Richard Williamson

With the threat of a lawsuit rising and a Monday deadline looming, the Dallas suburb of Irving, Tex., on Thursday sought a way to resolve a bond financing dilemma for a $252 million entertainment center. The triple-A-rated city expected two years ago to be able to issue up to $170 million of debt to finance the project. Since then, the city council majority in favor of the project, including the mayor, has been turned out of office. The city recently received confirmation that revenue bonds issued for the project would be rated below investment grade.

With its ability to issue debt limited by discovery of a phony audit used in an earlier bond official statement, the New Mexico Finance Authority is proceeding with an investigation to clear up the debacle.

Three months after winning overwhelming passage of a $596 million bond issue, San Antonio is issuing the first debt from that authorization as part of a $200 million negotiated deal this week.

Dallas-Fort Worth International Airport plans to issue $381 million of new money for its $2 billion terminal remodeling program as the airport's largest tenant, American Airlines, considers possible mergers under bankruptcy protection.

Texas revenues are expected to run $5 billion higher than previously projected over the next two years, Comptroller Susan Combs reported.

Standard & Poor's on Wednesday placed New Mexico Finance Authority's triple-A rating on its watch list for a possible downgrade in the wake of disclosure's that the authority's most recent audit was phony.

Two toll-road operators in the Houston area whose systems interlink will issue $379 million as the systems continue to expand in the suburbs of Texas' largest city.

The New Mexico Finance Authority met in an emergency session Monday after learning that a phony audit had been used in statements to bond investors.

Baylor College of Medicine, the largest private medical school in the Southwest, plans to issue $320 million of bonds next month to refinance fixed and variable rate debt and stabilize its financial structure, officials said.

Denver's Regional Transportation District will decide by the end of the month whether to proceed with a $350 million light rail line through the suburb of Aurora after winning positive comments at a public hearing this week.

The city of Austin is refunding commercial paper, long-term debt and terminating a swap through a $335.9 million negotiated deal through Goldman Sachs & Co. Wednesday.

Texas Gov. Rick Perry on Monday said he would reject an estimated $62 billion in federal funding to expand Medicaid in the state, citing states' rights.

In a state where drought has threatened to slow growth, Texas Land Commissioner Jerry Patterson is proposing a desalination project to supply water for development on state-owned land while raising revenue for the state Permanent School Fund.

Glendale, Ariz., officials have until July 24 to validate 4,100 petition signatures seeking to reverse a city tax increase expected to produce $23 million per year.

For states planning cash flows over the next two years, passage of the federal Highway Bill creates a positive scenario for grant anticipation revenue vehicles known as Garvees, according to ratings analysts.

Congress' $101.3 billion highway bill will advance the development of Interstate 69 between the border with Mexico and Texas seaports, state officials said.

Standard & Poor's downgraded the Dallas Center for the Performing Arts Foundation one notch to the lowest investment-grade rating of BBB-minus, citing ongoing budget shortfalls and management problems.

Arizona Secretary of State Ken Bennett on Tuesday rejected petitions signed by more than 290,000 voters calling for a Nov. 6 vote to continue a 1-cent sales tax that expires in May.

Texas A&M University System Board of Regents will complete a $196 million issue of Permanent University Fund bonds Tuesday with a $71 million refunding expected to provide net present value savings of 13.4%, or $10.7 million.

The "hurry-up offense" appears to be working for the Harris County Houston Sports Authority, as Standard & Poor's has improved the outlook on the stadium builder's junk-rated junior-lien debt. The outlook on the B-rated bonds went to stable from negative in S&P's recent report.