loan, each school district for which the loan is made is liable to repay the principal and pay the interest in the amount determined under this subsection.
24.62(1)(1) Except as authorized in
sub. (2), the board shall deduct its expenses incurred in administering investments and loans under
s. 24.61 from the gross receipts of the fund to which the interest and income of the investment or loan will be added.
24.62(2)
(2) The board may charge its expenses incurred in the sale of a state trust fund loan or participation therein under
s. 24.69 to the purchaser of the loan or participation, or may deduct the expenses from the gross receipts of the fund to which the interest and income of the loan or participation will be added, or both. If the board sells any state trust fund loan or participation therein under
s. 24.69 in any fiscal year, the board shall, no later than October 1 following that fiscal year, prepare and file in its office a report which identifies in detail the board's expenses incurred during that fiscal year that are directly attributable to the sale of state trust fund loans and participations under
s. 24.69.
24.62 History
History: 1979 c. 34;
1981 c. 169; Stats. 1981 s. 24.62;
1989 a. 31.
24.63
24.63
Term, amount, interest rate. 24.63(1)
(1)
Loans other than to school districts. A state trust fund loan, other than a loan to a school district, may be made for any term not exceeding 20 years and may be made payable in instalments. A state trust fund loan to a municipality other than a school district shall be in an amount which does not, together with all other indebtedness of the municipality applying for the loan, exceed 5% of the valuation of the taxable property within the municipality as equalized for state purposes. If a state trust fund loan is made to pay off existing indebtedness, it may be advanced to the borrower in instalments as fast as the indebtedness or the evidence of indebtedness is canceled.
24.63(2)
(2) School district loans. A state trust fund loan to a school district may be made for any time, not exceeding 20 years, as is agreed upon between the school district and the board, and for an amount which, together with all other indebtedness of that district, does not exceed its allowable indebtedness as determined under
s. 67.03 (1).
24.63(2m)
(2m) Cooperative educational service agency loans. A state trust fund loan to a cooperative educational service agency may be made for any term, not exceeding 20 years, as is agreed upon between the agency and the board, and for a total amount which, for each school district for which the loan is sought, in the proportion determined under
s. 24.61 (7), together with all other indebtedness of the school district, does not exceed the school district's allowable indebtedness under
s. 67.03 (1).
24.63(3)
(3) Interest rates. All state trust fund loans shall bear and draw interest at a rate not less than 2% payable annually.
24.63(4)
(4) Repayment before due date permitted. Any borrower after March 15 and prior to August 1 of any year may repay one or more instalments in advance of the due date, and all interest upon such advance payment shall thereupon terminate.
24.65
24.65
Date when interest and principal become due. The annual interest and instalments of principal of all state trust fund loans are payable into the state treasury on or before the date specified in
s. 24.70 (4) or
24.71 (4).
24.65 History
History: 1975 c. 224;
1979 c. 221;
1981 c. 169; Stats. 1981 s. 24.65;
1987 a. 76,
378.
24.66
24.66
The application. 24.66(1)(1)
For all municipalities. No trust fund loan may be made unless an application is made to the board under this section. The application shall state the amount of money required, the purpose to which it is to be applied, the times and terms of repayment, whether the loan is sought for an educational technology or distance education project under
s. 24.61 (3) (d), and, in the case of a cooperative educational service agency, the names of the school districts participating in the distance education project for which the loan is sought. The application shall be accompanied by satisfactory proof:
24.66(1)(a)
(a) Of the valuation of all the taxable property within the municipality as equalized for state purposes;
24.66(1)(b)
(b) Of all the existing indebtedness of the municipality; and
24.66(2)
(2) For municipalities other than school districts, public inland lake districts, town sanitary districts or sewerage districts. Every application shall be approved and authorized for a town, by the signatures of a majority of its supervisors acknowledged as conveyances of land are acknowledged; for a village, by a majority vote of its trustees; for a city, by a majority vote of the members of its common council; and for a county, by a majority vote of the members of its board of supervisors at some regular or special session thereof. Every vote so required shall be by ayes and noes duly recorded.
24.66(2m)
(2m) For public inland lake districts. Every application shall be approved and authorized for a public inland lake protection and rehabilitation district by a majority of the commissioners of the district.
24.66(2p)
(2p) For sewerage districts. Every application for a loan under this section to a sewerage district created under
s. 66.22 shall be approved and authorized by a majority of the commissioners of the district; to a sewerage district created under
s. 66.882, as provided under
s. 66.886 (2) (a); and to a joint sewerage system created under
s. 281.43 (4), as provided under
s. 281.43 (4) (d).
24.66(2r)
(2r) For town sanitary districts. Every application for a loan under this section to a town sanitary district created under
s. 60.71 shall be approved and authorized by a majority of the commissioners of the district.
24.66(3)(a)(a)
For long-term loans by common, union high and 1st class city school districts. Every application for a loan, the required repayment of which exceeds 10 years, shall be approved and authorized for a common, union high or 1st class city school district by a vote of a majority of its legal voters voting on this question. If the vote is taken at a special meeting the objects thereof shall be clearly stated in the notice of the meeting. The application shall state the facts in detail respecting the holding of the meeting, and the taking and the result of the vote required. The application shall be signed by a majority of the members of the district board and verified by the clerk. The statement accompanying the application shall contain a correct map or plat of the district. If the district is a joint district, the statement accompanying the application shall show the assessed valuation in its several parts separately, so that the valuation of each part of the district which lies in each town or municipality may be readily shown.
24.66(3)(am)
(am)
For short-term loans by common, union high and 1st class city school districts. Every application for a loan, the required repayment of which is 10 years or less, shall be approved and authorized for a common, union high or 1st class city school district under
par. (a) or under the procedure in
s. 67.12 (12), to the extent applicable.
24.66(3)(b)
(b)
For long-term loans by unified school districts. Every application for a loan, the required repayment of which exceeds 10 years, shall be approved and authorized for a unified school district by a majority vote of the members of the school board at a regular or special meeting of the school board. Every vote so required shall be by ayes and noes duly recorded. In addition, the application shall be approved for a unified school district by a majority vote of the electors of the school district at a special election as provided under
sub. (4).
24.66(3)(bm)
(bm)
For short-term loans by unified school districts. Every application for a loan, the required repayment of which is 10 years or less, shall be approved and authorized for a unified school district under
par. (b) or under the procedure in
s. 67.12 (12), to the extent applicable.
24.66(3m)
(3m) For educational technology or distance education loans. An application by a county, city, village or town to undertake an educational technology or distance education project, or by a consortium that includes a county, city, village or town under
s. 24.61 (3) (d) shall be accompanied by a resolution of the county or municipal library board for that county, city, village or town, or the county or municipal library board of each county, city, village or town participating in the consortium, requesting the county, city, village or town to apply for the loan for the purpose of conducting an educational technology or distance education project.
24.66(3s)
(3s) For cooperative educational service agencies. An application for a loan by a cooperative educational service agency shall be accompanied by a certified copy of a resolution of the board of control of the agency approving the loan and shall contain satisfactory proof of the valuation of all taxable property within each school district for which the loan is sought as equalized for state purposes, of the existing indebtedness of each such school district and of approval of the application by each school district in the same manner as provided for a loan to that school district for the same amount and terms under
sub. (3).
24.66(4)
(4) Popular vote, when required. If any municipality is not empowered by law to incur indebtedness for a particular purpose without first submitting the question to its electors, the application for a state trust fund loan for that purpose must be approved and authorized by a majority vote of the electors at a special election called, noticed and held in the manner provided for other special elections. The notice of the election shall state the amount of the proposed loan and the purpose for which it will be used.
24.66(5)(a)(a) Every application for a loan under this section by a municipality shall be accompanied by a certified copy under the hand of the proper clerk of a recorded resolution adopted by the municipality applying for or approving the loan, levying, except as provided in
par. (b), upon all the taxable property of the municipality a direct annual tax for the purpose of paying and sufficient to pay the principal and interest on the proposed loan as they become due. In a 1st class city school district, the application shall be accompanied by a certified copy of a resolution, adopted by the board of school directors, stating that it is the intention of the board of school directors to include in its budget transmitted to the common council under
s. 119.16 (8) (b) a written notice specifying the amount of money necessary to pay the principal and interest on the loan as they become due. Every application for a loan under this subsection by a cooperative educational service agency shall be accompanied by a copy of a recorded resolution adopted by the school board of each school district for which the loan is sought, certified by the school district clerk of that school district, levying upon all taxable property of the school district a direct annual tax for the purpose of paying and sufficient to pay the school district's share of the principal and interest on the proposed loan as they become due. The levy imposed by the municipality shall be void if the board declines to make the loan; otherwise it shall remain valid and irrepealable until the loan and all interest on the loan are fully paid.
24.66(5)(b)
(b) To the extent that the proceeds of a loan to a municipality will be used in a utility district established under
s. 66.072, the direct annual tax under
par. (a) may be levied in whole or in part upon all taxable property within the utility district.
24.66(6)
(6) Proceedings to be recorded and become conclusive evidence. The application, statement and all accompanying exhibits and documents shall be recorded in the office of the board and, together with the record, is conclusive evidence of the facts stated.
24.67
24.67
Certificates of indebtedness. 24.67(1)
(1) If the board approves the application, it shall cause certificates of indebtedness to be prepared in proper form and transmitted to the municipality or cooperative educational service agency submitting the application. The certificate of indebtedness shall be executed and signed:
24.67(1)(a)
(a) For a school district, by its president.
24.67(1)(e)
(e) For a technical college district, by its district board chairperson.
24.67(1)(f)
(f) For a county, by the chairperson of its board.
24.67(1)(g)
(g) For a public inland lake protection and rehabilitation district, by the chairperson of the board of commissioners.
24.67(1)(h)
(h) For a town sanitary district, by the president of the commission.
24.67(1)(i)
(i) For a metropolitan sewerage district created under
s. 66.22, by the president of the commission.
24.67(1)(j)
(j) For a metropolitan sewerage system created under
s. 66.882, by the chairperson of the commission.
24.67(1)(k)
(k) For a joint sewerage system, by the head of the commission.
24.67(1)(L)
(L) For a cooperative educational service agency, by the president of each school district for which the loan is made.
24.67(2)
(2) The certificate of indebtedness shall be countersigned:
24.67(2)(a)
(a) For the town, village or city, by the clerk of that town, village or city.
24.67(2)(b)
(b) For a technical college district, by the district board secretary who shall return the certificate and deposit it with the board.
24.67(2)(c)
(c) For a public inland lake protection and rehabilitation district, by the secretary of the board of commissioners.
24.67(2)(d)
(d) For a town sanitary district, by the secretary of the commission.
24.67(2)(e)
(e) For a metropolitan sewerage district created under
s. 66.22, by the secretary of the commission.
24.67(2)(f)
(f) For a metropolitan sewerage system created under
s. 66.882, by the secretary of the commission.
24.67(2)(g)
(g) For a joint sewerage system, by a member of the commission designated by the commission who is not the person acting as head of the commission.
24.67(3)
(3) If a municipality has acted under
subs. (1) and
(2), it shall certify that fact to the department of administration. Upon receiving a certification from a municipality, or upon direction of the board if a loan is made to a cooperative educational service agency, the secretary of administration shall draw a warrant upon the state treasurer for the amount of the loan, payable to the treasurer of the municipality or cooperative educational service agency making the loan or as the treasurer of the municipality or cooperative educational service agency directs. The certificate of indebtedness shall then be conclusive evidence of the validity of the indebtedness and that all the requirements of law concerning the application for the making and acceptance of the loan have been complied with.
24.68
24.68
Payment of state trust fund loans. All the taxable property in any municipality which obtains a trust fund loan shall stand charged for the payment of the principal and interest on that loan.
24.68 History
History: 1979 c. 221;
1981 c. 169; Stats. 1981 s. 24.68;
1987 a. 378.
24.69
24.69
Sale of state trust fund loans. 24.69(1)
(1) The board may sell state trust fund loans or participations therein, and may contract to do so at a future date, for such price, upon such other terms and in such manner as the board may determine. The sale may be to any person, including, without limitation, a trust or other investment vehicle created for the purpose of attracting private investment capital. The board shall remit the proceeds of the sale to the state treasurer for deposit in the appropriate trust fund and shall invest the proceeds in accordance with
s. 24.61.
24.69(2)
(2) Before entering into the sale of any state trust fund loan, the board shall refer the terms of the proposed sale to the investment board for its recommendations.
24.69(3)
(3) The board may agree to administer any state trust fund loan so sold or participated, and, in connection therewith, may exercise the collection powers and procedures set forth in
ss. 24.70 and
24.71 and may agree to repurchase any such state trust fund loan or participation upon the occurrence of a default thereon or upon the occurrence of other events specified in the sale agreement.
24.69(4)
(4) The board shall invest the proceeds of the sale of trust fund loans or participations therein in a manner that, to the greatest extent practicable, will ensure the safety of the principal.
24.69 History
History: 1989 a. 31.
24.70
24.70
Collection from borrowers other than school districts. 24.70(1)(1)
Applicability. This section applies to all outstanding state trust fund loans to borrowers other than school districts.
24.70(2)
(2) Certified statement. If a borrower other than a school district has a state trust fund loan, the board shall transmit to the clerk of the jurisdiction, or the person signing the application on behalf of the borrower in the case of a cooperative educational service agency, a certified statement of the amount due on or before October 1 of each year until the loan is repaid. The board shall submit a copy of each certified statement to the state treasurer. A cooperative educational service agency shall transmit a copy of the statement to the clerk of each school district on behalf of which the agency has obtained a loan.
24.70(3)
(3) Amount added to municipal levy. Upon receipt of a certified statement by a municipal clerk, the municipal clerk shall then cause the amount to be added to the municipal levy and collected in the same manner as the municipal tax except the amount for the state trust fund loan shall be separately designated. Upon receipt of a certified statement by a school district clerk from a cooperative educational service agency, the clerk shall cause the amount for which the district is responsible under
s. 24.61 (7) to be added to the school district levy and collected in the same manner as the school district tax, except that the amount for the loan shall be separately stated.
24.70(4)
(4) Payment to state treasurer. The treasurer of each municipality shall transmit to the state treasurer on his or her order the full amount levied for state trust fund loans within 15 days after March 15. Each cooperative educational service agency shall similarly transmit the annual amount owed on any state trust fund loan made to the agency by that date. The state treasurer shall notify the board when he or she receives payment. Any payment not made by March 30 is delinquent and is subject to a penalty of one percent per month to be paid to the state treasurer with the delinquent payment.
24.70(6)
(6) Failure to make payments. If any municipality fails to remit the amount due by the date specified under
sub. (4), the board may file a certified statement of the amount delinquent with the department of administration. The department of administration shall collect the amount due, including any penalty, by deducting that amount from any state payments due the municipality, shall remit that amount to the state treasurer and shall notify the treasurer and the board of that action.
24.70 History
History: 1979 c. 221;
1981 c. 169; Stats. 1981 s. 24.70;
1987 a. 185,
378;
1995 a. 27.
24.71
24.71
Collections from school districts. 24.71(1)
(1)
Applicability. This section applies to all outstanding trust fund loans to school districts.
24.71(2)
(2) Certified statement. If a school district has a state trust fund loan, the board shall transmit to the school district clerk a certified statement of the amount due on or before October 1 of each year until the loan is paid. The board shall furnish a copy of each certified statement to the state treasurer and the department of public instruction.
24.71(3)
(3) Added to school district levy. The school district clerk shall then cause the amount due to be added to the school district levy and collected in the same manner as the school district tax except the amount for state trust fund loans shall be separately designated.
24.71(4)
(4) Payment to state treasurer. The school district treasurer shall transmit to the state treasurer on his or her own order the full amount levied for state trust fund loans within 15 days after March 15. The state treasurer shall notify the board when he or she receives payment. Any payment not made by March 30 is delinquent and is subject to a penalty of one percent per month or fraction thereof, to be paid to the state treasurer with the delinquent payment.
24.71(5)
(5) Failure to make payment. If the school district treasurer fails to remit the amounts due under
sub. (4), the state superintendent, upon certification of delinquency by the board, shall deduct the amount due including any penalty from any school aid payments due the school district, shall remit such amount to the state treasurer and, no later than June 15, shall notify the school district treasurer and the board to that effect.
24.72
24.72
Use of funds. No money obtained by a borrower from a state trust fund loan may be applied to or paid out for any purpose except that specified in the application for the loan without the consent of the board.
24.72 History
History: 1971 c. 154;
1979 c. 221;
1981 c. 169; Stats. 1981 s. 24.72;
1995 a. 27.
24.73
24.73
Extension of loan. All loans made or which may be made from any state trust funds to any borrower may be extended for such time and upon such terms as may be agreed upon by and between the board and such borrower; provided, however, that no loan shall be extended upon which there is any default in the payment of interest at the time of making application therefor, nor to any period beyond 20 years from its inception, nor at any rate of interest less than the minimum established by law.
24.73 History
History: 1981 c. 169; Stats. 1981 s. 24.73;
1995 a. 27.
