Southwest

The New Mexico Finance Authority "over-emphasized and under-prioritized the importance of bond credit ratings," in a "culture of complacency" that led to a fraudulent audit, according to an investigative report from the New Mexico Securities Agency.

Large state pension plans in Texas are financially stable but local government retirement programs would benefit from more transparency, Comptroller Susan Combs said Tuesday.

A sale of $200 million of highway revenue bonds by Kansas Department of Transportation will fund the next year of projects in Kansas's 10-year highway program.

Voters in property-rich school districts are extremely reluctant to approve tax increases when half of the additional revenue will flow to poorer-districts, a pollster testified last week in a suit challenging the constitutionality of the current state funding system.

Oklahoma County voters may be asked in March to approve a tax increase for a bond issue to finance a new detention center in downtown Oklahoma City expected to cost $350 million.

Gov. Sam Brownback said last week he was encouraged by an 0.6% increase in state tax collections in November that totaled $441 million, which was $2.6 million more than expected.

Investments held by Arkansas Public Employees Retirement System rose to $6.1 billion in the third quarter of 2012, an increase of $282 million over the quarter.

School districts that can generate property tax revenues above the state’s basic per-student stipend do not have to share the excess collections with poorer districts, the Arkansas Supreme Court ruled last week in a 4-3 decision.

The Texas Transportation Commission is pricing its largest general obligation bond issue of the year Tuesday, with $839.3 million of tax-exempt debt selling through negotiation and $100 million of taxable bonds offered competitively.

Texas Lt. Gov. David Dewhurst said a state water infrastructure bond bank financed with $1 billion from the $8 billion Rainy Day Fund could help meet demand from a growing population.