Southwest

The Securities and Exchange Commission on Friday charged two former portfolio managers with defrauding a tax-free mutual fund that invests primarily in municipal debt issued in Utah. It appears to be the first such case in which portfolio managers for a registered investment adviser were charged with taking fees from municipal bond issuers, sources said.

The Internal Revenue Service is auditing $250 million of Build America Bonds issued by Denver School District No. 1 in December 2009 to finance construction, renovation, and repair of school ­facilities.

DALLAS — The Austin Community College District will trim plans for its expansion into Hays County after losing a chance to issue Build America Bonds, officials said.

DALLAS — Arizona’s current deficit is $2.1 billion, nearly triple the $825 million cited by the Legislature and Gov. Jan Brewer, according to a new study released Wednesday.

DALLAS — Travis County, Texas, commissioners said Tuesday they want to reduce a proposed road and parks bond package from $550 million to $200 million before asking voters to approve it.

DALLAS — Kansas tax collections totaled $489 million in December, leaving all revenues $22 million shy of official expectations for the first six months of fiscal 2011.

DALLAS — Texas higher education institutions could issue up to $3.2 billion in tuition-backed revenue bonds under a bill introduced for the legislative session that begins next week.

DALLAS — Oklahoma lawmakers and the new governor will face a tight revenue picture again this year when the 53rd Legislature convenes Feb. 7.

WASHINGTON — The Internal Revenue Service is auditing $130.96 million of consolidated revenue bonds issued in September 2002 by the Board of Regents of the University of Houston System to finance the acquisition, construction, and renovation of facilities.

DALLAS — Travis County, Tex., commissioners are expected to ask voters in November for up to $300 million of general obligation bonds to finance a new courthouse in downtown Austin.