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Debt Dilemma (access required)

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2010 decision to mortgage state’s assets threatens cash reserves

Borrowing billions of dollars allowed Arizona to limp through the worst financial crisis in its history. But the decision to mortgage state assets that include the House and Senate buildings has an unwanted underside: It precludes the state from having significant cash reserves.

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Arizona said to be on track for financing

Arizona is on track to complete a big financing deal needed so the cash-short state government can pay its bills during February, officials said Jan. 6. The Department of Administration said it plans to complete approximately $735 million of sale-leaseback financing for prisons, legislative buildings and other state properties this month.

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