A loan from a state trust fund will help finance road projects in Orfordville.
On Tuesday, the state Board of Commissioners of Public Lands approved a State Trust Fund loan totaling $275,000 for the village.
The money will significantly improve the quality of the streets, said Karl Stuvengen, Orfordville public works director.
“We have several streets—almost all of them—that need crack filling and chip sealing,” Stuvengen said. “It gives you five to seven years or more of added life.”
The loan will cover almost all streets that need to be repaired, he said.
The village will hire a contractor to do the work because its public works department doesn’t have the equipment, Stuvengen said.
He expects that the project will start sometime this spring and will take a couple of weeks.
The money comes from a trust fund that was established in 1848 as part of the state constitution, according to a news release from the Board of Commissioners of Public Lands.
Initially intending to support public libraries, the board later started loaning money to municipalities and school districts for “public purpose projects” such as economic development, local infrastructure, capital equipment, and building repairs and improvements, according to the board’s website.
Over the past 10 years, the board has invested more than $1 billion in projects throughout the state, according to the website.
Along with the Orfordville loan, the board also awarded $1 million to the village of Sommers in Kenosha County for tax incentives and other costs related to its tax incremental financing district.