State sells 20 properties for $735 millionPosted: Updated:
PHOENIX -- The state sold more than 20 properties Thursday, including prisons, the state Capitol and both legislative chambers, for $735.4 million at a targeted interest rate at just over 4 percent.
That means the state should be able to make it through fiscal year 2010.
Ironically, the money has already been spent.
It is a sale-leaseback deal. The state will continue to lease the buildings and in 20 years should be able to buy all the property back.