The Bond Buyer articles from May 2007

The Bond Buyer archives from May 2007

Tuesday.
May 1, 2007... Regions FITCH RATINGS assigned a AAA rating with a stable outlook to $250 million of general obligation bonds that Montgomery County, Md., plans to issue next week to improve schools and roads in a competitive transaction. 3 ...

High Court on Trash Flow: OKs Government-Owned Garbage Plants.
May 1, 2007... WASHINGTON -- The U.S. Supreme Court ruled 6 to 3 yesterday that local governments do not violate the Constitution when they direct garbage collected by private waste management companies to their processing facilities. Provided such "flow...

April Sales Slightly Down in '07: Volume Was 3% Less Than a Year Ago.
May 1, 2007... Despite a burst of health care borrowing and the continuing run of municipal refundings, market volume for April was $28.4 billion, about 3% less than in April 2006, according to Thomson Financial's preliminary data. While last month might...

Moody's Drops Michigan to Aa3 From Aa2.
May 1, 2007... CHICAGO -- In a move that affects $19.3 billion of state-backed debt, Moody's Investors Service knocked Michigan's credit down by one notch yesterday as the state struggles to deal with a $3 billion deficit in the current and next fiscal years...

In Brief: Personal Income Up 0.7%; Spending Rose 0.3%.
May 1, 2007... WASHINGTON -- The bulk of the information in the March personal income report should not affect markets: most of the information has been disclosed in prior reports, and the core personal consumption expenditure price index - unchanged, for up...

In Brief: Chicago PMI 52.9 in April Versus 61.7 in March.
May 1, 2007... The Chicago Purchasing Managers' Business Barometer gave back most of its March gains, slipping to 52.9 in April from 61.7 in March, the National Association of Purchasing Management-Chicago said yesterday. The data is compiled on a...

In Brief: Construction Spending Rises 0.2% to $1.188T.
May 1, 2007... Spending on construction projects rose 0.2% to a seasonally adjusted annual rate of $1.188 trillion in March, as private construction increased 0.2%, and public construction rose 0.4%, according to Commerce Department figures released...

In Brief: 4.365M Jobs Posted On Internet in April.
May 1, 2007... About 4,365,400, first-time, online job postings appeared on leading Internet job boards in April, 610,600 more than the 3,754,800 posted in March, the Conference Board reported yesterday. In April, there were 2.9 online job ads per 100...

In Brief: Dallas Fed Reports: Expansion Continues.
May 1, 2007... Overall manufacturing activity in Texas "continued to expand in April," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released yesterday. The general business conditions index gained to...

In Brief: Treasury 4-Week Bills To Pay Down $12B.
May 1, 2007... The Treasury Department said it would sell $8 billion of four-week discount bills tomorrow. The 28-day bills will pay down $12 billion and refund $20 billion of maturing bills. (c) 2007 The Bond Buyer and SourceMedia, Inc. All rights...

Munis Finish Session Slightly Firmer.
May 1, 2007... The municipal market was slightly firmer yesterday, as economic data did not vary too widely from expectations. "I'd say we're up about two basis points," a trader in New York said. "There's a fair amount of action, and I'd say we're...

Correction.(Correction notice)
May 1, 2007... Friday's story about Mayor Michael Bloomberg's executive budget included an incorrect rating for the New York City Transitional Finance Authority. Standard & Poor's rates the credit AAA. (c) 2007 The Bond Buyer and SourceMedia, Inc. All...

Montgomery County, Md., Stays AAA on $250M of GOs.
May 1, 2007... WASHINGTON -- Fitch Ratings assigned a AAA rating with a stable outlook to $250 million of general obligation bonds that Montgomery County, Md., plans to issue next week to improve schools and roads in a competitive transaction. Fitch also...

Enforcement: IRS Closes Colorado Audit; Opens Investigation in Austin.
May 1, 2007... The Internal Revenue Service has closed its audit of the Colorado Health Facilities Authority and opened an examination of Texas' Austin Convention Enterprises Inc., recent municipal disclosure notices show. The Colorado authority had...

Texas Lottery Privatization Plan Likely Dead in the Water.
May 1, 2007... DALLAS -- Plans to lease the Texas lottery for ready cash are virtually dead as the legislative session enters its last month. Turning a deaf ear to Gov. Rick Perry, lawmakers in the 80th session of the Legislature have not moved HB 3973...

Kansas Lawmakers Agree On Higher-Ed Maintenance Plan.
May 1, 2007... DALLAS -- Kansas legislators over the weekend agreed on financing a maintenance program for higher education institutions that will provide the schools with much less than requested. The five-year plan, which was expected to pass both...

Deal in Focus: ADFA Selling $225 Million of GOs, With $150M for Higher Ed Upgrades.
May 1, 2007... DALLAS -- Technology upgrades and facility improvement projects totaling $150 million at the 22 two-year colleges and 10 four-year state universities in Arkansas will be financed with the new-money proceeds from today's negotiated sale of...

Deal in Focus: Southwest Invisible Supply.
May 1, 2007... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date ARIZONA AzDOT/Maricopa County $3,043 P negotiated 2007-20 Maricopa County CCD $951 A negotiated 2007-15 Phoenix water...

Visible Supply by State.
May 1, 2007... April 30, 2007 April 23, 2007 State Issues Amount Issues Amount Chg in Amt Arizona 4 $838,890,000 5 $321,365,000 $517,525,000 Arkansas 4 105,550,000 5 106,155,000 -605,000 Colorado 7 108,367,000 5 97,930,000...

Plain/Insured GO Yield Curves for April 27, 2007*.
May 1, 2007... State Ratings One-Year Five-Year 10-Year 30-Year Utah Aaa/AAA/AAA 3.61 / 3.62 3.64 / 3.72 3.84 / 3.93 4.15 / 4.22 Colorado NR/AA-/NR 3.62 / 3.62 3.73 / 3.72 3.93 / 3.92 4.21 / 4.20 Arkansas Aa2/AA/NR 3.62 / 3.63...

ARIZONA: Mesa's Bond Wishes Grow.
May 1, 2007... Mesa's public safety departments last week asked the City Council to add more than $47 million of projects to a general obligation bond project list that already exceeds $130 million. The council discussed holding a November election...

ARIZONA: Aquaplex Under Way.
May 1, 2007... Construction is under way on Flagstaff's $16.6 million Aquaplex, financed in part with $8.6 million of bonds approved by voters in May 2004. The public swimming pool facility includes a multi-generational community center financed with the...

ARIZONA: Prescott Nets Triple Upgrade.
May 1, 2007... All three rating agencies have upgraded Prescott's general obligation bond ratings in light of the northern Arizona city's healthy economy. The upgrades covered a $1.5 million Series 2007 new GO issue as well as approximately $10 million of...

COLORADO: FasTracks Running Short.
May 1, 2007... The Regional Transportation District rail system known as FasTracks could face a $1 billion revenue shortage over the next 25 years, according to the RTD's sales tax projections. The shortfall would be a result of rising costs of building...

NEW MEXICO: Spaceport's Land Deal.
May 1, 2007... The New Mexico Spaceport Authority has agreed to pay twice for the land to build its spaceport on 18,000 acres of state trust land in the southern part of the state. The authority will pay $26,000 a year for 25 years to the State Land...

OKLAHOMA: Teachers Pension Fund Boost.
May 1, 2007... The Oklahoma Legislature passed a measure last week that is expected to boost the funded liability of the Oklahoma Teachers Retirement System from the current 50% level to 80% by 2026. SB 357 will pump more than $200 million over the next...

OKLAHOMA: OSU Gets Parking Bond OK.
May 1, 2007... The Council of Bond Oversight has approved Oklahoma State University's plan to issue $7.7 million of revenue bonds to help build a five-story facility on the north side of campus. The project includes a 1,100-space parking garage and offices...

TEXAS: El Paso Property Values Rise.
May 1, 2007... The El Paso Central Appraisal District sent notices to property owners last week that reflected a 9.9% increase in values of existing homes. In El Paso County, initial home valuations are up 17.4%. That figure includes a 3.2% increase from new...

Competitive Bond Offerings.
May 1, 2007... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar....

Competitive Note Offerings.
May 1, 2007... Tentative dates for negotiated sales of $1 million or more. Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is...

Negotiated Bond Offerings.
May 1, 2007... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of April 30 Huntsville AL...

Results of Negotiated Sales.
May 1, 2007... ALABAMA Autauga County Apr 17, 2007 $4,815,000 General Obligation Warrants, Series 2007 (book entry) Dated Apr 1, 2007. Due Dec 1, 2008 to 2027. First coupon Dec 1, 2007. Callable Dec 1, 2014 at par. ...

Results of Competitive Sales.
May 1, 2007... MINNESOTA Swift County-Benson Hospital District Apr 30, 2007 $7,500,000 Hospital Revenue Bonds, Series 2007 (Swift County General Obligation) (bank qualified) (book entry). Dated May 23, 2007. Due Feb 1, 2008 to 2034. ...

U.S. Bank Names Corporate Trust President.
May 1, 2007... Minneapolis-based U.S. Bank NA, the second-busiest municipal bond trustee last year, announced Thursday that Bryan Calder has been named the bank's new president of corporate trust services. Calder was previously national manager of the...

San Antonio ISD to Sell $100M While Voting on Another $693M.
May 1, 2007... DALLAS -- The Northside Independent School District plans to issue $100 million of variable-rate, unlimited-tax school building bonds tomorrow, as early voting begins on the fourth largest bond election ever by a Texas school district -- nearly...

Pennsylvania Housing Agency to Sell $200M of Tax-Exempt and Taxable Debt.
May 1, 2007... The Pennsylvania Housing Finance Agency next week will sell about $200 million of new and refunding single-family mortgage revenue bonds to help finance its lending programs, agency officials said. The offering will feature a blend of taxable...

Florida House OKs Marlins' Ballpark Bill, But Senate May Stay Out of Fray.
May 1, 2007... BRADENTON, Fla. -- Although the Florida House last week passed a bill authorizing a sales tax rebate to support the Florida Marlins' bond-financed ballpark, some senators have said a companion bill will not make it to the floor for a vote. ...

Louisiana's Tulane Refunding $390M to Rebound From Katrina.
May 1, 2007... ATLANTA -- Tulane University in Louisiana today is refunding almost all of its outstanding debt as it attempts to rebound from the aftermath of Hurricane Katrina. A highlight for the deal is a change in outlook to stable from negative by...

Mergers & Acquisitions: RBC Strikes Deal to Acquire Seasongood & Mayer.
May 1, 2007... CHICAGO -- Minneapolis-based RBC Capital Markets announced an agreement yesterday to acquire top Ohio broker-dealer Seasongood & Mayer LLC in a move that boosts RBC's goal of increasing its edge in the nation's top-issuing states. Top...

Bond Insurers: FGIC's Income Up 32%, WhileFirst-Quarter Production Falls.
May 1, 2007... Earnings season continues this week, and yesterday was triple-A-rated bond insurer Financial Guaranty Insurance Co.'s turn to show its results from the $107 billion first quarter of municipal issuance. FGIC reported $73.4 million of net...

Long-Term Bond Sales: January-April.
May 1, 2007... 2007 2006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $135,395,800 3,629 $99,031,900 3,545 +36.7 % January 31,365,000 848 18,778,800 719 +67.0 February 31,855,500 888 23,871,900...

New-Issue Volume Notes.
May 1, 2007... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Monday, April 30, 2007. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

Largest Issues: April 2007.
May 1, 2007... Amount Issuer Date $1,943.6 Puerto Rico Electric Power Authority (NM/ref) Apr 19 1,149.3 Virginia Tobacco Settlement Finance Corp. (TAX/TE) Apr 27 800.0 South Miami Health Facilities Authority, Fla., hospitals Apr 26 756.4...

Long-Term Bond Sales: April.
May 1, 2007... 2007 2006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $28,408,500 769 $29,307,700 930 -3.1 % Development 242,000 20 599,700 28 -59.6 Education 7,342,100 266 7,909,600 312 -7.2...

Bond Sales by State: January-April.
May 1, 2007... 2007 2006 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 29 $1,253,900 26 $1,326,500 -5.5 % Alaska 39 617,000 32 726,300 -15.0 Arizona 15 2,616,200 24 1,370,100...

Municipal Market Data General Obligation Yields.
May 1, 2007... Aaa Aaa (pure) (ins) Aa A Baa 2008 3.60 3.63 3.62 3.66 3.82 2012 3.60 3.71 3.69 3.80 3.93 2017 3.76 3.88 3.86 3.99 4.11 2022 3.94 4.06 4.04 4.18 4.30 2027 4.03 4.15 4.13 4.27 4.39 2032 4.08 4.20 4.18 4.32 4.42...

U.S. Securities Prices.
May 1, 2007... Prices as of 3 p.m. ET. Source: GovPx (ICAP plc) Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 5/24/2007 4.690/670 4.770/730 4.782 3M -- 7/26/2007...

Short-Term Tax-Exempt Yields.
May 1, 2007... Apr 30, 2007 Apr 27, 2007 May 1, 2006 Selected MIG-1/SP-1+ Notes California Rans 4 1/2s (June 07) 3.80 3.80 3.68 Los Angeles Co Trans 4 1/2s (June 07) 3.80 3.80 3.68 Michigan GO 4 1/4s (Sept 07) 3.75 3.74 n.a. Texas...

Market Indicators.
May 1, 2007... Dollar amounts are in millions Day's 2007 2007 Daily Yesterday Change High Date Low Date Municipal Bond Index 115-26 +14/32 117-29 (2/27) 114-11 (4/9) 40 Average Dollar Price 99.95 +0.38 102.06 (2/27) 98.44 (4/9) ...

New-Issue Balances.
May 1, 2007... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $10,000 4/30 West Chester Area Sch. Dist., Pa. $7,725 $2,275 RECENT OFFERINGS $33,000 4/24 Janesville...

Reoffering Yields.
May 1, 2007... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA (Pure) 4/23 5.8 Mount Pleasant I.S.D.,Tex. (PSF gtd.)... 3.68 3.85 4.05... ......

Municipal Market Data Total Returns.
May 1, 2007... Maturities 15 Years and Longer -- Periods Ending April 27, 2007 Previous Month Year Week To Date To Date General obligation (composite) -0.330 -0.061 +0.220 Aaa (pure) -0.321 -0.067 +0.218 Aaa (insured) -0.324 -0.144...

Municipal Bond Prices.
May 1, 2007... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar...

Municipal Bond Index.
May 1, 2007... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 115-26 115-12 115-22 115-14 112-23 Monday, April 30, 2007 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1...

Municipal Bond Index Update.
May 1, 2007... The list of bonds used to calculate the Municipal Bond Index was revised after the April 30 pricing. The new coefficient is 1.0388. It was derived by dividing the April 30 index (115.827482) by the average converted price of the new set of...

Puerto Rico Governor Again Turns to Cuts With '08 Budget.
May 1, 2007... Puerto Rico Gov. Anibal Acevedo-Vila once again seeks to balance the commonwealth's budget with a series of targeted spending cuts featured in his $9.22 billion preliminary budget for fiscal 2008. The budget Acevedo-Vila proposed Friday...

Wednesday.
May 2, 2007... Regions CALIFORNIA TREASURER Bill Lockyer said his office is rolling out a new Web site to make it easier for individuals to buy the state's debt. 6 THE CONNECTICUT HOUSING Finance Authority is seeking proposals for a financial...

Exploring the Underbelly: Buyers Find Treasure in a Sunken Market.
May 2, 2007... One investor's junk is another buyer's treasure. Select buyers of municipal bonds are finding value in the underbelly of the market by picking through distressed debt in search of value. A potential slowdown in the U.S. economy has...

Florida Set To OK $72B Budget: Bonding Still Not Pinned Down.
May 2, 2007... BRADENTON, Fla. -- The Florida Legislature tomorrow is poised to adopt a $71.95 billion budget for fiscal 2008, which starts July 1. House and Senate conferees resolved their differences over the spending plan in less than two weeks and...

Lawmaker Seeks Legislative Disclosure Options.
May 2, 2007... Rep. Vito Fossella, R-N.Y., has been "exploring different legislative options to improve disclosure requirements for municipal securities issuers" and wants to work with the Securities and Exchange Commission on its initiative in this area, he...

In Brief: ISM Index 54.7 in April, Up From 50.9 in March.
May 2, 2007... The overall economy grew for the 66th straight month, while the manufacturing sector expanded for the fourth time in six months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report on business, the...

In Brief: Bernanke Talks Trade, Not Monetary Policy.
May 2, 2007... There was no mention of monetary policy in a speech delivered by Federal Reserve Board chairman Ben Bernanke yesterday morning, which dealt with trade issues. Bernanke told the Montana Economic Development Summit trade restraints would...

In Brief: Treasury 4-Week Bills Go At 4.590% High Yield.
May 2, 2007... The Treasury Department yesterday auctioned $8 billion of four-week bills at a 4.590% high yield, a price of 99.643000. The coupon equivalent was 4.683%. The bid-to-cover ratio was 3.68. Tenders at the high rate were allotted 16.54%. The...

Munis Put to Sleep by Stronger Data.
May 2, 2007... The municipal bond market was unchanged to slightly weaker yesterday as economic data came in stronger than expected. "The market was awake for about an hour and a half yesterday and it was put back to sleep by the [Institute for Supply...

California Authority Bringing Renewable Energy Deal to Light.
May 2, 2007... SAN FRANCISCO -- The California Statewide Communities Development Authority could go to market as early as July with the first private placement of debt under a new program called Go-Solar. Go-Solar provides cost incentives for developing...

California's New Site to Help Individuals With Buying Bonds.(Website overview)
May 2, 2007... SAN FRANCISCO -- California Treasurer Bill Lockyer said his office is rolling out a new Web site to make it easier for individuals to buy the state's debt. "We want to facilitate individual purchases," Lockyer said yesterday during a...

Sector Analysis: 'Perfect Storm' Feeds Surge in Health Care Borrowing.
May 2, 2007... Low interest rates, capital needs, and narrow credit spreads have together created a favorable environment for issuance in the primary health care sector, according to bankers and analysts. In last week's primary market, which totaled...

RFPs: Connecticut Housing Finance Authority Issues an RFP for Financial Adviser Slot.
May 2, 2007... The Connecticut Housing Finance Authority is seeking proposals for a financial adviser, and the deadline for the proposals is May 17 at noon, according to a request for proposals issued earlier this week. The RFP is routine for the...

Deal in Focus: Court Asked to Reconsider Allowing TIF Debt for St. Louis University Arena.
May 2, 2007... CHICAGO -- The group that unsuccessfully challenged St. Louis' award of $8 million of tax-increment financing subsidies for the construction of a new sports arena for Saint Louis University - a Catholic Jesuit institution - yesterday asked the...

Deal in Focus: Midwest Invisible Supply.
May 2, 2007... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date ILLINOIS Chicago new-money, refunding GOs $900 P Merrill Lynch spring State Toll Highway Authority $700 P negotiated summer...

Visible Supply by State.
May 2, 2007... May 1, 2007 April 24, 2007 State Issues Amount Issues Amount Chg in Amt Illinois 10 $804,325,000 7 $58,505,000 $745,820,000 Indiana 5 174,410,000 5 107,715,000 66,695,000 Iowa 12 105,530,000 15 177,785,000...

Plain/Insured GO Yield Curves for April 30, 2007*.
May 2, 2007... State Ratings One-Year Five-Year 10-Year 30-Year Missouri Aaa/AAA/AAA 3.60 / 3.60 3.63 / 3.67 3.79 / 3.87 4.10 / 4.17 Minnesota Aa1/AAA/AAA 3.60 / 3.65 3.63 / 3.70 3.79 / 3.86 4.12 / 4.17 Ohio Aa1/AA+/AA+ 3.64 /...

INDIANA: Daniels to Sign Budget.
May 2, 2007... Republican Gov. Mitch Daniels said this week he plans to sign the $26 billion budget for fiscal 2008 and 2009 that lawmakers approved over the weekend. The budget includes more funding for education and health care, with additional funding...

IOWA: Session Wraps Up Budget.
May 2, 2007... The General Assembly adjourned over the weekend after sending freshman Gov. Chet Culver a $5.8 billion fiscal 2008 budget that includes more money for education, teacher pay raises, and an increase in the minimum wage. The budget is based...

MINNESOTA: Springsted Remembered.
May 2, 2007... The president of St. Paul-based Springsted Inc. remembered the firm's co-founder - Osmon "Ossie" Springsted - as a pioneer in the industry whose beliefs were firmly rooted in providing independent financial advice to clients. In the...

MINNESOTA: Stadium Deal Cleared.
May 2, 2007... The Hennepin County board has approved a 30-year lease with the Minnesota Twins and a $350 million bond issue to finance the team's new $522 million ballpark. The county and the Major League Baseball team still face a court battle,...

OHIO: Water Works Upgrade.
May 2, 2007... Moody's Investors Service last week upgraded the Cincinnati Water Works' senior-lien bonds to Aa1 from Aa2 ahead of the city's sale this week of $75 million of new-money bonds. The upgrade affects a total of $327 million of debt including...

Competitive Bond Offerings.
May 2, 2007... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar....

Competitive Note Offerings.
May 2, 2007... Tentative dates for negotiated sales of $1 million or more. Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is...

Negotiated Bond Offerings.
May 2, 2007... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of April 30 Huntsville AL...

Results of Negotiated Sales.
May 2, 2007... ARKANSAS Crittenden County Community College District Apr 30, 2007 $15,765,000 Limited Tax General Obligation Refunding and Improvement Bonds, Series 2007 (book entry) Dated May 1, 2007. Due Feb 1, 2014 to 2039. ...

Results of Competitive Sales.
May 2, 2007... CALIFORNIA Napa Valley Unified School District May 1, 2007 $12,280,000 2007 General Obligation Refunding Bonds (book entry). Dated May 17, 2007. Due Feb 1, 2008 to Aug 1, 2025. Callable Aug 1, 2016 at par. ...

Municipal Bond Elections.
May 2, 2007... This table lists bond elections involving $500,000 or more and gives the dates when the voters are scheduled to cast their ballots (,000 omitted). * New in Calendar Saturday, May 05, 2007 $26,000 Livingston Par SD #1, LA ...

TxDOT to Reevaluate Funding Gap Following Audit.
May 2, 2007... DALLAS -- The Texas Department of Transportation says it will make adjustments in projections after the state auditor challenged claims of an $86 billion funding gap for transportation projects. Based on the auditor's statement, about $45...