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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Eye On Boise

Plan to finance state’s unemployment debt to feds clears House committee

Here's a news item from the Associated Press:  BOISE, Idaho (AP) — A plan headed to lawmakers in the Idaho House would refinance some $200 million in federal loans the state has used to buttress its unemployment safety net. The House Commerce and Human Resources Committee approved the legislation Friday. It now goes to the full House. Idaho began borrowing from the federal government in June 2009 and under the legislation, would sell revenue bonds to retire the debt then repay the bonds over four years. Selling the bonds at less than 3 percent interest, thanks to Idaho's solid credit rating, is expected to save millions of dollars in interest. Proponents of the plan say it will also spare businesses a $157 million hit from a federal tax credit they'd otherwise lose if Idaho remains in arrears to the federal government.



Betsy Z. Russell
Betsy Z. Russell joined The Spokesman-Review in 1991. She currently is a reporter in the Boise Bureau covering Idaho state government and politics, and other news from Idaho's state capital.

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