Bail-Out Bill benefits Lincoln County

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Bail-Out Bill benefits Lincoln County
Reauthorizes Secure Rural Schools and Self Determination PILT funds
by Duane Williams, KLCB 1230 AM Libby News Radio
October 7, 2008
As you have probably heard, the Senate passed the Emergency Economic Stabilization Act of 2008 last Friday on a vote of 263 to 171. The U.S Senate passed it last Wednesday 74 to 24.

That is the "bail out bill" for Wall Street and the national financial crisis.

But more importantly, perhaps, it is a bail out bill for Lincoln County.

The bill contained the language that will reauthorize Secure Rural Schools and Self Determination through 2011 and will fully fund Payment In Lieu of Taxes through 2012. One of the specific provisions related to PILT is it will be fully funded for 2008.

Lincoln County depends on those monies to fund the county road fund, the interest of which is used to reduce residents taxes. Part of the money helps fund schools and emergency services.

This year's county budget was poised to hit the road fund principal to the tune of 3 million dollars to pay the county's bills. Less principal means less interest and less relief for taxpayers.

With the passage of the Emergency Economic Stabilization Act of 2008 the stress is off the county road fund, and the county budget.

Lincoln County will receive a little over 26 million dollars over the life of the legislation, which is 4 years.
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Story by Duane Williams, KLCB 1230 AM Libby News Radio, www.todaysbestcountryonline.com.

LibbyMt.com > News > October 2008 > Bail-Out Bill benefits Lincoln County

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