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<p class="paragraph" style="background:white"><span style="font-family:"Segoe UI",sans-serif;color:black;background:white"><img width="625" height="147" style="width:6.5069in;height:1.5277in" id="_x0000_i1025" src="cid:image001.png@01D86AD0.EF81E980" alt="Graphical user interface, text
Description automatically generated"></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="eop"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span style="font-family:"Segoe UI",sans-serif;color:black">FOR IMMEDIATE RELEASE<span class="eop"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black">May 18, 2022</span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
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<p class="MsoNoSpacing" align="center" style="text-align:center"><b><u><span style="font-size:16.0pt;font-family:"Segoe UI",sans-serif">For second time in 40 years, Idaho state government won’t borrow money to support cash flow, saving taxpayer dollars<o:p></o:p></span></u></b></p>
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<p class="MsoNoSpacing"><span style="font-family:"Segoe UI",sans-serif">Boise, Idaho – Given the state’s strong economic growth, the State of Idaho will not borrow money in the bond market to meet anticipated cash flow requirements for the upcoming fiscal year.<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><span style="font-family:"Segoe UI",sans-serif">This is the second year since 1982 that Idaho will not issue a State of Idaho Tax Anticipation Note (TAN) to meet the anticipated cash flow requirements due to the time lag between when
state revenue is received and when state expenses are incurred.<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><b><span style="font-family:"Segoe UI",sans-serif">“This move is about good government and prudent management of taxpayer dollars. Given the uncertain economic times, we must minimize state borrowing and limit the amount of General Fund
that is committed to interest payments on loans,”</span></b><span style="font-family:"Segoe UI",sans-serif"> Governor Brad Little said.<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><span style="font-family:"Segoe UI",sans-serif">The move was approved today by the Treasurer’s Credit Rating Enhancement Committee.<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><span style="font-family:"Segoe UI",sans-serif">When the state issues TANs, the state pays interest to an external entity. In recent years the interest has averaged more than $15 million to a national bank. Those taxpayer dollars will
be saved this year by not issuing the TAN.<o:p></o:p></span></p>
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<span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black"># # # </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span class="eop"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black">NEWS MEDIA CONTACT: Marissa Morrison Hyer, Press Secretary </span></span><span class="eop"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black">208-943-1686 or </span></span><span style="font-family:"Segoe UI",sans-serif;color:black"><a href="mailto:marissa.morrison@gov.idaho.gov" target="_blank"><span class="normaltextrun"><span style="color:#0563C1;text-decoration:none">marissa.morrison@gov.idaho.gov</span></span></a><span class="normaltextrun"> </span><span class="eop"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><span style="font-family:"Segoe UI",sans-serif;color:black">-- </span></span><span class="eop"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span style="font-family:"Segoe UI",sans-serif;color:black"><a href="https://visitor.r20.constantcontact.com/manage/optin?v=001jPcDrZTUF2iffZAaFR5CaCO9D9OTNmcIrS9m2JnRBQLxSmCCDvAfzkhQC6WRNcW4O6931CUyPvAzTSP21AiJ4rioUvabaHbWJxzuwF2hEYM%3D#_blank" target="_blank"><span class="normaltextrun"><i><span style="color:#0563C1;text-decoration:none">Sign
up to receive news from Governor Little</span></i></span></a><span class="normaltextrun"> </span><span class="eop"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
<p class="paragraph" style="background:white"><span class="normaltextrun"><i><span style="font-family:"Segoe UI",sans-serif;color:black">Reply to this e-mail to unsubscribe</span></i></span><span class="eop"><span style="font-family:"Segoe UI",sans-serif;color:black"> </span></span><span style="font-family:"Segoe UI",sans-serif"><o:p></o:p></span></p>
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