DALLAS — A $40 million sale of certificates of obligation by Dallas and a nearly $80 million issue of similar debt by Laredo lead the way this week in the Texas municipal market.

The Dallas City Council approved using the debt last week to buy 8.4 acres in downtown to build a hotel adjacent to the city’s convention center. Citi is lead manager for the negotiated sale. First Southwest Co. and Estrada Hinojosa & Co. Inc. are the city’s co-financial advisers.

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