State borrows $700M; first external loan since Great Depression

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

By Jeremy Duda - jeremy.duda@azcapitoltimes.com

Published: November 19, 2009 at 1:37 pm

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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