SACRAMENTO, Sept. 25 (UPI) -- Gov. Arnold Schwarzenegger intends to sell 11 California state office buildings and other property so bonds can be paid off and money saved on interest.
Many of the buildings went up in the 1990s under former Gov. Pete Wilson, the Sacramento Bee reported. At the time, with the economy at full bore and tax money pouring in, officials said the construction would save money on rent.
Eric Lamoureux, a spokesman for the Department of General Services, said 11 properties would be put up for sale early next year. He said they have a total value of about $2 billion and $1.4 billion in outstanding debt.
The $600 million will go to "other critical state government programs," Lamoureux said.
If the sales go through, the state will go back to being a tenant in the buildings.