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Amery board votes to apply for $5 million state trust fund loan to refinance short-term debt
Summary
The Amery School District board unanimously approved submitting an application to the Board of Commissioners of Public Lands (BCPL) to consolidate four short-term notes into a single $5 million loan at a fixed 6.5% interest rate over up to 20 years; board members were told the loan is refinancing existing debt and not a new referendum tax.
The Amery School District board voted unanimously to apply for a $5 million state trust fund loan through the Board of Commissioners of Public Lands (BCPL) to refinance existing short-term borrowing.
At a special meeting, the board heard a presentation from Dr. Durfler outlining four current short-term notes that together total $5 million: a $3 million revolving line of credit from Old National Bank entered April 23, 2025 (6.75%); a $1 million tax-revenue anticipation note (TRAN) from Pillar Bank entered Oct. 21, 2025 (5.5%); a $500,000 TRAN from Pillar Bank entered Oct. 31, 2025 (5.95%); and a $500,000 revolving line of credit from Wisconsin Credit Union entered Nov. 17, 2025 (4.97%). Dr. Durfler said the resolution before the board would consolidate those obligations into one $5 million BCPL loan at a fixed 6.5%…
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