Texas

DALLAS — After scrutiny from the Internal Revenue Service over a previous issue of Build America Bonds, Austin is forgoing BABs in its sale of $145 million of general obligation debt this week.

DALLAS — The Bexar County, Tex., Hospital District plans to price $205 million of certificates of obligation Wednesday backed by the Build America Bond subsidy to expand San Antonio’s University Health System.

Amid big changes in leadership and policies, the North Texas Tollway Authority has agreed to build what could be its last major project for several years.

State revenues are beginning to increase after more than a year in the doldrums, officials told the Texas House Ways and Means Committee Tuesday, but are still coming in shy of estimates in the current two-year budget due partly to lethargic residential construction.

With hotel taxes falling short of projections, the Dallas suburb of Irving plans to commit a diverse stream of revenues to back $200 million of bonds the city expects to issue in October for an entertainment complex.

The San Antonio Independent School District will ask voters in November to approve its largest bond proposal, $515 million to upgrade facilities and technology.

Texas is preparing to issue a record $7.8 billion of tax and revenue anticipation notes as legislators confront the largest budget shortfall in state history.

Texas sales tax collections in July totaled $1.7 billion, up 2.2% from July 2009, with increases posted by the retail, construction, and oil and gas sectors.

DALLAS — The University of Texas System has approved building an $800 million hospital at its UT Southwestern Medical Center in Dallas that will be financed largely through revenue bonds.

DALLAS — Bondholders are trying to find out what happened to a $200,000 debt-service reserve fund discovered missing when a north Texas issuer defaulted on $4 million of bonds used to purchase three retirement facilities.

The Internal Revenue Service has initiated an audit of $21.8 million of tax refunding bonds issued in 2005 by the Uvalde, Tex., Consolidated School District.

DALLAS — Austin Bergstrom International Airport’s Hilton hotel faces a deepening financial hole in the wake of a series of defaults on $49 million of revenue bonds, according to a recent audit.

DALLAS — Austin voters will decide in November on $90 million of general obligation bonds devoted to transportation efforts following unanimous action by the City Council.

DALLAS — The Austin Independent School District will current refund its outstanding commercial paper notes with proceeds from Tuesday’s negotiated $75.8 million bond sale.

DALLAS — Moody’s Investors Service restored Texas Southern University’s credit to investment grade Tuesday as the historically black school continued its recovery from a financial scandal that threatened its accreditation with the Southern Association of Colleges and Schools.

DALLAS — The Port Authority of Houston is issuing $300 million of general obligation debt this week to take out commercial paper for the port’s expansion and refund bonds sold in 2008.

DALLAS — A proposal to invest up to $100 million of Texas Permanent School Fund money in charter schools is still alive, even though the Texas Education Agency sidelined the idea in a meeting Thursday.

DALLAS — Harris County, Tex., is considering two options for refunding $205 million of toll-road put bonds on Thursday.

The Cinco Municipal Utility District No. 1, located near Houston, has disclosed that the Internal Revenue Service is auditing $5.2 million of revenue bonds it issued in 2002 to finance water and sewer infrastructure.

DALLAS — Arlington, Texas, appears to have regained its footing on debt service for the $1.2 billion Dallas Cowboys stadium and could retire the sales tax revenue bonds early, officials said.