A bill from the Senate to help counties and other agencies that are applying for short-term budget impasse loans from State Treasurer Stacy Garrity is headed to the house for a vote.
Senate Bill 1040 would authorize Garrity to waive any interest charges from the loans. The Treasury’s Bridge Loan Program would provide up to $500 million in low-interest loans from the Liquid Asset Pool Investment Fund for county governments, domestic violence and rape centers, Head Start agencies and approved agencies under the Pre-K Counts program. Those investment loans would cover up to 25% of a recipient’s state budget appropriation from the previous fiscal year. Senate majority leader Joe Pittman said by removing the interest payment, it lessens the burden on agencies that need the money now.
The bill passed mostly along party lines by a 29-20 vote with two Democrats joining all Republicans in the Senate in approving the bill.
