City officials this week received approval for a $4,827,000 loan from the Board of Commissioners of Public Lands to finance water/sewer infrastructure improvements and pay for future land acquisition.
Wausau is one of two Marathon County communities to receive loan approval from the fund, which was established decades ago through the sale of school trust lands. The village of Spencer received $50,000 to purchase equipment.
About $4 million of the Wausau loan will fund water and sewer capital projects, while the remaining $827,000 will finance land expansion in the Wausau Business Campus, says MaryAnn Groat, the city’s finance director.
The BCPL manages funds derived from the sale of school trust lands more than 100 years ago and generates investment income for public school libraries. More than 96 cents of every dollar of interest earned is distributed to school programs statewide.