2010 Wisconsin Code
Chapter 24. Public domain and the trust funds.
24.63 Term, amount, interest rate.

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 installments. 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 installments 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(2r)

(2r) Federated public library system loans. A state trust fund loan to a federated public library system may be made for any term, not exceeding 20 years, that is agreed upon between the federated public library system and the board and may be made for a total amount that, together with all other indebtedness of the federated public library system, does not exceed the federated public library system's allowable indebtedness under s. 43.17 (9) (b).

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 January 1 and prior to September 1 of any year may repay one or more installments 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 installments of a loan a fee to cover any administrative costs incurred by the board in originating and servicing the loan.

24.63 - ANNOT.

History: 1975 c. 224, 422; 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.63; 1983 a. 423; 1985 a. 225; 1987 a. 76; 1995 a. 27; 1999 a. 9; 2001 a. 16, 104; 2009 a. 2.