Southwest voters Tuesday rejected a ban on issuing state debt in Colorado, eliminated interest rate caps on public debt in Arkansas, rejected budget-balancing measures in Arizona, and approved $1.74 billion of school bonds in Texas.

The worst fears of the bond industry failed to materialize in Colorado as voters overwhelmingly rejected three ballot initiatives known as Amendments 60 and 61 and Proposition 101, all of which would have reduced taxes and sharply curtailed debt. Amendment 61 would have halted all state borrowing, including short-term notes.

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