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ADOA says new state financing on track

The state says it’s on track to obtain new financing that Treasurer Dean Martin says Arizona needs to avoid having to issue IOUs for state paychecks and other payments in February.

The state plans to sell securities to investors to raise $735 million through sale-leaseback deals on about a dozen state buildings and other facilities. Department of Administration spokesman Alan Ecker said Dec. 8 his office is “on track” to get the money in January.

Martin said Dec. 7 that the state will use up its current borrowing sources by January and will need the sale-lease money to cover a school aid payment in early February.

According to Martin, alternatives would include issuing IOUs and getting legislative permission to delay the aid payment.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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