Southwest

DALLAS — Last week’s downgrades of Arizona’s debt by two rating agencies will have its most immediate impact on the sale of $735 million of certificates of participation to raise cash for the financially strapped state early next month.

The Tulsa suburb of Jenks will hold a Feb. 9 election on a $6.7 million bond issue that would provide the required local match to three street projects.

Tim Gilpin, a member of the Oklahoma Board of Education, last week criticized legislative leaders for not calling a special session to address a $43 million cut in state aid to education over the past four months.

Arkansas Gov. Mike Beebe last week shot down a proposal to shift a portion of sales tax revenues to highway projects before a transportation financing committee had a chance to suggest the move.

The Arkansas Supreme Court ruled last week in a unanimous decision that Pulaski County levied a 20-year, one-mill increase in the property tax rate a year earlier than it should have.

Voters in Scottsdale will decide whether to increase the city's hotel tax by two percentage points to 13.92% on March 9. Officials said the increased tax would raise an additional $5.5 million in revenue.

Oklahoma state agencies will get 10% less than appropriated for December, as tax revenue fell in November for the 11th consecutive month.

Arizona lawmakers are preparing to meet in a special session tomorrow to consider calling for a temporary sales-tax increase and $200 million in spending cuts to ease an estimated $1.6 billion deficit.

The University of Arkansas will begin a multi-year effort to renovate facilities at its main campus in Fayetteville with most of the proceeds from this week's negotiated sale of $51.9 million of facility revenue bonds by the University of Arkansas Board of Trustees.

As Houston's comptroller, Annise Parker supervised millions of dollars worth of bond deals over the past six years. Now, as mayor, she will broaden her oversight of the city, with plans to tighten the budget and wield greater control over the Harris County Metropolitan Transit Authority that is expanding the city's light-rail system.