LB - RoomStore 0503

Home | Classifieds | Place Ad | Public Notices | Galleries | Kudos | Obits | Real Estate | Subscriber Services | Villager | Health Directory | Contact Us
The Verde Independent | Cottonwood, Arizona

home : latest news : state May 24, 2016

2/15/2012 1:18:00 PM
No progress on Brewer plan to re-acquire state buildings
Gov. Jan Brewer:
Gov. Jan Brewer: "I think it's important that we own the state Capitol.'

Howard Fischer
Capitol Media Services

PHOENIX -- Jan Brewer did not get what she wanted for the state's 100th birthday.

In her State of the State speech last month, the governor pointed out that Arizona does not currently own the House, the Senate and the Executive Tower. They were essentially mortgaged off two years ago as part of $1 billion in borrowing to balance the budget.

That deal gives the state 20 years to pay off the debt, with the option to pay it off early in a decade.

Brewer, however, sketched out a plan where the state could put the $106 million payoff into a special account and get the lenders to let go of their hold.

"And together we can celebrate the burning of that mortgage,' she told lawmakers.

But the birthday came and went on Tuesday. And there is not even legislation in the pipeline to do what she wants.

In fact, Rep. John Kavanagh, R-Fountain Hills, said it's unlikely the governor will get what she wants any time this year.

He agreed that there is extra cash this current year. And lawmakers anticipate a surplus for the new fiscal year that starts July 1.

But Kavanagh, who chairs the House Appropriations Committee, said not everyone is convinced it makes sense to use the excess on this. He said it is possible the state will actually be back in the red two years from now once the temporary one-cent sales tax expires May 31, 2013.

"A lot of members want to pay down the debt,' he said. "And others want to put it into a larger rainy day fund so in 2015 if we have a major shortfall we can handle it without drastic program cuts.'

Kavanagh said Brewer's request is likely dead this year. He said lawmakers will revisit her early payoff proposal next year after they have a better idea of the long-term revenue prospects.

Brewer told Capitol Media Services she was disappointed.

"I thought it would be a very nice gesture on behalf of our elected officials and myself to be able to pay the Capitol off in celebration of this very wonderful day,' she said Tuesday.

The governor acknowledged that $106 million figure to pay off the mortgage now is exactly the same amount the state would have to pay if it made the final payment eight years from now. But she said that does not make the early payoff just symbolic.

"I think it's important that we own the state Capitol,' Brewer said.

Taylor Waste

    Most Viewed     Recently Commented
•   Police soon will have one more reason to pull you over (4332 views)

•   'A Great Celebration' -- Mingus seniors prepare for graduation, commemorate scholarships and awards (3523 views)

•   Dowling steps down; Cottonwood election promises new interest (2911 views)

•   New trial sought for Jack Rider (2695 views)

•   What's hot in Verde Valley job market? (2684 views)

Article Comment Submission Form
Comments are not posted immediately. Submissions must adhere to our Use of Service Terms of Use agreement. Rambling or nonsensical comments may not be posted. Comments are limited to Facebook character limits. In order for us to reasonably manage this feature we may limit excessive comment entries.
Submit an Article Comment
First Name:
Last Name:
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.

Advanced Search

HSE - We want to hear from you
HSE - Father Son Look a Like Contest
Find more about Weather in Cottonwood, AZ
Click for weather forecast

Submission Links
 •  Submit your feedback about our site

Find It Features Blogs Celebrate Submit Extras Other Publications Local Listings
Classifieds | Place Ad | Galleries | Kudos | Real Estate | Subscriber Services | e-News | RSS | Site Map | Find Verde Jobs | Contact Us
LB - Home Furnishings Direct 0519

© Copyright 2016 Western News&Info, Inc.® The Verde Independent is the information source for Cottonwood and Verde Valley area communities in Northern Arizona. Original content may not be reprinted or distributed without the written permission of Western News&Info, Inc.® Verde News Online is a service of WNI. By using the Site, ®, you agree to abide and be bound by the Site's terms of use and Privacy Policy, which prohibit commercial use of any information on the Site. Click here to submit your questions, comments or suggestions. Verde News Online is a proud publication of Western News&Info Inc.® All Rights Reserved.

Software © 1998-2016 1up! Software, All Rights Reserved