Wisconsin Rapids City Council Approves $725K Trust Fund Loan for Roadwork

The Wisconsin Rapids Common Council convened on July 15, 2025, to discuss several key agenda items, with a significant focus on financing roadwork through a proposed loan.

The meeting began with a detailed consideration of a resolution to approve borrowing $725,000 from the Board of Commissioners of Public Lands State Trust Fund. This funding is earmarked specifically for road construction and associated expenses. The resolution was presented by a council member, who emphasized that this action follows a previous intent to apply for the loan, which was approved in the last meeting.

The council reviewed the legal framework allowing municipalities to borrow funds under Wisconsin statutes. It was noted that the loan would be repaid over five years at an interest rate of 5.5% per annum, with annual installments required. To ensure repayment, a direct annual tax will be levied on all taxable property within Wisconsin Rapids and Wood County.

The resolution also stipulates that the funds must solely be used for roadwork, requiring consent from the Board of Commissioners for any other use of the loaned money. Following the presentation, a motion was made to approve the resolution and the associated application, which was seconded and passed unanimously.

In conclusion, the council's approval of the resolution marks a significant step towards enhancing the city's infrastructure through necessary road improvements, with the financial backing of the state trust fund. The council will continue to monitor the progress of this initiative in future meetings.