24.61(2)(b)
(b)
Deposited with state treasurer. All bonds, notes and other securities so purchased shall be deposited with the state treasurer.
24.61(3)(a)(a)
Authorized loans. The board may loan moneys under its control or belonging to the trust funds to:
24.61(3)(a)1.
1. A school district by whatever name designated, to be used for any of the following:
24.61(3)(a)1.b.
b. Erecting and remodeling school buildings and teacherages.
24.61(3)(a)1.c.
c. Purchasing teacherages, teacherage sites, schoolhouse sites, bus garage sites, transportation vehicles, bus garages, school equipment and school playgrounds.
24.61(3)(a)1.d.
d. Refunding any indebtedness incurred for a lawful purpose within constitutional limitations.
24.61(3)(a)2.
2. A town, village, city or county as provided under
s. 67.04 or otherwise authorized by law.
24.61(3)(a)3.
3. A technical college district as provided under
s. 67.04 or otherwise authorized by law.
24.61(3)(a)4.
4. A public inland lake protection and rehabilitation district for the purposes of the exercise of its powers under
s. 33.22.
24.61(3)(a)5.
5. A town sanitary district created under
s. 60.71 for the purposes for which the district may issue its bonds under
s. 60.78.
24.61(3)(a)6.
6. A metropolitan sewerage district created under
s. 200.05, as provided under
s. 67.04 or otherwise authorized by law.
24.61(3)(a)7.
7. A metropolitan sewerage system created under
s. 200.23, as provided under
s. 67.04 or otherwise authorized by law.
24.61(3)(a)10.
10. A cooperative educational service agency representing 2 or more school districts in the area served by the agency for the purpose of conducting a distance education project by the school districts.
24.61(3)(b)
(b)
Terms; conditions. A municipality or cooperative educational service agency may obtain a state trust fund loan for the sum of money, for the time and upon the conditions as may be agreed upon between the board and the borrower subject to the limitations, restrictions and conditions set forth in this subchapter.
24.61(3)(c)
(c)
Reserve for school districts; priority for certain school districts. 24.61(3)(c)1.1. To the extent practicable, in the 1989-90 to 1992-93 fiscal years, annually the board shall reserve an amount equal to at least 50% of the money available for loans under this subchapter for loans to school districts.
24.61(3)(c)2.
2. The board shall give first priority for loans to school districts under this subchapter to school districts that meet all of the following criteria:
24.61(3)(c)2.a.
a. The school board is subject to an order issued by the state superintendent of public instruction under
s. 115.33 (3) after December 31, 1991, regarding noncompliance with the standard under
s. 121.02 (1) (i).
24.61(3)(c)2.b.
b. The school district's equalized valuation divided by its membership in the previous school year is less than 50% of the statewide average for all school districts. In this paragraph, "equalized valuation" has the meaning given in
s. 121.004 (2) and "membership" has the meaning given in
s. 121.004 (5).
24.61(3)(c)2.c.
c. The school district's levy rate in the previous year is greater than 140% of the statewide average for all school districts.
24.61(3)(d)
(d)
Reserve for loans for educational technology and distance education projects. Subject to the priority established under
par. (c), to the extent practicable, in fiscal years 1996-97 to 2002-03, annually the board shall reserve $15,000,000 for the purposes of giving priority to loans to school districts, counties, municipalities and consortia, other than consortia that include one or more technical college districts, for educational technology and distance education projects.
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 of a state trust fund loan in advance of the due date, and all interest upon such advance payment shall thereupon terminate. The board may charge a borrower who repays one or more instalments of a loan a fee to cover any administrative costs incurred by the board in originating and servicing the loan.
24.64
24.64
Reimbursements for certain administrative services. The board shall reimburse the department of administration, from the appropriation account under
s. 20.507 (1) (h), for the costs of administrative services provided by the department of administration and other state agencies to the board.
24.64 History
History: 1999 a. 9.
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. 200.05 shall be approved and authorized by a majority of the commissioners of the district; to a sewerage district created under
s. 200.23, as provided under
s. 200.27 (2) (a); and to a joint sewerage system created under
s. 281.43 (4), as provided under
s. 281.43 (4) (d).
24.66 Note
NOTE: The cross-reference to s. 200.27 (2) (a) was changed pursuant to
1999 Wis. Act 150, section
672, which incorrectly indicated that s. 66.882 (2) (a) was to be changed to s. 200.23 (2) (a). The previously existing cross-reference was to s. 66.886 (2) (a) which was renumbered to s. 200.27 (2) (a) by Act 150, as shown here. Corrective legislation is pending.
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 question to be voted on shall be filed as provided in
s. 8.37. 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. 66.0827, 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. 200.05, by the president of the commission.
24.67(1)(j)
(j) For a metropolitan sewerage system created under
s. 200.23, 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. 200.05, by the secretary of the commission.
