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Arizona refinancing state property to balance budget
Faced with a state budget crisis that won't quit, Arizona lawmakers are offering to sell legislative buildings, prisons and other facilities that the state would then lease back, effectively taking out a mortgage on paid-for state property.

From The Associated Press:

The plan signed by Gov. Jan Brewer two months into the new fiscal year as part of a budget package will put a combination of prisons and other facilities up for sale to raise $735 million. Included in the list are the executive office tower housing the governor's office and the state police headquarters.

The $8.7 billion spending plan closed most of a $3.2 billion revenue shortfall with a combination of spending cuts, borrowing, use of federal stimulus money and a variety of budget-balancing maneuvers.  Read more.

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