Southwest

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.

DALLAS — Houston-based St. Luke’s Episcopal Health System is preparing a $385 million revenue bond refunding deal through the Harris County Cultural Education Facilities Finance Corp.

DALLAS — Denver-based Catholic Health Initiatives expects to sell up to $1.2 billion of revenue bonds with a variety of structures in a multi-state deal tomorrow and Thursday.

The request by Oklahoma County Independent School District No. 6 for $142.1 million of general obligation bonds was approved by more than 80% of the voters in the Oklahoma City suburb of Deer Creek.

Oklahoma state agencies will have their budgets held to 95% of appropriations for a third consecutive month as the decline in revenue steepened, and spending will be cut by about $21 million, according to Treasurer Scott Meacham.

The latest estimate of New Mexico’s revenues predicts a $650 million shortfall for fiscal 2010, up from an estimated $433 million in August.