The exact amount of money owed is unclear because companies are responsible for looking through their records and calculating the amount. Also, the amount is increasing for many of the companies that are fighting overdue payments in court, racking up interest and penalties on the principle all the while., Turley reports.
"Once repaid, the money goes to the Common Schools Trust Fund, which supports public K-12 education in the state. The fund that also receives income from land leased to ranchers, a tobacco lawsuit settlement and earnings on investments provided nearly $367 million toward the state's school funding during the current two-year budget cycle," Turley reports. "The amount for schools was increased to $419 million for the next two-year cycle to soften any blows to state aid resulting from the coronavirus, low oil prices and overall economic downturns."
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