Southwest

Texas Gov. Greg Abbott and legislative leaders have agreed on $3.8 billion tax cut for businesses and property owners as the 2015 session enters its final week.

A proposed constitutional amendment approved by House and Senate leaders would dedicate $2.5 billion of the general sales tax to the highway fund and add a portion of motor vehicle sales taxes beginning in 2020.

Tucson, Ariz., gets a downgrade and a negative outlook from Fitch Ratings as it prepares to issue $78 million of debt.

Texas franchise tax revenue collections as of the annual May 15 deadline totaled $4.12 billion, which matched projections, state Comptroller Glenn Hegar said.

El Paso Children’s Hospital's bankruptcy filing led to board resignations and the threat of a rating downgrade, though $120 million of bonds appear well secured by a general obligation pledge.

Arizona’s moves toward a structurally balanced budget earn an upgrade from Standard & Poor’s to AA from AA-minus.

Oklahoma will reduce spending by $74 million or 1% under a $7.1 billion budget agreement between Gov. Mary Fallin and legislative leaders.

The Texas Senate approved a bill already passed by the House that provides $3 billion of tuition revenue bonds for the state’s colleges and universities.

El Paso Children’s Hospital filed for Chapter 11 bankruptcy protection on May 19 after negotiations over a debt to county-owned University Medical Center fell apart, officials said.

Van Independent School District is on Standard & Poor's watch list for a possible downgrade after a tornado damaged the East Texas town.