An Arkansas constitutional amendment authorizing bond-financed economic development districts failed last week with only 43% support.
Issue 2 would have allowed development districts created by counties and cities to issue sales tax anticipated revenue bonds to finance projects. The bonds would be supported by the additional local sales tax revenues generated in the district.
The proposal, which was sponsored in the General Assembly by Sen. Jake Files, R-Fort Smith, was modeled on a similar program in Kansas.
After the election, Files said the proposal was probably too complex to be explained by the description on the ballot.
The measure also would have given local governments the authority to issue revenue bonds to retire unfunded liabilities of public safety pension plans.
-
"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
April 18 -
The law firm revealed 2024 promotions.
April 18 -
As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
April 18 -
The extension of the current solar net metering system could lower revenue for the utility.
April 18 -
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
April 18 -
John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
April 18