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In business finance quarterly finance quarterly businesses to save $24 million from State's sale of bonds Children of loan defaulters fight bank over seizure of savings accounts By Cy Ryan staff writer By Cy Ryan staff writer CARSON CITY — Nevada businesses are going to enjoy a small cut in their annual unemployment taxes next year. The state Treasurer's Office last month sold $548.9 million in bonds at an interest rate slightly below 1 percent. The money will be used to retire a federal loan to the state during the recession to cover benefits for the unemployed. And it will reduce the interest rate businesses have had to pay on the federal loan. "It was a successful sale," said Lori Chatwood, deputy treasurer. At the same time the bonds were being sold, the state Employment Security Division held a public hearing and made a preliminary decision to lower the average unemployment tax rate from 2.25 to 1.90 percent. Division Administrator Renee Olson said this bond sale would save employers $24 million. Without the sale, the average tax per worker would have been $717 but that will be reduced to $712. Businesses pay an unemployment tax ranging from a low of 0.25 to 5.4 percent, depending on employee turnover. Olson will hold a formal hearing Dec. 4 to set the rate. But she indicated she supported the reduced rate. Brian McAnallen, vice president of government affairs for the Las Vegas Metro Chamber of Commerce, said business would be "held harmless" in the bond sale plan. Chatwood said Goldman Sachs and RBC Capital Markets purchased the bonds at a .996 percent interest rate. Those two firms are the senior underwriters and will then merchandise the bonds to other investors. She said 60 companies have expressed interest in buying the bonds. The state Board of Finance had authorized the issuance of $1.3 billion in bonds. Chatwood said the $548.9  million will be used to pay off the federal debt. Only about $50 million of the bonds will go toward replenishing the state's unemployment trust fund used to pay benefits to the jobless. CARSON CITY — Nevada State Bank is going after every penny to recover a $4.1 million loan that is in default. The Nevada Supreme Court said earlier this month that three teenagers should get a chance to prove the $11,901 in their savings accounts is theirs and can't be garnished just because their parents didn't make the payments on a real estate loan. The court ordered District Judge Jessie Elizabeth Walsh to hold a hearing as to whether the bank accounts of Haley, Tyson and Trey Brooksby really belonged to them and are not subject to seizure. Their father, Craig Brooksby, was a real estate developer in Clark County and obtained a $4.1 million loan from Nevada State Bank secured by a large parcel of land. The recession hit and the loan payments could not be paid. The bank foreclosed on the real estate and obtained a deficiency judg- ment against Craig Brooksby and his wife, Sonja. At the time the children — Haley, 19, Tyson, 17, and Trey, 15 — said the bank accounts were money given to them for their birthdays, college scholarships and wages they earned from odd jobs while in high school. These accounts were held jointly by their mother. Nevada State Bank obtained writs to seize the money from the savings accounts. Judge Walsh denied without a hearing a petition by the children to return the funds. The Supreme Court, in a decision written by Justice Ron Parraguirre, said it agreed that the bank is not entitled to retain any funds owned solely by the Brooksby children. The court said judge Walsh should give the children "an opportunity to demonstrate, in an evidentiary hearing, that the funds are owned by them and not by their parents." Court briefs said the parents now live in Utah and have not made any payments. Growing with our community. 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