24.60 Definitions. In this subchapter, unless the context indicates otherwise: (1) “Consortium” means an association of 2 or more of any of the following entities for the purpose of implementing, expanding or participating in a distance education or educational technology project: (a) A school district. (b) A technical college district. (c) A county, if the county acts on behalf of a county library board that has adopted a resolution under s. 24.66 (3m). (d) A city, village or town, if the city, village or town acts on behalf of a municipal library board that has adopted a resolution under s. 24.66 (3m). (1g) “Distance education” means instruction that takes place, regardless of the location of a teacher or student, by means of telecommunications or other means of communication, including cable, instructional television fixed service, microwave, radio, satellite, computer, telephone or television. (1r) “Educational technology” means technology used in the education or training of any person or in the administration of an elementary or secondary school or a public library. (1v) “Federated public library system” means a federated public library system whose territory lies within 2 or more counties. (1w) “General obligation trust fund loan” means a state trust fund loan that is the general obligation of the borrower. (2) “Municipality” means a town, village, city, county, public inland lake protection and rehabilitation district, town sanitary
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district created under s. 60.71, metropolitan sewerage district created under s. 200.05 or 200.23, joint sewerage system created under s. 281.43 (4), school district or technical college district. (2m) “Revenue obligation trust fund loan” means a state trust fund loan to which any of the following applies: (a) It is made to a municipality for the purpose of financing or refinancing a project, as defined in s. 67.04 (1) (ar), and is secured by a pledge and assignment of the revenue that the municipality will receive from moneys generated by that project. (b) It is made to a city or village for the purpose of financing or refinancing project costs, as defined in s. 66.1105 (2) (f), and is secured by a pledge and assignment of the tax increments that will be allocated to the city or village for those project costs by the department of revenue under s. 66.1105 (6). (c) It is made to a county for the purpose of financing or refinancing project costs, as defined in s. 66.1105 (2) (f), and is secured by a pledge and assignment of the tax increments that will be allocated to the county for those project costs by the department of revenue under s. 59.57 (3). (d) It is made to a town for the purpose of financing or refinancing project costs, as defined in s. 60.85 (1) (h) 1., and is secured by a pledge and assignment of the tax increments that will be allocated to the town for those project costs by the department of revenue under s. 60.85 (6). (e) It is made to a local exposition district created under subch. II of ch. 229 for the purpose of financing acquisition, construction, and equipment costs for sports and entertainment arena facilities, as defined in s. 229.41 (11g), and is secured by district revenues. (3) “School district” has the meaning designated under s. 115.01 (3). (4) “State trust fund loan” means a loan authorized under s. 24.61 (3). (5) “Trust funds” means the common school fund, the normal school fund, the university fund and the agricultural college fund. History: 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.60; 1983 a. 27 s. 2202 (42); 1983 a. 196; 1985 a. 49, 225; 1993 a. 399; 1995 a. 27, 227; 1997 a. 27; 1999 a. 150 s. 672; 2001 a. 16; 2005 a. 253; 2011 a. 71; 2015 a. 60.
24.605 Accounts in trust funds for deposit of proceeds from sale of certain lands. The board shall establish in each of the trust funds an account to which are credited the proceeds from the sale of any public lands, except sales under s. 24.09 (1) (bg), on or after May 3, 2006, that are required by law to be deposited in the funds. Moneys credited to the accounts in the funds may only be used to invest in land under s. 24.61 (2) (a) and for the payment of expenses necessarily related to investing in land under s. 24.61 (2) (a). History: 2005 a. 352; 2015 a. 60; 2017 a. 314.
24.61
Authorized investments and loans. (1) INVESTMENTS AND LOANS; SEPARATE ACCOUNTS. The board shall loan or invest moneys belonging to the trust funds as those moneys accumulate in the treasury. The board shall keep a separate account of all investments and loans from each fund. (2) INVESTMENTS. (a) Authorized investments by board. The board shall manage and invest moneys belonging to the trust funds in good faith and with the care an ordinary prudent person in a like position would exercise under similar circumstances, in accordance with s. 112.11 (3). (b) Manner for holding securities. All bonds, notes, and other instruments of indebtedness and securities purchased under par. (a) shall be held in a manner determined by the board. (c) Contracting with investment board. The board of commissioners of public lands may contract with the investment board to invest part or all of the moneys belonging to the trust
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funds. If the board of commissioners of public lands contracts with the investment board, the investment board may invest the moneys belonging to the trust funds in accordance with the investment board’s standard of responsibility specified in s. 25.15 (2). All moneys received by the investment board under this paragraph shall be credited to the appropriation account under s. 20.536 (1) (k). (cm) Investments in land in this state. Except as provided under s. 24.09 (1) (bg), the board may not invest moneys in the purchase of any land under par. (a) unless all of the following occur: 1. The land is within any applicable consolidation area approved by the board. 2. The total acreage of public lands managed by the board does not exceed the total acreage of public lands managed by the board on May 3, 2006. 3. The board determines that the purchase of the land will improve timberland management, address forest fragmentation, or increase public access to the land. 4. The moneys are in an account specified in s. 24.605. (3) LOANS. (a) Authorized loans. The board may loan moneys under its control or belonging to the trust funds to: 1. A school district by whatever name designated, to be used for any of the following: a. The operation and maintenance of schools. b. Erecting and remodeling school buildings and teacherages. c. Purchasing teacherages, teacherage sites, schoolhouse sites, bus garage sites, transportation vehicles, bus garages, school equipment and school playgrounds. d. Refunding any indebtedness incurred for a lawful purpose within constitutional limitations. e. The purpose authorized by s. 67.04. f. Any purpose otherwise authorized by law. 2. A town, village, city or county as provided under s. 67.04 or otherwise authorized by law. 3. A technical college district as provided under s. 67.04 or otherwise authorized by law. 4. A public inland lake protection and rehabilitation district for the purposes of the exercise of its powers under s. 33.22. 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. 6. A metropolitan sewerage district created under s. 200.05, as provided under s. 67.04 or otherwise authorized by law. 7. A metropolitan sewerage system created under s. 200.23, as provided under s. 67.04 or otherwise authorized by law. 8. A joint sewerage system created under s. 281.43 (4) for the purpose of exercising its powers under s. 281.43 (4). 9. A consortium. 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. 11. A federated public library system, as provided under s. 43.17 (9) (b) or otherwise authorized by law. 12. A drainage district created under ch. 88. 13. A local professional baseball park district created under subch. III of ch. 229 for the purpose under s. 229.68 (16) (a). 14. A local exposition district created under subch. II of ch. 229 for the purpose of financing acquisition, construction, and equipment costs for sports and entertainment arena facilities, as defined in s. 229.41 (11g). (b) Terms; conditions. A municipality, cooperative educational service agency, drainage district created under ch. 88, local professional baseball park district created under subch. III of ch.
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229, or federated public library system 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. (4) LOAN LIMITATIONS TO COUNTIES. 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), (f), (g), or (h) applies. (4m) LOANS TO PAY OFF EXISTING INDEBTEDNESS. If the board makes a loan to a municipality to pay off existing indebtedness, the making of the loan and the payment of the existing indebtedness shall be treated as if they occur simultaneously. (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. (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. History: 1971 c. 154; 1973 c. 114; 1975 c. 224; 1979 c. 34 s. 2102 (22) (a); 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.61; 1983 a. 196; 1983 a. 207 ss. 2, 95; 1983 a. 423; 1985 a. 49; 1985 a. 332 s. 251 (3); 1987 a. 76, 197; 1989 a. 31; 1991 a. 269; 1993 a. 16, 263, 399; 1995 a. 27, 56, 227; 1997 a. 27; 1999 a. 65, 83; 1999 a. 150 s. 672; 1999 a. 167; 2001 a. 16; 2003 a. 33; 2005 a. 25, 335, 352; 2007 a. 20, 97; 2009 a. 2, 28; 2011 a. 71; 2015 a. 60; 2017 a. 314; 2019 a. 110.
24.62 Expenses. (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. (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
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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. (3) If any land purchased under s. 24.61 (2) (a) on or after July 14, 2015, or acquired in an exchange under s. 24.09 on or after July 14, 2015, was at the time of the purchase or acquisition subject to assessment or levy of a real property tax or subject to an obligation to make state or federal payments in lieu of taxes, the board shall make annual payments in lieu of property taxes from the appropriation under s. 20.507 (1) (c) to the appropriate local governmental unit in an amount equal to the property taxes levied on the land, or equal to the state or federal payments in lieu of taxes made with respect to the land, in the year prior to the year in which the board purchased or acquired the land. History: 1979 c. 34; 1981 c. 169; Stats. 1981 s. 24.62; 1989 a. 31; 2005 a. 352; 2015 a. 55, 60; 2017 a. 366; 2021 a. 58.
24.63 Term, amount, interest rate. (1) GENERAL OBLIGATION LOANS OTHER THAN TO SCHOOL DISTRICTS. A general obligation 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 general obligation 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 percent of the valuation of the taxable property within the municipality as equalized for state purposes. (2) GENERAL OBLIGATION SCHOOL DISTRICT LOANS. A general obligation 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 general obligation indebtedness of that district, does not exceed its allowable indebtedness as determined under s. 67.03 (1). (2m) GENERAL OBLIGATION COOPERATIVE EDUCATIONAL SERVICE AGENCY LOANS. A general obligation 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 general obligation indebtedness of the school district, does not exceed the school district’s allowable indebtedness under s. 67.03 (1). (2r) GENERAL OBLIGATION FEDERATED PUBLIC LIBRARY SYSTEM LOANS. A general obligation 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 general obligation indebtedness of the federated public library system, does not exceed the federated public library system’s allowable indebtedness under s. 43.17 (9) (b). (2s) REVENUE OBLIGATION LOANS. (a) A revenue obligation trust fund loan to a city, village, town, or county may be made for any term not exceeding 30 years and may be made payable in installments. (b) 1. If the board makes a revenue obligation trust fund loan to a city, village, town, or county as described in s. 24.60 (2m) (b) to (d), the loan may not exceed an amount that would require the city, village, town, or county to make annual payments, including principal and interest, of more than 80 percent of the shared revenue payments received by the city, village, town, or county under subch. I of ch. 79 in the year immediately preceding the year in which the loan application is made.
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2. The board may allow a city, village, town, or county that pledges and assigns tax increments as security for a revenue obligation trust fund loan to provide that the pledge and assignment is subject to future annual appropriations made by the governing body of the respective city, village, town, or county to repay the loan. 3. The board may prescribe loan conditions in addition to the conditions specified in this paragraph. (3) INTEREST RATES. All state trust fund loans shall bear and draw interest at a rate not less than 2 percent payable annually. (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. (5) BROWNFIELD PROJECT LOANS. A state trust fund loan to a city, village, or town made for the purpose of funding a project related to brownfields, as defined in s. 238.13 (1) (a), may not be included in arriving at the debt limitation under sub. (1) or the constitutional debt limitation under article XI, section 3, of the constitution if all of the following apply: (a) The term of the loan is not more than 15 years. (b) The loan is not in default. (c) The department of natural resources verifies to the board that the site on which the project will occur is a brownfield, or, if the project encompasses more than one site, verifies that not less than 50 percent of the project area is brownfield. 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; 2011 a. 71; 2017 a. 70.
24.64 Reimbursements for certain administrative services. The board shall reimburse the department of administration, from the appropriation account under s. 20.507 (1) (a), for the costs of administrative services provided by the department of administration and other state agencies to the board. History: 1999 a. 9; 2019 a. 9.
24.65 Date when interest and principal become due. The annual interest and installments 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). History: 1975 c. 224; 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.65; 1987 a. 76, 378.
24.66 The application. (1) FOR ALL MUNICIPALITIES. (ag) 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, 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. (bg) An application for a general obligation trust fund loan shall be accompanied by satisfactory proof of all of the following: 1. The valuation of all the taxable property within the municipality as equalized for state purposes. 2. All the existing indebtedness of the municipality. 3. The approval of the application as required by subs. (2) to (4). (cg) An application for a revenue obligation trust fund loan shall be accompanied by all of the following: 1. If the loan is for a project that will be secured in the man-
May 22, 2026, are designated by NOTES. (Published 5-22-26)
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ner specified in s. 24.60 (2m) (a), a statement of the revenue that the municipality anticipates receiving from moneys generated by that project, and the municipality’s pledge and first priority assignment of those revenues to pay off the loan. 2. If the loan is for project costs that will be secured in the manner specified in s. 24.60 (2m) (b) to (d), a statement of the tax increments that the municipality anticipates will be allocated to the municipality for those project costs by the department of revenue and the municipality’s pledge and first priority assignment of that allocation to pay off the loan. 3. Satisfactory proof of the amount of annual shared revenue payments made to the municipality under subch. I of ch. 79 in the year immediately preceding the year in which the application for the loan is made. 4. Satisfactory proof of the approval of the application as required by sub. (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. (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. (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). (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. (3) FOR SCHOOL DISTRICTS. (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. (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 (c), to the extent applicable. (b) For long-term loans by unified school districts. Every application for a loan, the required repayment of which exceeds 10
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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). (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 (c), to the extent applicable. (c) Alternative short-term loan process for all school districts. 1. If the procedure in par. (a) or (b) is not used for the approval of a school district loan, the required repayment of which is 10 years or less, the governing body of the school district, before any certificate of indebtedness is issued, shall adopt and record a resolution specifying the purposes and the maximum amount of the certificate of indebtedness issued. 2. Unless the purpose and amount of the borrowing have been approved by the electors under s. 67.05 (6a) or considered approved by the electors under s. 67.05 (7) (d) 3., the purpose is to refund any outstanding obligation, the purpose is to pay unfunded prior service liability contributions under the Wisconsin Retirement System if all of the proceeds of the note will be used for that purpose, or the borrowing would not be subject to a referendum as a bond issue under s. 67.05 (7) (cc), (er), (h), or (i), or s. 67.12 (12) (e) 2g., (f), or (h) applies, the school district clerk shall, within 10 days after a governing body of a school district adopts a resolution as described above to issue a certificate of indebtedness, publish notice of such adoption as a class 1 notice, under ch. 985. Alternatively, the notice may be posted as provided under s. 10.05. The notice need not set forth the full contents of the resolution, but shall state the maximum amount proposed to be borrowed, the purpose thereof, that the resolution was adopted under this subsection, and the place where, and the hours during which, the resolution may be inspected. If, within 30 days after publication or posting, a petition conforming to the requirements of s. 8.40 is filed with the school district clerk for a referendum on the resolution signed by at least 7,500 electors of the district or at least 20 percent of the number of district electors voting for governor at the last general election, as determined under s. 115.01 (13), whichever is the lesser, then the resolution shall not be effective unless adopted by a majority of the district electors voting at the referendum. The referendum shall be called in the manner provided under s. 67.05 (6a), except that the question which appears on the ballot shall be “Shall .... (name of district) borrow the sum of $.... for (state purpose) by issuing its general obligation promissory note (or notes) under section 24.66 (3) of the Wisconsin Statutes?”. If a governing body of a school district adopts a resolution to borrow a sum of money under this subsection and a sufficient petition for referendum is not filed within the time permitted, then the power of the governing body of a school district to borrow the sum and expend the sum for the purpose stated shall be deemed approved by the school district electors upon the expiration of the time for filing the petition. 3. If the governing body of a school district adopts a resolution to borrow a sum of money under this subsection, and if subd. 2. does not apply, the governing body of a school district has the power to borrow and spend the sum for the purpose stated without the approval of the electors of the school district. (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 shall be accompanied by a resolution of the county or municipal library board for that county, city, village or town requesting the county, city, village or town to apply for the loan for the
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purpose of conducting an educational technology or distance education project. (3r) FOR A DRAINAGE DISTRICT. An application for a loan by a drainage district created under ch. 88 shall be accompanied by a certified copy of a resolution of the board of the drainage district approving the loan. (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). (3v) FOR FEDERATED PUBLIC LIBRARY SYSTEMS. An application for a loan by a federated public library system shall be accompanied by a certified copy of a resolution of the board of the federated public library system approving the loan. (3w) LOCAL PROFESSIONAL BASEBALL PARK DISTRICT. An application for a loan by a local professional baseball park district created under subch. III of ch. 229 shall be accompanied by a certified copy of a resolution of the district board of the local professional baseball park district approving the loan. (3y) LOCAL EXPOSITION DISTRICT. An application for a loan by a local exposition district created under subch. II of ch. 229 shall be accompanied by a certified copy of a resolution of the district board of the local exposition district approving the loan. (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. (5) IRREPEALABLE TAX LEVY. (a) Every application for a general obligation trust fund 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 general obligation trust fund 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
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and irrepealable until the loan and all interest on the loan are fully paid. (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. (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. History: 1979 c. 221, 355; 1981 c. 169; Stats. 1981 s. 24.66; 1983 a. 196, 423; 1985 a. 49, 218, 225; 1987 a. 76, 79; 1995 a. 27, 227, 417; 1997 a. 27; 1999 a. 150 s. 672; 1999 a. 182; 2001 a. 16; 2001 a. 30 s. 108; 2007 a. 20; 2009 a. 2, 28; 2011 a. 71; 2015 a. 55, 60; 2021 a. 239 s. 74.
24.67 Certificates of indebtedness. (1) If the board approves the application, it shall cause certificates of indebtedness to be prepared in proper form and transmitted to the municipality, cooperative educational service agency, 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 submitting the application. The certificate of indebtedness shall be executed and signed: (a) For a school district, by its president. (b) For a town, by its chairperson. (c) For a village, by its president. (d) For a city, by its mayor or city manager. (e) For a technical college district, by its district board chairperson. (f) For a county, by the chairperson of its board. (g) For a public inland lake protection and rehabilitation district, by the chairperson of the board of commissioners. (h) For a town sanitary district, by the president of the commission. (i) For a metropolitan sewerage district created under s. 200.05, by the president of the commission. (j) For a metropolitan sewerage system created under s. 200.23, by the chairperson of the commission. (k) For a joint sewerage system, by the head of the commission. (L) For a cooperative educational service agency, by the president of each school district for which the loan is made. (m) For a federated public library system, by its president. (n) For a drainage district created under ch. 88, by the president of the drainage district board. (p) For a local professional baseball park district created under subch. III of ch. 229, by the chairperson of the district board. (q) For a local exposition district created under subch. II of ch. 229, by the chairperson of the district board. (2) The certificate of indebtedness shall be countersigned: (a) For the county, town, village, or city, by the clerk of that county, town, village, or city. (b) For a technical college district, by the district board secretary who shall return the certificate and deposit it with the board. (c) For a public inland lake protection and rehabilitation district, by the secretary of the board of commissioners. (d) For a town sanitary district, by the secretary of the commission. (e) For a metropolitan sewerage district created under s. 200.05, by the secretary of the commission. (f) For a metropolitan sewerage system created under s. 200.23, by the secretary of the commission. (g) For a joint sewerage system, by a member of the commis-
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sion designated by the commission who is not the person acting as head of the commission. (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. (i) For a drainage district created under ch. 88, by the secretary of the drainage district board. (j) For a local professional baseball park district created under subch. III of ch. 229, by the secretary of the district board. (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. History: 1971 c. 154; 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.67; 1987 a. 76; 1993 a. 184, 399, 491; 1995 a. 27; 1999 a. 150 s. 672; 2001 a. 16; 2001 a. 30 s. 108; 2003 a. 33; 2007 a. 20; 2009 a. 28; 2011 a. 71; 2015 a. 60.
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. History: 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.68; 1987 a. 378; 2011 a. 71.
24.69 Sale of state trust fund loans. (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. (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. (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. (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. History: 1989 a. 31; 2003 a. 33.
24.70 Collection from borrowers other than school districts. (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.
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(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. (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. (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. (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. History: 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.70; 1987 a. 185, 378; 1995 a. 27; 2001 a. 16; 2003 a. 33; 2007 a. 20; 2009 a. 2, 28; 2011 a. 71.
24.71
Collections from school districts. (1) APPLICABILITY. This section applies to all outstanding trust fund loans to school districts. (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. (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. (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. (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,
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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. History: 1971 c. 262; 1973 c. 90; 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.71; 1987 a. 185; 1995 a. 27 s. 9145 (1); 1997 a. 27; 2003 a. 33; 2009 a. 2; 2011 a. 71.
24.715 Collections from federated public library systems. (1) APPLICABILITY. This section applies to all outstanding trust fund loans to federated public library systems. (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. (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. (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. History: 2001 a. 16, 104; 2009 a. 2; 2011 a. 71.
24.716
Collections from drainage districts. (1) APPLICABILITY. This section applies to all outstanding trust fund loans to drainage districts created under ch. 88. (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. (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. (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. History: 2007 a. 20; 2009 a. 2; 2011 a. 71.
24.717 Collections from local professional baseball park districts. (1) APPLICABILITY. This section applies to all outstanding trust fund loans to local professional baseball park districts created under subch. III of ch. 229. (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. (3) PAYMENT TO BOARD. The local professional baseball park district board shall remit to the board of commissioners of
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24.75
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. (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. History: 2009 a. 28; 2011 a. 71.
24.718 Collections from local exposition districts. (1) APPLICABILITY. This section applies to all outstanding trust fund loans to local exposition districts created under subch. II of ch. 229. (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. (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. History: 2015 a. 60.
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. History: 1971 c. 154; 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.72; 1995 a. 27.
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. History: 1981 c. 169; Stats. 1981 s. 24.73; 1995 a. 27.
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. History: 1981 c. 169; Stats. 1981 s. 24.74; 1991 a. 316.
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). History: 1979 c. 221; 1981 c. 169; Stats. 1981 s. 24.75; 1989 a. 31.
May 22, 2026, are designated by NOTES. (Published 5-22-26)
24.76
PUBLIC DOMAIN AND TRUST FUNDS
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. History: 1981 c. 169; Stats. 1981 s. 24.76; 1983 a. 192.
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). History: 1979 c. 34; 1981 c. 169; Stats. 1981 s. 24.77; 1989 a. 31.
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. 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 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
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trust lands and moneys, to be applied, exclusively, as provided in s. 24.80. History: 1981 c. 169; Stats. 1981 s. 24.79; 1999 a. 83.
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). History: 1979 c. 34; 1981 c. 169; 1981 c. 391 s. 210; Stats. 1981 s. 24.80; 1983 a. 192; 1989 a. 31; 2009 a. 28; 2011 a. 32.
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). History: 1979 c. 34; 1981 c. 169; Stats. 1981 s. 24.81; 1983 a. 192; 1989 a. 31.
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. History: 1979 c. 34; 1981 c. 169; Stats. 1981 s. 24.82; 1989 a. 31.
May 22, 2026, are designated by NOTES. (Published 5-22-26)