According to the Department of Administration, the state plans to raise the cash starting in January through certificates of participation sold through securities firms selected under the state procurement system.

The department says the state will “nominally” sell the properties under a bulk lease-purchase agreement that would have the state pay annual lease payments for up to 20 years.

Under the budget legislation signed into law by Gov. Brewer on Sept. 4, ownership of the properties would revert to the state at the end of the lease.