State sells 20 properties for $735 million

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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.