Southwest

With federal funding accounting for the largest portion of its revenue, Utah is mulling safeguards in the event of a future decrease.

Rising property values will help keep the $3.56 billion of new bonds manageable, particularly if issuance is spread over multiple years, rating analysts said.

The newly stand-alone Water Infrastructure Finance Authority can sell water augmentation bonds as part of the state's quest for new water sources.

The city's mayor says clarity is needed on debt issuance practices in the wake of the ruling.

The $2.1 billion project could appear on the May 2023 ballot if the Tempe City Council approves it and potential petition drives launched to require voter approval are successful.

Coconino County has issued debt to fund its prepayment to the Arizona State Retirement System, while Pinal County has a bond sale pending.

Utah's first debt affordability study said while pay-as-you-go funding for capital projects is preferred, an economic downturn could lead to more debt issuance.

Jared Polis' $42.7 billion all-funds spending plan for the fiscal year that begins July 1 includes a $16.7 billion general fund with a $2.174 billion reserve.

A Texas judge ruled the Amarillo City Council did not provide sufficient notice to the public prior to its approval of $260 million of tax anticipation notes.

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.