Southwest

The first issue of bonds for Texas’ newly authorized water development projects were oversubscribed by more than two times as institutional and retail investors gulped down the top-rated credit.

Texas sales tax revenues in September rose 1.9% over the same month last year, but distributions to local governments fell, Comptroller Glenn Hegar reported.

Strong growth in traffic prompts a Moody’s Investors Service upgrade on Harris County Toll Road Authority’s senior revenue bonds.

Most Arkansas polled in a recent survey do not favor a gasoline tax increase to cover a road revenue shortfall.

Arkansas remained ahead of its revenue forecast three months into the fiscal year, with September income 3% above projections, according to John Shelnutt, head of economic analysis and tax research.

A Glendale, Ariz., trash recycling project has fallen to a D rating by Standard & Poor’s after missing its interest payments.

Despite a series of high-profile defaults that left Texas counties in possession of abandoned jails, local governments continue to issue debt for privately operated lockups.

In the first quarter of the Kansas fiscal year ended Sept. 30, revenues of $1.35 billion were $42.5 million or about 3% below projections, according to state Revenue Secretary Nick Jordan.

Bondholders would get 40 cents on the dollar for $23 million of bonds outstanding for a detention facility in South Texas that defaulted on its debt, according to a notice on the Municipals Securities Rulemaking Board’s EMMA Web site.

Arizona will have about a third of the money it needs to maintain roads and bridges over the next 25 years, according to the state auditor.