Arizona

DALLAS — Faced with recurring budget gaps, Arizona Gov. Jan Brewer is proposing a series of steps designed to improve the state economy, including budget cuts and financial incentives for business.

Voters in Arizona approved seven out of eight school bond proposals worth a combined $447 million as Mesa approved $84 million for a new Chicago Cubs training facility, along with $202 million for capital needs.

DALLAS — Standard & Poor’s has revised its outlook to negative from stable on Glendale, Ariz.’s general obligation bonds.

DALLAS — Tempe lost its Aaa rating from Moody’s Investors Service Tuesday due to falling revenues and the ongoing economic decline that has forced Arizona state and local governments to cut spending.

DALLAS — In the last quarter of this year, Arizona cities will face lasting decisions on how much they value sports franchises in a struggling economy.

DALLAS — The Arizona Transportation Board will complete its pricing of $180 million of revenue bonds Tuesday in a deal that will finance construction of highways in Maricopa County, including Phoenix and its suburbs.

DALLAS — Amid slowing growth in its service area, Arizona’s Salt River Agricultural Improvement and Power District will issue its first Build America Bonds next week as part of a $750 million deal.

DALLAS — After years of struggling to keep up with a rapidly growing state population, the Arizona School Facilities Board goes to market this week with $100 million of certificates of participation and something entirely new — school enrollments that appear to be leveling off.

DALLAS — Revenue from a temporary one-cent sales tax designed to balance Arizona’s budget fell 10% short of projections the first month the tax was collected, officials said.

The Chicago Cubs will campaign strenuously in favor of a financial package to keep the team's spring training operations at its long-time home of Mesa. A vote on the proposal is set for the general election on Nov. 2.

Andrei Cherny, the Democratic candidate for Arizona treasurer, said if elected he would use the office's authority to audit government spending from the Legislature down to the local level.

Preliminary budget numbers for fiscal 2012 outlined for the Scottsdale's budget review commission last week indicate the city may be facing a $28.4 million revenue shortfall.

DALLAS — Glendale, Ariz., and the National Hockey League are considering new offers for the Phoenix Coyotes after a deal to keep the team playing in the city’s bond-financed arena hit a roadblock, according to reports.

DALLAS — Phoenix is preparing to issue $710 million of revenue bonds next week to ­finance a five-mile automated transit system linking Sky Harbor International Airport’s terminal to the city’s new light-rail line as well as parking and rental car facilities.

DALLAS — In the wake of a Moody’s Investors Service downgrade, the Arizona School Facilities Board is preparing to sell $62 million of refunding certificates of participation to help overcome the state’s record budget shortfall.

DALLAS — Moody’s Investors Service yesterday downgraded Arizona’s issuer credit rating to Aa3 from Aa2 as the state faces continuing financial stress and diminished borrowing capacity.

DALLAS — The Arizona Water Infrastructure Finance Authority plans to issue $138 million of revenue bonds next week, but executive director Judy Navarette says that amount could change if conditions become opportune for a refunding component.

DALLAS — Arizona is rushing to revise disclosure notices to the bond market after unexpectedly losing a line of credit with Bank of America, said John ­Arnold, director of the governor’s Office of Budget and ­Strategic Planning.

DALLAS — After weathering one of the worst fiscal years in its history, Arizona starts the next one tomorrow without a short-term borrowing agreement.

DALLAS — Amid tightening finances, the Arizona Board of Regents will issue $34 million of taxable and tax-exempt bonds this week as part of the state “Speed” stimulus program.