LRB-3225/1
MCP:ahe
2019 - 2020 LEGISLATURE
June 7, 2019 - Introduced by Representatives Neylon, Allen,
Magnafici,
Sanfelippo, Spiros, Thiesfeldt and Tusler, cosponsored by Senators
Kapenga, Wanggaard and Nass. Referred to Committee on State Affairs.
AB271,1,3
1An Act to amend 281.59 (9) (a); and
to create 281.59 (9) (ad) of the statutes;
2relating to: term and repayment for loans under the Safe Drinking Water
3Loan Program.
Analysis by the Legislative Reference Bureau
Under current law, the Department of Natural Resources administers the Safe
Drinking Water Loan Program, which provides low-interest loans to municipalities
for drinking water infrastructure projects, to help them comply with federal drinking
water standards. A loan approved under this program must be fully amortized not
later than 20 years after the original date of the financial assistance agreement, and
the repayment of principal and interest, if any, must begin not later than 12 months
after the expected date of completion of the project that it funds, as determined by
the department of administration.
Under this bill, such a loan must be fully amortized not later than 30 years after
the expected date of completion of the project that it funds, as determined by the
department of administration, and the repayment of principal and interest, if any,
must begin not later than 18 months after the expected date of completion of the
project that it funds, as determined by the department of administration.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB271,1
1Section
1. 281.59 (9) (a) of the statutes is amended to read:
AB271,2,82
281.59
(9) (a) A loan approved under the
safe drinking water loan program or
3the land recycling loan program shall be for no longer than 20 years, as determined
4by the department of administration, be fully amortized not later than 20 years after
5the original date of the financial assistance agreement, and require the repayment
6of principal and interest, if any, to begin not later than 12 months after the expected
7date of completion of the project that it funds, as determined by the department of
8administration.
AB271,2
9Section 2
. 281.59 (9) (ad) of the statutes is created to read:
AB271,2,1510
281.59
(9) (ad) A loan approved under the safe drinking water loan program
11shall be fully amortized not later than 30 years after the expected date of completion
12of the project that it funds, as determined by the department of administration, and
13require the repayment of principal and interest, if any, to begin not later than 18
14months after the expected date of completion of the project that it funds, as
15determined by the department of administration.
