Southwest

The Texas Department of Transportation is proposing $1.1 billion for the widening of heavily congested sections of Interstate 35 between Austin and Dallas using more than half of the so-called Proposition 12 bonds authorized by lawmakers.

DALLAS — Amid a continuing plunge in revenues, transportation planners in the Phoenix area are cutting nearly $7 billion from a $16 billion freeway program financed through revenue bonds.

DALLAS — Oklahoma Gov. Brad Henry and legislative leaders notified state agencies on Tuesday to expect monthly budget cuts through the remainder of fiscal 2010 as revenues continue to drop below expected levels.

DALLAS — The Arizona Department of Transportation estimates it would have to fire up to 60% of its workforce, halt all non-emergency maintenance, and close all highway rest stops under a legislative plan to close a $2 billion budget shortfall.

WASHINGTON — The Internal Revenue Service is auditing $61.3 million of auction-rate securities issued in 2005 by the Coastal Bend Health Facilities Development Corp. of Corpus Christi, Tex.

DALLAS — If Texas voters approve Proposition 4 next week, the state would invest $450 million toward adding seven Tier 1 universities in hopes of closing an educational gap with other large states.

DALLAS ­— With its credit outlook already negative from two rating agencies, Arizona faces increasing pressure to balance its budget after the state’s projected revenue shortfall soared to $2 billion.

DALLAS — A fast-growing school district in the northern suburbs of Dallas is taking its case for general obligation bonds to voters on Nov. 3 for the third time in a year.

DALLAS — Utah’s Intermountain Power Agency, a key supplier to California utilities, hopes to sell nearly $72 million of subordinated revenue bonds through a competitive deal on Wednesday.

DALLAS — Arkansas Gov. Mike Beebe ordered a $100 million reduction in state agency spending on Tuesday to balance the state’s fiscal 2010 budget due to steady and unexpected drops in revenue collections.