Senate bill refinances unemployment insurance debt - FOX 29 News Philadelphia | WTXF-TV

Senate bill refinances unemployment insurance debt

Updated:
  • Arizona PoliticsMore>>

  • Ducey vs. Duval: 10 weeks until election day

    Ducey vs. Duval: 10 weeks until election day

    Fresh off his decisive victory last night, Republican gubernatorial candidate Doug Ducey appeared on FOX 10 Arizona Morning talking about his priorities if he wins the state's highest office.
    Fresh off his decisive victory last night, Republican gubernatorial candidate Doug Ducey appeared on FOX 10 Arizona Morning talking about his priorities if he wins the state's highest office.
  • Ducey wins GOP primary for governor, faces DuVal

    Ducey wins GOP primary for governor, faces DuVal

    State Treasurer and former CEO Doug Ducey won the Republican primary for Arizona governor Tuesday, riding to victory with a campaign that focused on his blend of government and business experience in serving as a state official and building an ice cream company into a national brand.
    State Treasurer and former CEO Doug Ducey won the Republican primary for Arizona governor Tuesday, riding to victory with a campaign that focused on his blend of government and business experience in serving as a state official and building an ice cream company into a national brand.
  • 2014 Arizona Primary election: Track top races

    2014 Arizona Primary election: Track top races

    The poll results are coming in, and some races have already been called.  | Full election results
    The poll results are coming in, and some races have already been called.  | Full election results

By BOB CHRISTIE
Associated Press

PHOENIX (AP) - The Department of Economic Security wants the Arizona Legislature to give it the authority to issue up to $200 million in bonds to pay back a federal government loan used to pay unemployment benefits during the recession.

The loans are routinely made to states during periods of high unemployment and then repaid when rates go back down using revenue from employer premiums for the unemployment insurance program.

Arizona's unemployment trust fund is expected to be back in the black by mid-2014. But the state will owe between $6.5 million and $8 million in interest if it doesn't repay the loan by Sept. 30. Arizona's current $311 million loan is slowly being repaid.

The bonds are essentially a refinancing of that debt that also avoids higher employer rates.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices