Southeast

WASHINGTON ­— The Securities and Exchange Commission yesterday charged a Houston-based broker with engaging in unauthorized and unsuitable trading on behalf of two Florida municipalities, putting them at risk of losing millions of dollars while reaping more than $14 million in commissions.

The consolidated Metropolitan Government of Nashville and Davidson County is reviewing a finance plan to build a new $585 million convention center. But the idea is controversial because most of the debt for the project would be backed by a general fund pledge of non-ad valorem revenue.

Henrico County last week sold Virginia's first recovery zone economic development bonds in a $9.8 million deal.

South Carolina's budget and control board voted Tuesday to cut the budget by 5%, or about $238 million, the second round of spending cuts this fiscal year.

The preliminary report from the Commission on Streamlining Government appointed by Louisiana Gov. Bobby Jindal includes more than $1 billion in potential budget cuts. The total of the 236 proposed cuts is more than the $802 million in reduced spending sought by Jindal.

Moody's Investors Service on Tuesday downgraded DeKalb County's $471 million of outstanding general obligation unlimited-tax backed and parity debt, issued through various public authorities, to Aa1 from Aaa.

Alex Sink, Florida's elected chief financial officer who is running for governor in 2010, on Monday urged Federal Railroad Administration head Joseph Szabo to consider the state's request for $2.6 billion to develop a high-speed rail corridor between Tampa and Orlando.

Investors interested in today's $40 million competitive sale by New Orleans can bid for the debt as Build America Bonds or conventional general obligation bonds, with the lowest offered rate winning the entire tranche.

Dr. Rafick-Pierre Sekaly and other scientists at the Vaccine and Gene Therapy Institute of Florida are looking for "nothing short of cures" when it comes to diseases such as HIV, swine flu, and the West Nile virus, says the institute's chief operating officer, Mark Williams.

BRADENTON, Fla. — Florida Gov. Charlie Crist is urging U.S. Transportation Secretary Ray LaHood to approve Florida’s application for high-speed rail funding now that lawmakers have passed a statewide rail policy and funding bill.