Wisconsin § 24.11 - Terms of sales.

§ 24.11. Terms of sales.

24.11(1) (1) For cash or installments. 24.11(1)(a) (a) Except as provided under sub. (4) , public lands may be sold for cash to be paid at the time of the sale or according to the terms specified under par. (b) . 24.11(1)(b) (b) The first payment shall be not less than 15 percent of the purchase price, and shall be made at the time of the sale together with interest on the deferred payments in advance to February 1 of the following year. However, the first payment may not be less than the value of the timber, if any, on the lands sold. Annual payments of principal and interest shall be made for a maximum of 20 years after the date of the sale, with interest on the principal at the rate of 7 percent per year, payable annually in advance on February 1 of each year. 24.11(1)(c) (c) Except as provided under s. 24.09 (1) (bg) and unless otherwise required by law to be deposited into a fund other than any of the trust funds, as defined in s. 24.60 (5) , all moneys received from the sale of public lands on or after May 3, 2006, shall be credited to the appropriate trust fund in an account specified in s.