Missouri borrows additional $75 million from reserve fund

Wednesday, August 19, 2009 | 5:41 p.m. CDT; updated 7:11 p.m. CDT, Wednesday, August 19, 2009

JEFFERSON CITY — Missouri is borrowing an additional $75 million from its reserve fund to keep the state's finances afloat, the state budget office announced after the close of business Wednesday.

The agency said it borrowed the money to ensure there will be a sufficient cash balance to pay the state's obligations.

This is the second straight month Missouri has dipped into its reserves. Last month, the state borrowed $125 million from the reserve fund for cash-flow purposes.

The state's fiscal year began July 1, and money borrowed from the reserve fund must be repaid with interest by mid-May of 2010.

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