Southwest

DALLAS — The Internal Revenue Service is withholding up to $1.2 million of direct-payment subsidies for Build America Bonds issued by Austin last year, said Treasurer Art Alfaro.

DALLAS — Facing the same revenue squeeze choking every Arizona city, Tucson took a hit to its strong credit ratings as it prepares to market $100 million of certificate of participation next month.

DALLAS — Oklahoma Gov. Brad Henry and Republican leaders in the Legislature reached an agreement late last week on a proposed $6.7 billion general fund budget for fiscal 2011 that relies on more than $1 billion of one-time money to cover a revenue shortfall estimated at $1.2 billion.

DALLAS — Arizona will be spared nearly $1 billion in spending cuts after voters approved a three-year sales tax increase to bolster falling revenue.

DALLAS — The Texas Education Agency will distribute more than $1 billion of federally subsidized qualified school construction bonds to local districts under an allocation procedure issued Monday.

WASHINGTON — The Internal Revenue Service has closed its audit of $161.3 million of variable-rate demand student housing revenue bonds issued by the Payne County, Okla., Economic Development Authority in 2002 with no change to the tax-exempt status of the debt.

DALLAS — As Arizona voters go to the polls today to decide whether to boost revenues by $1 billion through a temporary sales tax increase, the distressed state is also preparing to issue $450 million of lottery bonds to keep its wobbly budget in balance.

DALLAS — Denver’s latest plan to build a long-delayed hotel at Denver International Airport would use revenue bonds to finance construction of the facility atop a planned commuter rail line at the south end of the landmark Jeppesen Terminal.

DALLAS — Kansas lawmakers approved a $13.6 billion balanced budget for fiscal 2011 on Tuesday, and sent a bill authorizing a 10-year, $8.2 billion transportation program to Gov. Mark Parkinson.

DALLAS — In an effort to protect its $180 million investment in the Jobing.com Arena, Glendale, Ariz., is willing to cover up to $25 million in losses for the National Hockey League’s Phoenix Coyotes to keep them playing there.