Southwest

DALLAS — Houston’s transportation authority, Metro, faces delays and growing costs on a $1.5 billion light-rail expansion after its purchase of 103 rail cars from a Spanish manufacturer was found to violate federal law.

DALLAS — Standard & Poor’s on Tuesday cut its rating on the Harris County-Houston Sports Authority’s junior-lien and third-lien debt to junk, dimming hopes of refinancing any of the agency’s $988 million debt.

DALLAS — Texas’ record budget shortfall is becoming a political issue as Democrats accuse Republican Comptroller Susan Combs of withholding accurate estimates ahead of the November elections.

DALLAS — Oklahoma is preparing a list of highway projects that could get under way quickly if Congress approves President Obama’s proposed $50 billion infrastructure stimulus program.

DALLAS — Revenue from a temporary one-cent sales tax designed to balance Arizona’s budget fell 10% short of projections the first month the tax was collected, officials said.

DALLAS — Facing the risk that voters might curtail state and local debt issuance in two months, Colorado issuers are sizing up the cost of three November ballot issues and hastening bond deals before the measures have a chance to pass.

DALLAS — Kansas general fund revenue came in 10% higher than expected in August, which Gov. Mark Parkinson called “another clear sign” the state’s economy is beginning to recover.

DALLAS — Less than two months after a record $1.5 billion deal, the Texas Transportation Commission is preparing another $1 billion issue of general obligation bonds.

With soaring demand for top-rated, tax-exempt munis, Harris County, Tex., expects strong results Tuesday in its pricing of $205 million of tax-backed refunding bonds, according to the county's financial services director.

The Harris County-Houston Sports Authority, the builder of three professional sports stadiums, could default on some of its $988 million of debt as early as March 2011, according to calculations by Moody's Investors Service.