Alabama Pays Majority of Rainy Day Fund Debt

By: The Associated Press
By: The Associated Press

Montgomery, Ala.
Gov. Robert Bentley says the state is about to repay the majority of a big debt it owes.

Bentley said Friday the state will repay $260 million to the Rainy Day Fund for public schools in the next few days. He says the repayment is a sign the economy is picking up in Alabama, including the collection of more income and sales taxes.

The state's Rainy Day Fund was empty when Bentley came into office because $437 million had been removed to shore up the state education budget during the recession in 2009. State law required the repayment of the money by Sept. 30, 2015.

Bentley says $14.4 million was repaid last year, and the state is on schedule to repay the remaining money on time without raising taxes.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WTOK-TV 815 23rd Ave Meridian, Ms. 39301 Phone: (601) 693-1441
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 225551652