24.67(1)(n)
(n) For a drainage district created under ch.
88, by the president of the drainage district board.
24.67(1)(p)
(p) For a local professional baseball park district created under subch.
III of ch. 229, by the chairperson of the district board.
24.67(1)(q)
(q) For a local exposition district created under subch.
II of ch. 229, by the chairperson of the district board.
24.67(2)
(2) The certificate of indebtedness shall be countersigned:
24.67(2)(a)
(a) For the county, town, village, or city, by the clerk of that county, 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.
24.67(2)(f)
(f) For a metropolitan sewerage system created under s.
200.23, 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(2)(h)
(h) For a federated public library system, by a member of the federated public library system board designated by that board who is not the president of that board.
24.67(2)(i)
(i) For a drainage district created under ch.
88, by the secretary of the drainage district board.
24.67(2)(j)
(j) For a local professional baseball park district created under subch.
III of ch. 229, by the secretary of the district board.
24.67(3)
(3) If a municipality has acted under subs.
(1) and
(2), it shall certify that fact to the board. Upon receiving a certification from a municipality, or upon direction of the board if a loan is made to a cooperative educational service agency, drainage district created under ch.
88, local exposition district created under subch.
II of ch. 229, local professional baseball park district created under subch.
III of ch. 229, or federated public library system, the board shall disburse the loan amount, payable to the treasurer of the municipality, cooperative educational service agency, drainage district, or federated public library system making the loan or as the treasurer of the municipality, cooperative educational service agency, drainage district, local exposition district, local professional baseball park district, or federated public library system 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 general obligation 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;
2011 a. 71.
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 secretary of administration 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;
2003 a. 33.
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, drainage districts created under ch.
88, local professional baseball park districts created under subch.
III of ch. 229, and federated public library systems.
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 secretary of administration. 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. This subsection does not apply to revenue obligation trust fund loans.
24.70(4)
(4)
Payment to board. The treasurer of each municipality shall remit to the board on its order the full amount due for state trust fund loans within 15 days after March 15. Each cooperative educational service agency shall similarly remit the annual amount owed on any state trust fund loan made to the agency by that date. 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 board 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 shall file a certified statement of the delinquent amount with the department of administration. The secretary of administration shall collect the amount due, including any penalty, by deducting that amount from any state payments due the municipality, shall notify the treasurer and the board of that action, and shall immediately remit to the board any amounts deducted from any state payments due to the municipality.
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 secretary of administration 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. This subsection does not apply to revenue obligation trust fund loans.
24.71(4)
(4)
Payment to board. The school district treasurer shall remit to the board the full amount due for state trust fund loans within 15 days after March 15. 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 board 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 board and, no later than June 15, shall notify the school district treasurer to that effect.
24.715
24.715
Collections from federated public library systems. 24.715(1)(1)
Applicability. This section applies to all outstanding trust fund loans to federated public library systems.
24.715(2)
(2)
Certified statement. If a federated public library system has a state trust fund loan, the board shall transmit to the system board 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.
24.715(3)
(3)
Payment to board. The system board shall remit to the board on its own order the full amount due for state trust fund loans within 15 days after March 15. 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 board with the delinquent payment.
24.715(4)
(4)
Failure to make payment. If the system board fails to remit the amounts due under sub.
(3), the state superintendent, upon certification of delinquency by the board, shall deduct the amount due, including any penalty, from any aid payments due the system, shall remit such amount to the board and, no later than June 15, shall notify the system board to that effect.
24.716
24.716
Collections from drainage districts. 24.716(1)(1)
Applicability. This section applies to all outstanding trust fund loans to drainage districts created under ch.
88.
24.716(2)
(2)
Certified statement. If a drainage district has a state trust fund loan, the board shall transmit to the district board 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 department of administration.
24.716(3)
(3)
Payment to board. The district board shall remit to the board on its own order the full amount due for state trust fund loans within 15 days after March 15. Any payment not made by March 30 is delinquent and is subject to a penalty of 1 percent per month or fraction thereof, to be paid to the board with the delinquent payment.
24.716(4)
(4)
Failure to make payment. If the district board fails to remit the amounts due under sub.
(3), the secretary of administration, upon certification of delinquency by the board of commissioners of public lands, shall deduct the amount due, including any penalty, from any state aid payments due the district, shall remit such amount to the board, and, no later than June 15, shall notify the district board to that effect.
24.716 History
History: 2007 a. 20;
2009 a. 2;
2011 a. 71.
24.717
24.717
Collections from local professional baseball park districts. 24.717(1)(1)
Applicability. This section applies to all outstanding trust fund loans to local professional baseball park districts created under subch.
III of ch. 229.
24.717(2)
(2)
Certified statement. If a local professional baseball park district has a state trust fund loan, the board of commissioners of public lands shall transmit to the local professional baseball park district board a certified statement of the amount due on or before October 1 of each year until the loan is paid. The board of commissioners of public lands shall furnish a copy of each certified statement to the department of administration.
24.717(3)
(3)
Payment to board. The local professional baseball park district board shall remit to the board of commissioners of public lands on its own order the full amount due for state trust fund loans within 15 days after March 15. Any payment not made by March 30 is delinquent and is subject to a penalty of 1 percent per month or fraction thereof, to be paid to the board of commissioners of public lands with the delinquent payment.
24.717(4)
(4)
Failure to make payment. If the local professional baseball park district board fails to remit the amounts due under sub.
(3), the secretary of administration, upon certification of delinquency by the board of commissioners of public lands, shall deduct the amount due, including any penalty, from any state payments due the district, shall remit such amount to the board, and, no later than June 15, shall notify the district board and the board of commissioners of public lands to that effect.
24.717 History
History: 2009 a. 28;
2011 a. 71.
24.718
24.718
Collections from local exposition districts. 24.718(1)(1)
Applicability. This section applies to all outstanding trust fund loans to local exposition districts created under subch.
II of ch. 229.
24.718(2)
(2)
Certified statement. If a local exposition district has a state trust fund loan, the board shall transmit to the local exposition district board 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 department of administration.
24.718(3)
(3)
Payment to board. The local exposition district board shall remit to the board on its own order the full amount due for state trust fund loans within 15 days after March 15. Any payment not made by March 30 is delinquent and is subject to a penalty of 1 percent per month or fraction thereof, to be paid to the board with the delinquent payment.
24.718 History
History: 2015 a. 60.
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.
24.74
24.74
Duty of attorney general and revenue department. If any officer neglects or refuses to perform any duty required of the officer by law in relation to the levy or collection of any tax required to be raised to make any payment of principal or interest on any loan from the state, the attorney general shall apply to the supreme court for a mandamus to compel the performance of such duty; and the department of revenue may do or cause to be done the duty required of such officer with the same effect as if done by the officer.
24.74 History
History: 1981 c. 169; Stats. 1981 s. 24.74;
1991 a. 316.
24.75
24.75
Interest, how accounted for. All money collected as interest upon any state trust fund loan shall be paid into the state treasury. All moneys collected as interest upon any trust fund loan are considered gross receipts and shall be credited to the income of the fund from which the loan was made except that expenses may be deducted as provided under s.
24.62 (1).
24.75 History
History: 1979 c. 221;
1981 c. 169; Stats. 1981 s. 24.75;
1989 a. 31.
24.76
24.76
Common school fund. All moneys accruing to the state by virtue of
article X, section 2, of the constitution, and all other moneys paid into the state treasury on account of the capital of the school fund, constitute the school fund. All of said fund, except that portion set apart for state universities by s.
24.80, having been found necessary for the support and maintenance of common schools in each school district, and the purchase of suitable libraries and apparatus therefor, is set apart for those objects and denominated the “Common School Fund" which is a separate and perpetual fund.
24.76 History
History: 1981 c. 169; Stats. 1981 s. 24.76;
1983 a. 192.
24.77
24.77
Common school fund income. The common school fund income is constituted of the interest derived from the common school fund and from unpaid balances of purchase money on sales of common school lands; and all other revenues derived from the common school lands; but the common school fund income and interest and revenues derived from the common school fund and from common school lands do not include expenses deducted from gross receipts permitted under ss.
24.04 (2),
24.53 and
24.62 (1).
24.77 History
History: 1979 c. 34;
1981 c. 169; Stats. 1981 s. 24.77;
1989 a. 31.
24.78
24.78
Distribution of the common school fund income. Under
article X, section 5, of the constitution the common school fund income shall be distributed to the school districts among the several towns, villages and cities of the state for the support of common schools therein, as provided in s.
43.70.
24.78 History
History: 1971 c. 152 s.
38;
1981 c. 169; Stats. 1981 s. 24.78;
1983 a. 192;
1997 a. 27;
1999 a. 9.
24.79
24.79
Swampland grants. All swamp and overflowed lands and moneys in lieu thereof received from the United States by virtue of the act of congress approved September 28, 1850, entitled “an act to enable the state of Arkansas and other states to reclaim the swamp lands within their limits;" and all moneys received as purchase money for such lands, including loans and investments and moneys due upon certificates of sale thereof; and all swamp lands and moneys in lieu thereof received subsequent to the enactment of
chapter 537, laws of 1865, or which are hereafter received, from the United States; and the proceeds of the sale of all lands conveyed to this state pursuant to the act of congress approved March 2, 1865, entitled “an act for the relief of purchasers and locators of swamp and overflowed lands," are trust lands and moneys, to be applied, exclusively, as provided in s.
24.80.
24.79 History
History: 1981 c. 169; Stats. 1981 s. 24.79;
1999 a. 83.
24.80
24.80
Normal school fund. The lands and moneys described in s.
24.79, not being granted for any other specified purpose, accrue to the school fund under
article X, section 2, of the constitution; and having been found unnecessary for the support and maintenance of common schools, are appropriated to the support and maintenance of state universities and suitable libraries and apparatus therefor, and to that end are set apart and denominated the “Normal School Fund". All lands, moneys, loans, investments and securities set apart to the normal school fund and all swamp lands and income and interest received on account of the capital of that fund constitute a separate and perpetual fund. Normal school fund income, interest and revenues do not include expenses deducted from gross receipts permitted under ss.
24.04 (2),
24.53 and
24.62 (1).
24.81
24.81
University fund. All moneys accruing to the state under
article X, section 6, of the constitution, and all other moneys paid into the state treasury on account of the capital of the university fund, constitute the university fund, which is a separate and perpetual fund. University fund income, interest and revenues do not include expenses deducted from gross receipts permitted under ss.
24.04 (2),
24.53 and
24.62 (1).
24.81 History
History: 1979 c. 34;
1981 c. 169; Stats. 1981 s. 24.81;
1983 a. 192;
1989 a. 31.
24.82
24.82
Agricultural college fund. All moneys derived from the sale of the lands and land scrip accruing to the state by virtue of the act of congress approved July 2, 1862, entitled “an act donating public lands to the several states and territories which may provide colleges for the benefit of agricultural and the mechanic arts," and income and interest received on account of the capital of the agricultural college fund, constitute the agricultural college fund, which is a separate and perpetual fund and shall remain forever undiminished. Agricultural college fund income, interest and revenues do not include expenses deducted from gross receipts permitted under ss.
24.04 (2),
24.53 and
24.62 (1). If this fund is by any action or contingency impaired, a state tax is hereby levied sufficient to replace the same, to be collected with the state taxes for the next ensuing year and paid into this fund.
24.82 History
History: 1979 c. 34;
1981 c. 169; Stats. 1981 s. 24.82;
1989 a. 31.
