SACRAMENTO (AP) ― A state public works board has approved retiring bonds on several state-owned office buildings, paving the way for California to sell the properties as a way to raise cash quickly.

The board’s 3-2 vote Monday allows a deal brokered by Gov. Arnold Schwarzenegger’s administration to move forward. It will give the state $1.2 billion to plug a budget deficit in the current fiscal year.

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The approval came despite a report last week by the state’s nonpartisan legislative analyst, which said the sale will end up costing California taxpayers $1.4 billion over 35 years. The state plans to rent the office space back from the private owner.

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Representatives for state Treasurer Bill Lockyer and Controller John Chiang voted against retiring the debt, while three administration appointees voted in favor.

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