CONTACT: Tia Nelson, Executive Secretary (608) 266-8369
MADISON –The Board of Commissioners of Public Lands today approved three State Trust Fund Loans totaling slightly more than $9.9 million to benefit a school district and a municipality to fund their public purpose projects.
Loans approved include:
* City of Menasha – Calumet & Winnebago Counties / Finance street construction / $350,000
* School District of Shorewood – Milwaukee County / Refinance prior service pension liability / $3,600,000
* School District of Shorewood – Milwaukee County / Fund trust for OPEB expenditures
In the last 12 months, including actions approved today, the Board of Commissioners of Public Lands has approved 168 loan applications totaling nearly $144 million. The loans can be made to municipalities and school districts for any public purpose.
The Board also gave staff authority to invest in an additional $40 million in State of Wisconsin General Obligation Bonds. These investments will diversify the Board’s portfolio and also increase investment returns.
Created in 1848 by the Wisconsin Constitution, the Board of Commissioners of Public Lands was established to accept federal land grants and to manage trust funds for the benefit of public education in Wisconsin. The Board consists of Secretary of State Doug La Follette, Attorney General J.B. Van Hollen and State Treasurer Kurt Schuller. The majority of Trust Fund assets are held in the Common School Fund, from which the majority of State Trust Fund loans are issued. Earnings from this fund are distributed to K-12 school libraries annually. A total of $33.6 million will be distributed to public school libraries in 2011.
A complete list of Wisconsin municipal and school projects funded by today’s Board action can be found here: (http://bcpl.wisconsin.gov/docview.asp?docid=21821&locid=145).
A list of loans approved in the last twelve months can be found here: (http://bcpl.wisconsin.gov/docview.asp?docid=21820&locid=145).
The agency’s current biennial report can be found here: (http://bcpl.wisconsin.gov/docview.asp?docid=18464&locid=145).
