MONTGOMERY, Ala. (AP) – Alabama is whittling down the debt it owes to a state trust fund for money borrowed during the recession.
Gov. Robert Bentley announced Thursday that the state will repay $70 million to the Alabama Trust Fund from fiscal 2014 revenue. Half of that was required by state law, and the other half became available because of extra revenue the state received.
The state borrowed $437 million in fiscal 2009 to operate public education when state tax collections fell during the recession. The $70 million will bring the repayment so far to $344 million and leave $93 million still owed to the trust fund.
The governor said fiscally responsible budgeting, an improving economy and stronger revenues contributed to the repayment.
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