MARSHFIELD, WI (WSAU) — Even though fundraising goals have been met for the Marshfield School District’s new $11-million dollar athletic facilities project, district officials will still pursue a $7-million dollar loan, or credit line, to cover any discrepancies between the actual collection of pledges and the payment of bills as they come due from contractors.
At this week’s school board meeting, Finance Committee chair Dale Yakaites explained the issue, and said there won’t be any interest on the borrowed funds unless they’re actually used.
“There’s an issue in that many of these pledges are over a five-year period,” and according to Yakaites, “in terms of having to pay the bills to your contractors ahead of time, there’s somewhat of an imbalance there as to money in and money out.”
In regard to the loan, Yakaites explained that, “The money is available but we won’t be paying interest on any of that until some of that is actually needed to pay-off bills, if the money coming in doesn’t match the money that we actually owe to contractors.”
The district has also already pledged $4.2-million in matching funds to the more than $11-million dollar project.
