Nevada Gov. Jim Gibbons signed four bills that will cut spending and allow borrowing from local government investment funds to close a $340 million gap in the state’s $6.8 billion 2007-2009 biennial budget.

The package of bills cuts $73 million from state programs, but it closes the vast majority of the budget gap with $77 million of inter-fund transfers and $160 million of borrowing from local government investments. On the revenue side, the bills accelerate collection of $28 million in mining taxes.

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