Section PI 24.07 - Payment of debt aid(1) The department shall make an aid payment on a current fiscal year basis to the district in an amount equal to 20% of the SAGE portion of the debt service payment, excluding any payments required on bond anticipation notes. The department shall develop a proration formula if adequate funds are not available by dividing the SAGE portion of the district's annual debt service payment by the sum total of the SAGE portion of all participating SAGE school district's annual debt service payments and multiplying the result by the appropriation under s. 20.255(2) (cs), Stats.(2) The department shall calculate the SAGE portion of debt payment as the percentage of the original amount approved for SAGE purposes under s. PI 24.06(1) (a) 2. to the total amount borrowed under s. PI 24.06(1) (a) 1., multiplied by the annual debt service payment.(3) The department may not pay aid to school districts under this subchapter for SAGE related school district referenda held on or after June 30, 2001.(4) The department may not pay aid to school districts under this subchapter if the school district does not comply with the requirements under this subchapter.(5) The school district shall certify to the department annually, on a form provided by the department, all of the following: (a) Debt service payments eligible for aid under this subchapter for the current fiscal year.(b) The amount identified under s. PI 24.06(1) (a) 2. was expended for SAGE classroom expansion purposes and no other purpose. No annual aid payment shall be made to the school district until the department receives this certification. The school board president and school board clerk shall sign this attestation.(c) The contract under subch. II has not been terminated for the building for which the debt service is being paid. Note: PI-7206 SAGE Classroom Expansion, State Aid Claim, may be obtained at no charge from the Department of Public Instruction, P. O. Box 7841, Madison, WI 53707-7841.
(6) The school district under this subchapter shall record payments received as revenue in the district's general fund.Wis. Admin. Code Department of Public Instruction PI 24.07
Cr. Register, July, 2000, No. 535, eff. 8-1-00.