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Darlington school district gets $1.8M loan
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DARLINGTON - The Darlington school district was granted a $1.8 million loan Tuesday by the Wisconsin Board of Commissioners of Public Lands.

The loan will help the school district refinance an existing bond issued when the elementary/middle school was built about 12 years ago, board President William McDaniel said.

McDaniel said the school was built for about $5 million. Refinancing the bond, which he expects to be paid off in four years, should save the school district about $40,0000. McDaniel said the district was looking for ways to save money.

Darlington was one of 23 communities to receive loans to help with such things as future school additions, purchasing a fire truck and promoting economic development.

The board manages four trust funds to support education in Wisconsin. Most of the funds' principal goes to loans for school districts and municipalities.

The board has approved more than $72 million in loans to state communities over the past month. So far this year, the board has approved 209 loans worth $208 million.

State Treasurer Dawn Marie Sass says the board's trust fund loan program provides an option for municipalities struggling to get loans in the dismal economy.

"As Wisconsin municipalities find they cannot get financing from banks or the frozen bond market, they are discovering the State trust Fund Loan Program as a great source of financing," Sass said. "We are a reliable lender that is easy to work with, offers reasonable rates of interest and has money to lend."

The Wisconsin Board of Commissioners of Public Lands was created in 1848.