State loans have been approved that will allow the city of Waupaca to refinance over 2 million dollars in debt. The Board of Commissioners of Public Lands approved four state trust fund loans totaling 2.25 million dollars at their meeting Tuesday. The city will see a savings of hundreds of thousands of dollars with the re-fi. The four loans approved refinance debt on community development authority lease revenue bonds from 2001 through 2004. The Board of Commissioners of Public Lands operates entirely on program revenue, without taxpayer money, and distributes more than 96 cents of every dollar of interest earned on state trust fund investments to Wisconsin’s public schools.