$43 Million in State Bonds Sit Idle as do Wisconsin’s Democratic State Senators
As Wisconsin State Treasurer, I am one of three Commissioners of the Board of public land which oversees the Common School Trust Fund. Currently the fund invests over $800 Million which it uses to fund the public school library system. In addition, the Board oversees the State Trust Fund Loan program, which makes low interest loans to local cities and towns across Wisconsin for much needed public infrastructure improvements. For many municipalities, these projects could not find funding anywhere else
The Commissioners have given the Board authority to invest $43 Million in general obligation bonds and they have expressed a strong interest in investing this money in the Governor’s Budget Repair Bill with regard to the refinancing in the bill. That means that 1/4 of the proposed bonding would stay right here in Wisconsin. This is a win-win for every citizen in Wisconsin. Not only does this help close the budget shortfall, the interest earned will stay right here in Wisconsin, supporting public school libraries and continuing to provide our local communities a place to turn to help finance important public work projects.
The window on this closes Friday. For the state to realize the savings by June 30th, the end of the fiscal year, the refinancing has to occur by February 25th. The 14 Democratic Senators who are currently AWOL are blocking the ability of Wisconsin to invest in the best public interest of all of our citizens. As State Treasurer, I call on them to return to Wisconsin, pass this bill and allow Wisconsin to invest in itself.