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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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State cash reserves should last through September (access required)

The state's cash reserves are dwindling fast, but Arizona should be able to keep paying its bills through the end of September. If no budget is in place by the start of October, however, the state will likely have to borrow from the private sector for the first time in memory, if not the state's history.

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