state paying debt

State Paying Debt
3:41 pm
Fri September 27, 2013

Alabama Pays Majority Of Rainy Day Fund Debt

Gov. Robert Bentley says the state will repay $260 million to the Rainy Day Fund for public schools in the next few days.
Credit istockphoto

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

He 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.

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