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State Treasurer says Ariz. needs to borrow cash

Associated Press

Posted on November 18, 2009 at 3:35 PM

PHOENIX (AP) — For the first time ever, Arizona needs to borrow money to pay its bills.

State Treasurer Dean Martin estimates the state will need to borrow $700 million to get it through revenue shortfalls through June 30.

As of Tuesday, Martin said the state went over $500 million in IOU's and would need to turn to institutional lenders. Up to now, the state has been borrowing against internal accounts.

State lawmakers convening Tuesday for a special legislative session on the budget said it shows the dire financial situation Arizona faces.

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Information from: The Arizona Republic, http://www.azcentral.com

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