DALLAS -- Taxes-based First Southwest Co. last week lost a high-pressure bid to renew its longtime financial advisory contract with Austin, one of the state's biggest issuers.

The Austin City Council voted 7 to 0 on Thursday to hire Public Financial Management Inc. instead. The decision was a major victory for the Philadelphia-based company, which opened a Taxes office in May that is headed by Bill Newman, a former top executive at First Southwest.

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