Southwest

The Internal Revenue Service is expected to challenge the Scottsdale Municipal Property Corporation’s allocation of some its 2013 bonds to refinance a lease agreement in connection with to a garage adjacent to the largest luxury shopping mall in Arizona.

The Texas Senate has approved a $4.6 billion reduction in school property taxes under a bill by Sen. Jane Nelson. The Texas House is considering an even larger $4.8 billion tax break.

Standard & Poor’s downgraded the Willacy County Local Government Corp. to a junk-bond rating of CCC-plus from an investment grade BBB after a $78 million bond-funded detention center lost its operator in the wake of an inmate revolt.

For the third time in three years, Phoenix voters will be asked to approve changes in the city’s pension formula in hopes of making the retirement system more sustainable.

Utah Gov. Gary Herbert called for negotiations on a plan to expand Medicaid that would be approved in a special session of the state Legislature.

Amid a search for a new superintendent, Fort Worth Independent School District will take $271 million of bonds to market for new projects and refunding.

Former RBC Capital Markets managing director Mel Schonhorst achieved a measure of success after seven years trying to clear his name in a Texas investigation that cost him his job though he was never accused of anything.

New Mexico Senate Majority Leader Michael Sanchez said the Senate was "sucker-punched" by the House in the last hour of the 2015 session, leaving nearly $270 million of projects unfunded.

The West Texas city of Lubbock will price a $131 million general obligation bond refunding and $99.3 million of certificates of obligation for its water and sewer program.

The Kansas Legislature has approved Sen. Ty Masterson's bill replacing the state's school funding formula with a block grant system recommended by Gov. Sam Brownback.