(1) PURPOSE. The purpose of this section is to promote the state’s interest in preserving and improving state trunk and connecting highways by means of a program to provide loans for railroad and public utility alterations and relocations associated with highway improvement projects. (2) DEFINITIONS. In this section: (a) “Improvement” has the meaning given in s. 84.06 (1). (b) “Public utility” has the meaning given in s. 196.01 (5) and includes a telecommunications carrier, as defined in s. 196.01 (8m). (c) “Railroad” has the meaning given in s. 195.02 (1). (3) ADMINISTRATION. The department shall administer a loan program to assist public utilities and railroads with the costs of utility and railroad alterations and relocations that are associated with state trunk and connecting highway improvement projects and that are not subject to reimbursement by the department. The department shall have all powers necessary and convenient to implement this section, including the following powers: (a) To specify conditions of eligibility for loans under this section. Such conditions shall include the requirement that the utility or railroad alteration or relocation must be part of a planned state trunk or connecting highway improvement project. (b) To receive applications for loans under this section and to prescribe the form, nature and extent of the information which shall be contained in applications. (c) To establish standards for the approval of loans under this section. (d) To enter into loan agreements with applicants to ensure the proper use and prompt repayment of loans under this section. The loan agreement shall permit the loan to be repaid without interest before the date on which the contract for the improvement project with which the utility or railroad alteration is associated is awarded. The loan agreement shall require the payment of interest on the outstanding balance of any loan that is not repaid by the date on which that contract is awarded, accruing from the date on which that contract is awarded. Interest shall be charged at a rate equal to the weekly prime rate for the week prior to the date on which the contract is awarded, as reported by the federal reserve board in federal reserve statistical release H. 15, plus 1 percent. The loan agreement shall require repayment of the principal and payment of any accrued interest within one year of the date on which the contract is awarded. (e) To audit and inspect the records of loan recipients. (4) FUNDS. Subject to s. 86.255, the department may make loans under this section from the appropriations under s. 20.395 (3) (bv) and (cv). The total outstanding balance of loans under this section may not exceed $500,000. (5) RULES. The department may promulgate rules as necessary to implement this section.
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