The town of Campbell has received more than $1 million in State Trust Fund Loans for roadwork and purchase of a new fire truck.
The Board of Commissioners of Public Lands approved the two loans, which total $1,050,000, to the town of Campbell during its Dec. 4 meeting.
Campbell will use the $700,000 loan toward reconstructing residential roads and adding drainage systems and some stormwater connections that would prevent water from flooding residential properties, town clerk and treasurer Chad Hawkins said.
The second loan of $350,000 will go toward replacing a Campbell fire truck that is 35 years old, Hawkins said. The Campbell fire department has three fire trucks and is staffed by volunteers, Hawkins said.
The town’s five-member board voted unanimously to apply for these loans, which cannot be used for any other purpose, in a meeting Nov. 13. During the meeting, the town board also voted to pay for the loans by levying taxes on taxable town property.
Under the loan conditions, the town will repay the state in yearly installments through March 2023 at a fixed annual interest rate of 4.25 percent.
The interest on the loan is used toward state funding for library materials in K-12 public schools.