The Banking and Strategy Initiative

Chillin' out till it needs to be funded

Arizona borrows $700M line of credit for 2009| Phoenix Business Journal

zyakaira notes: To date the Jobs report at recovery.gov is showing jobs being created in non existent (congressional) districts, Arizona RE is still down 75-90% over 2007..it all happened here and they are borrowing more from a private bank, why doesn’t the Obama Administration print for them? We know ist is irreproachably above the law and all that but the stimulus has a lot of these funds still available!! Jobs are not really happening, mortgages are not being denominated in the numbers provided for.. and the Healthcare bill not fall short unless we find where the real money would be needed in the pipeline..best of luck to recovery.gov

On the other hand, it’s good that the bank can get together for Arizona right now, may be it will just get paid from one of Geithner subscribed kitties down the line..

You think you owe your bank and credit card company a lot of money?

The state of Arizona is primed to take out a $700 million line of credit (essentially a loan) with Bank of America (NYSE: BAC) to help deal with its budget deficits and financial woes.

The Arizona State Loan Commission will hold a meeting on the BofA credit line/loan on Thursday, State Treasurer Dean Martin said Wednesday.

The agenda of the meeting includes notations that in order to discuss the loans, the Loan Commission may go into closed-door sessions that will not be open to the public.

The state faces large budget deficits that could total as much as $4.5 billion for the rest of this fiscal year and the next budget year.

The Loan Commission comprises Martin, Gov. Jan Brewer and Arizona Department of Administration director David Raber.

 

State plans to take out $700M line of credit – Phoenix Business Journal:.

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This entry was posted on November 19, 2009 by in Obamanomics, TARP, US and tagged , , , , , , , , , .

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