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.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
April 25 -
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
April 25 -
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
April 25 -
Photos from The Bond Buyer's Texas Public Finance conference.
April 25 -
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
April 25 -
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
April 25