Though interest rates were low, the Board of Commissioners of Public Lands was able last year to supply a record $35.5 million to Wisconsin's K-12 public school libraries.
Created at the time of statehood, the Board loans out money it has from timber sales and other revenue and the interest money is then by law given to school libraries. No tax money is used.
Executive Director Tia Nelson says the money enabled the board to put a book in the hand of every Wisconsin child...
"....96 cents on every dollar we earn we return to schools as school library aid for many schools this is the only library support they get. So we were really excited to distribute record earnings this year..."
The Board manages the Common School Fund as a permanent endowment to benefit public education. Four Oneida county school districts have gotten about $750,000 in support over the past five years from the Board of Commissioners of Public Lands. Vilas county has had more than $400,000 for five schools, and more than $320,000 for three Forest county school districts.
She says the loans given in this region also helped economic development..
"....in your area, we've partnered with the city of Rhinelander and Oneida county on several economic development loans. We've done over 12 million dollars in lending in Oneida couty alone in the last five years..."
Nelson says loans from the Board for economic development in the three counties was more than $18 million over the past five years.
