Arizona

Abstract Arizona's economy in April hit its highest level since December 2008, with activity outpacing the nation, according to a report last week from Comerica Bank.

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.

A campaign to make permanent Arizona's 1% sales tax may be derailed by a discrepancy between the official version of the ballot language and the petitions being circulated to put the initiative on the November ballot.

The El Mirage, Ariz., City Council has adopted a $43.5 million capital improvement plan for fiscal 2013 that includes the proceeds of $8.5 million of general obligation bonds approved by voters in November 2011.

Gilbert, Ariz., will not be able to issue any general obligation bonds or other authorized debt this year after the City Council voted last week to keep the secondary property-tax rate unchanged in fiscal 2013 for the 11th year in a row.

The Tempe, Ariz., City Council will decide later this month on whether to send a $29.8 million general obligation bond program to voters in November. The council gave its preliminary go-ahead to the plan last week.

Arizona proponents of a plan to make permanent a temporary 1% state sales tax said they already have more than enough signatures to put the measure on the Nov. 6 ballot.

Trustees of Maricopa Unified School District No. 4 last week opted to send a $230 million general obligation bond request to voters Nov. 6, turning down a proposal for a larger bond package.

DALLAS — Glendale, Ariz., would set aside $24 million for improvements to its $220 million Jobing.com arena under a lease to the proposed buyer of the National Hockey League’s Phoenix Coyotes.

DALLAS — Glendale, Ariz., would pay nearly $325 million in management fees to the proposed buyer of the Phoenix Coyotes hockey team under a plan to protect the city's $180 million bond funded investment in the Jobing.com arena.

Tempe, Ariz.’s property tax rate could go up to $2.16 per $100 of assessed valuation from the current $1.79 per $100 under a plan being considered later this week by the City Council.

A preliminary $2.3 billion budget for fiscal 2013 approved by Maricopa County, Ariz., supervisors last week reflects a revenue drop due to lower property tax valuations.

The Glendale, Ariz., City Council will consider a preliminary fiscal 2013 budget today that includes a $17 million payment for operations of the city-owned Jobing.com Arena.

A $1 billion budget for fiscal 2013 proposed by Phoenix City Manager David Cavazos received preliminary approval last week from the City Council.

Maricopa County supervisors approved a debt refinancing plan last week that provides funding for improvements to baseball spring training facilities in the Phoenix area.

DALLAS — The Phoenix suburb of Glendale, Ariz., faces another potential hit to its professional sports fortunes as the Arizona Cardinals and the Arizona Sports Tourism Authority are demanding $66.7 million to compensate for stadium parking spaces lost to an outlet mall.

DALLAS — As neighboring states seek ways to reduce prison costs, Arizona plans to continue to build public and private cells under an $8.5 billion budget headed for final legislative approval in Phoenix.

DALLAS — Aiming to recover some ground lost to the recession, the Arizona Sports Tourism Authority will shed variable-rate bonds and seek savings with a $177 million refunding of debt issued to finance the University of Phoenix Stadium.

The Glendale, Ariz., City Council is considering options for raising the city’s sales tax and property tax rates to cover an anticipated $35 million revenue shortfall in fiscal 2013.

WASHINGTON — The Internal Revenue Service is looking into the tax compliance of $195 million of lease revenue bonds issued by the Pima County, Ariz., Industrial Development Authority in 2008 for a nonprofit borrower that used them to finance the development of a detention facility for Clark County, Nev.