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Trans 54.04 Trans 54.04Loan initiation. The sponsor shall submit an application for an advance land acquisition loan in the form of a resolution satisfactory to the secretary.
Trans 54.04 Note Note: Application and grant contract forms are available from the department of transportation, bureau of aeronautics, P.O. Box 7914, Madison, WI 53707.
Trans 54.04 History History: Cr. Register, May, 1982, No. 317, eff. 6-1-82.
Trans 54.05 Trans 54.05Sponsor action required. The sponsor shall, by contract, agree to:
Trans 54.05(1) (1) Pay the cost of any loan initiation plans or investigations necessary for the department to justify making the loan.
Trans 54.05(2) (2) Designate the secretary as the sponsor's agent and execute an agency agreement.
Trans 54.05(3) (3) Execute a contract of responsibility and performance with the secretary as part of the loan agreement.
Trans 54.05(4) (4) Petition for the relocation order to acquire land under s. 114.33, Stats., if condemnation is required.
Trans 54.05 History History: Cr. Register, May, 1982, No. 317, eff. 6-1-82.
Trans 54.06 Trans 54.06Allocation.
Trans 54.06(1) (1) In making loans from the fund, the secretary shall consider:
Trans 54.06(1)(a) (a) The statewide priority of the proposed land acquisition.
Trans 54.06(1)(b) (b) The adverse effect that failure to acquire the property would have on air traffic safety and future airport development.
Trans 54.06(2) (2) The department may make a loan for up to 80% of the estimated land acquisition costs, including the costs of any necessary project plans and environmental studies so long as that amount does not exceed 80% of the department's assessment of the value of the property as defined in s. Trans 54.02.
Trans 54.06 History History: Cr. Register, May, 1982, No. 317, eff. 6-1-82.
Trans 54.07 Trans 54.07Ownership and property management.
Trans 54.07(1)(1) Title to the land or any property interest acquired through this program shall be held by the sponsor, but the department may retain a security interest in the land until the loan is repaid.
Trans 54.07(2) (2) Land or improvements, acquired as uneconomic remnants or to minimize severance damage, may be disposed of by the sponsor.
Trans 54.07(3) (3) Building sites or other improvements on the land may be cleared by the sponsor before development or prior to the disposition of unneeded segments.
Trans 54.07 History History: Cr. Register, May, 1982, No. 317, eff. 6-1-82.
Trans 54.08 Trans 54.08Recovery of loan balance, interest and administrative costs. As part of the loan agreement, the secretary shall provide for the recovery of loan funds, interest, and administrative costs. The agreement shall require:
Trans 54.08(1) (1) That the primary source of repayment shall be:
Trans 54.08(1)(a) (a) Any federal, state, or sponsor's share of funds received for the land acquisition.
Trans 54.08(1)(b) (b) Net income derived from the sale of surplus land and improvements acquired with loan funds. Such income shall be returned immediately upon receipt by the sponsor.
Trans 54.08(2) (2) If funds available under sub. (1) are insufficient, then the remaining loan balance, interest, and administrative costs shall be repaid from:
Trans 54.08(2)(a) (a) Any net income derived from leasing the land or improvements on the land acquired by the sponsor under the advance land acquisition loan program.
Trans 54.08(2)(b) (b) Any other sources of revenue available to the sponsor.
Trans 54.08(3) (3) The period for repayment of the loan balance, interest, and administrative costs shall not exceed 5 budget years. The repayment schedule shall be a matter of negotiation between the state and the sponsor.
Trans 54.08(4) (4) Interest shall be charged at the rate of 4% per year on the unpaid principal balance.
Trans 54.08 History History: Cr. Register, May, 1982, No. 317, eff. 6-1-82.
Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.