24.61(2)(a)10m.

10m. Bonds of the Wisconsin Aerospace Authority.

24.61(3)

(3) Loans.

24.61(3)(a)1.a.

a. The operation and maintenance of schools.

24.61(3)(a)9.

9. A consortium.

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)(a)1.b.

b. Erecting and remodeling school buildings and teacherages.

24.61(3)(a)1.d.

d. Refunding any indebtedness incurred for a lawful purpose within constitutional limitations.

24.61(3)(a)1.f.

f. Any purpose otherwise authorized by law.

24.61(2)(cm)1.

1. The land is within any applicable consolidation area approved by the board.

24.61(2)(cm)2.

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.

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)(c)

(c) Reserve for school districts; priority for certain 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

24.61 Authorized investments and loans.

24.61(1)

(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.

24.61(2)

(2) Investments.

24.61(2)(a)

(a) Authorized investments by board. The board may invest moneys belonging to the trust funds in the purchase of any of the following:

24.61(2)(a)1.

1. Bonds or notes of the United States.

24.61(2)(a)3.

3. Bonds of this state.

24.61(2)(a)4.

4. Bonds issued pursuant to law by any town, village, city, county or school district of this state.

24.61(2)(a)6.

6. Bonds of the University of Wisconsin Hospitals and Clinics Authority.

24.61(2)(a)2.

2. Securities issued under the provisions of the federal farm loan act of July 17, 1916, (12 USC 641, et seq.) or the farm credit act of 1971 (P.L. 92-181).

24.61(2)(a)5.

5. Bonds issued by a local exposition district under subch. II of ch. 229.

24.61(2)(a)7.

7. Bonds issued by a local professional baseball park district created under subch. III of ch. 229.

24.61(2)(a)8.

8. Bonds issued by a local professional football stadium district created under subch. IV of ch. 229.

24.61(2)(a)9.

9. Bonds issued by a local cultural arts district under subch. V of ch. 229.

24.61(2)(a)10.

10. Land in this state, but subject to the condition established under para. (cm).

24.61(2)(b)

(b) Deposited with secretary of administration. All bonds, notes, and other securities purchased under para. (a) shall be deposited with the secretary of administration.

24.61(2)(c)

(c) Delegation of investment authority to investment board. The board may delegate to the investment board the authority to invest part or all of the moneys belonging to the trust funds. If the board delegates the authority, the investment board may invest the moneys belonging to the trust funds in any fixed income investment or fund that invests only in fixed income instruments.

24.61(2)(cm)

(cm) Investments in land in this state. The board may not invest moneys in the purchase of any land under par. (a) 10. unless all of the following occur:

24.61(2)(cm)3.

3. The board determines that the purchase of the land will improve timberland management, address forest fragmentation, or increase public access to the land.

24.61(2)(cm)4.

4. The moneys are in an account specified in § 24.605.

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.e.

e. The purpose authorized by § 67.04.

24.61(3)(a)2.

2. A town, village, city or county as provided under § 67.04 or otherwise authorized by law.

24.61(3)(a)3.

3. A technical college district as provided under § 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 § 33.22.

24.61(3)(a)5.

5. A town sanitary district created under § 60.71 for the purposes for which the district may issue its bonds under § 60.78.

24.61(3)(a)6.

6. A metropolitan sewerage district created under § 200.05, as provided under § 67.04 or otherwise authorized by law.

24.61(3)(a)7.

7. A metropolitan sewerage system created under § 200.23, as provided under § 67.04 or otherwise authorized by law.

24.61(3)(a)8.

8. A joint sewerage system created under § 281.43 (4) for the purpose of exercising its powers under § 281.43 (4).

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)(a)11.

11. A federated public library system, as provided under § 43.17 (9)(b) or otherwise authorized by law.

24.61(3)(a)12.

12. A drainage district created under ch. 88.

24.61(3)(a)13.

13. A local professional baseball park district created under subch. III of ch. 229 for the purpose under § 229.68 (16)(a).

24.61(3)(b)

(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. 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.

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.a.

a. The school board is subject to an order issued by the state superintendent of public instruction under § 115.33 (3) after December 31, 1991, regarding noncompliance with the standard under § 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 § 121.004 (2) and “membership” has the meaning given in § 121.004 (5).

24.61(3)(d)

(d) Reserve for loans for educational technology and distance education projects. Subject to the priority established under para. (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 § 67.045 (1)(a), (b), (c), (d), (e), (f), (g), or (h) 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.