Southwest

WASHINGTON - First Southwest Co., as bidding agent for a repurchase agreement related to a $233 million bond deal in Texas for which it was financial adviser, improperly allowed JPMorgan Securities to lower its bid for the repo, reducing the issuer's investment rate, according to documents and transaction participants.

DALLAS - Amid major expansions, Texas' top two toll road authorities are preparing variable-rate refundings expected to total about $200 million.

DALLAS - Investors who like San Antonio's top-rated credit can choose bonds, notes or certificates of obligation when the city goes to market with $192 million of debt Tuesday.

Members of a committee evaluating Travis County's proposed $638 million wish-list of bond projects have reduced the cost to $200 million as they work their way to the target of $150 million set by county finance officials.

State revenues in June topped $1 billion, Oklahoma Treasurer Ken Miller announced last week, up $134.5 million from June 2010.

The Kansas State Finance Commission has approved the budget office's request for a $600 million certificate of indebtedness for the 13th year in a row.

Arkansas ended fiscal 2011 with an extra $93.9 million in its accounts, the first surplus in the last three fiscal years.

Little Rock Mayor Mark Stodola said the city will seek a 1% increase in the sales tax rate in a September election rather than the 1.25% that had been proposed.

Amid slowing growth, the north Dallas suburb of Frisco is preparing to issue nearly $123 million of general obligation refunding bonds to achieve net present-value interest cost savings of about 5%.

Colorado will cover its cash-flow needs next week with the sale of $600 million of tax and revenue anticipation notes.