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Home / agencies / State borrows $700M; first external loan since Great Depression (access required)

State borrows $700M; first external loan since Great Depression (access required)

The State Loan Commission has approved a $700 million line of credit from Bank of America, marking the first external borrowing the state has done since the Great Depression. State Treasurer Dean Martin said his office will finalize the agreement with Bank of America next week and will begin issuing treasurer's warrants by the end of November.

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Ducey proposes $176 million in new spending, largely on K-12 education (access required)

Gov. Doug Ducey filled in the details of many of the proposals he unveiled in his State of the State address with an executive budget plan that includes $176 million in new spending for fiscal year 2018, with the lion’s share going to K-12 education.