Eligibility and Repayment
Who can borrow?
Wisconsin school districts and municipalities, as defined by Section 67.01(5) of the Wisconsin Statutes, are eligible to borrow, along with a few other statutorily defined entities. Eligible borrowers include counties, cities, villages, towns, technical college districts, metropolitan sewerage districts, town sanitary districts, public inland lake protection and rehabilitation districts, and drainage districts. Federated library systems also are eligible.
For what projects?
You could use a BCPL State Trust Fund loan for any public purpose project. Our loans typically are used for three types of public purposes:
For details about a handful of projects, visit our success stories.
Typical repayment schedules
Scheduled loan payments are due on March 15 of each year. Unless a special payment structure is requested, the amortization schedule will reflect equal payments for each year. Below is an example of a $100,000 loan taken out for five years at 5.0%. Notice that the start date for this loan is August 1, 2008, and the first payment is due March 15, 2009. For loans disbursed between March 15 and August 31 of any year, the first payment will be due on March 15 of the following year.
If funds are requested between September 1 and the following March 14, no payment for the following March 15 will be required, though interest will accrue from the time the funds are drawn. In the example below, $100,000 is repaid in four payments over the same number of years as in the previous example.
You may make an additional principal payment or prepay your loan in full between January 1 and August 31 of each year with no penalty or fee. Just send our Madison office a 30-day written notice of your intention to prepay. For details, contact our Accountant.