October 21, 2014
LAS VEGAS (AP) - Nevada legislators are approving a $23 million
interest payment to the federal government on money borrowed to
cover unemployment claims in the state with the nation's highest
The Nevada Appeal reports that a legislative interim finance committee allocated the money Wednesday. The payment is due by Sept. 30.
State officials say Nevada must pay the interest to maintain a certified unemployment program.
They say a larger interest payment of about $40 million will come due in a few months.
The recession-wracked state has now borrowed $773.2 million from
the federal treasury to cover unemployment checks.
Borrowing started when an $800 million cushion of reserves dried up in October 2009.
Nevada's unemployment rate stands at 12.9 percent.