Chapter Adm 35

Adm 35.04(3) (3) In administration of its powers and duties under s. 281.59 (11) (b), Stats., the department shall deduct, as a first charge against state payments due the municipality, any amounts due to the environmental improvement fund.

Adm 35.04 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: r. (1), r. and recr. (2), am. (3) Register July 2023 No. 811, eff. 8-1-23.

Adm 35.05 Adm 35.05 Disbursement of financial assistance.

Adm 35.05(1) (1) The department may disburse the financial assistance to the recipient upon receiving a determination from the department of natural resources that the financial assistance requested by the recipient is eligible for disbursement under ch. NR 162 or 166 and the financial assistance agreement.

Adm 35.05(2) (2) The department may only disburse financial assistance in accordance with a financial assistance agreement.

Adm 35.05 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: am. (title), (1), r. and recr. (2), r. (3) Register July 2023 No. 811, eff. 8-1-23; correction in (1) made under s. 35.17, Stats., Register July 2023 No. 811.

Adm 35.06 Adm 35.06 Interest rates.

Adm 35.06(1) (1) The department shall periodically review, and may periodically change, the market interest rate. The market interest rate set by the department under this section shall be the market interest rate for the purpose of ss. 281.58 (12) and 281.61 (11), Stats. The department may consider any of the following factors when establishing or changing the market interest rate:

Adm 35.06(1)(a) (a) Municipal bond market indexes.

Adm 35.06(1)(b) (b) Comparable bond market transactions.

Adm 35.06(1)(c) (c) Expectations for bond market changes to the next planned periodic market interest rate review.

Adm 35.06(1)(d) (d) Effective interest rates for environmental improvement fund revenue obligations issued under s. 281.59 (4), Stats.

Adm 35.06(1)(e) (e) Efficient administration of the environmental improvement fund.

Adm 35.06(2) (2) The department may review and change the market interest rate at any time as necessary to aid the purposes of ss. 281.58, 281.59, and 281.61, Stats.

Adm 35.06(3) (3) The department may set multiple market interest rates applicable to different types of obligations, including the following:

Adm 35.06(3)(a) (a) Obligations of different final or average maturity.

Adm 35.06(3)(b) (b) Taxable obligations as compared to tax-exempt obligations.

Adm 35.06 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: r. (intro.), renum. (1) to (1) (intro.) and am., cr. (1) (a) to (e), r. and recr. (2), (3) Register July 2023 No. 811, eff. 8-1-23.

Adm 35.07 Adm 35.07 Accountability for financial assistance.

Adm 35.07(1) (1) A financial assistance agreement shall require a recipient of financial assistance to do all of the following:

Adm 35.07(1)(a) (a) Maintain project accounts in accordance with the financial assistance agreement.

Adm 35.07(1)(b) (b) For financial assistance involving an obligation, provide, if available, audited financial statements upon request from the department and at least annually while the recipient has an obligation outstanding.

Adm 35.07(1)(c) (c) Take no action to reduce the adequacy of the dedicated source of revenue established for repayment of the project in accordance with s. 281.58 (14) (b) 1. or 281.61 (8m) (a), Stats.

Adm 35.07(2) (2) The department may require or perform financial audits prior to, during or at the end of the term of the obligation.

Adm 35.07(3) (3) A recipient of financial assistance designated as federal equivalency by the department of natural resources shall comply with the federal Single Audit Act, 31 USC 7501 to 7507, and Office of Management and Budget Uniform Guidance.

Adm 35.07(4) (4) The department may rely on a commissioned audit unless it finds that the audit was not performed in accordance with state or federal auditing standards. The department may perform, or commission others to perform an additional audit or audits to supplement work done in a single audit, to the extent it deems necessary.

Adm 35.07 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: am. (1) to (3) Register July 2023 No. 811, eff. 8-1-23; correction in (1) (c) made under s. 35.17, Stats., Register July 2023 No. 811.

Adm 35.08 Adm 35.08 Financial assistance amendments. Neither the recipient nor the department may enter into an amendment to a financial assistance agreement, except in accordance with the terms of the financial assistance agreement. The recipient may not amend the obligation, except in accordance with the terms of the obligation.

Adm 35.08 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: r. and recr. Register July 2023 No. 811, eff. 8-1-23.

Adm 35.09 Adm 35.09 Variances. The department may approve a variance from requirements of this chapter when the department determines that the variance is essential to provide financial assistance within the scope and intent of the environmental improvement fund, or that the variance is in the best interest of the state. In approving a variance, the department may take into account such factors as good cause, circumstances beyond the control of the recipient or the department and financial hardship. A request by a recipient for a variance shall include a description of the nature of the variance and the circumstances leading to the request.

Adm 35.09 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 22-079: am. Register July 2023 No. 811, eff. 8-1-23.