The Arizona Loan Commission has approved a plan that will allow the state to negotiate with banks for short-term loans for the first time since the Great Depression as the decline in revenue continues.

The commission consists of Gov. Jan Brewer, state Treasurer Dean Martin, and director of administration William Bell. It voted to allow the state to borrow between $104 million and $184 million each day for a week in April at an interest rate of no more than 2.25%.

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