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Thursday, August 11, 2022
HomeNewsArchivesTURNBULL SIGNS BILL AUTHORIZING BORROWING

TURNBULL SIGNS BILL AUTHORIZING BORROWING

Gov. Charles W. Turnbull on Monday signed into law the measure giving him power to shift funds to meet payroll and establish a $35 million line of credit with local banks to prevent another payless payday.
His action came the same day government workers got their delayed paychecks, which the government couldn't issue Thursday because it didn't have the entire $13 million needed for the biweekly payroll.
The new law authorizes emergency borrowing to meet future payrolls, establishes a tax-amnesty program and provides an appropriation to repay and match community disaster loans.
A release from Government House said it will give Turnbull the "necessary legal authority to continue meeting its obligations through the rest of the fiscal year," which ends Sept. 30.
Some officials have voiced concern that government could face another payless payday in July, which is traditionally a slow tax-collection month and has three paydays this year.
The governor's release said the administration "has also instituted a series of measures to streamline its operations and reduce expenditures," but did not detail them.

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Gov. Charles W. Turnbull on Monday signed into law the measure giving him power to shift funds to meet payroll and establish a $35 million line of credit with local banks to prevent another payless payday.
His action came the same day government workers got their delayed paychecks, which the government couldn't issue Thursday because it didn't have the entire $13 million needed for the biweekly payroll.
The new law authorizes emergency borrowing to meet future payrolls, establishes a tax-amnesty program and provides an appropriation to repay and match community disaster loans.
A release from Government House said it will give Turnbull the "necessary legal authority to continue meeting its obligations through the rest of the fiscal year," which ends Sept. 30.
Some officials have voiced concern that government could face another payless payday in July, which is traditionally a slow tax-collection month and has three paydays this year.
The governor's release said the administration "has also instituted a series of measures to streamline its operations and reduce expenditures," but did not detail them.