Treasurer says state needs to borrow cash - East Valley Tribune: Arizona

Treasurer says state needs to borrow cash

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Posted: Wednesday, November 18, 2009 9:59 am | Updated: 2:39 am, Sat Oct 8, 2011.

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 IOUs 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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