Garland County, Ark., residents will vote April 9 on an increase in the millage rate levied by National Park Community College.
The increase to 2.15 mills from the current 0.8 mills would support bonds for a new technical campus at Hot Springs.
A special election millage had been considered in 2012, but the school’s bond counsel cautioned that a state law passed in 1997 seemed to limit millage revenue to operational expenses. The law was recently amended to clear up ambiguities on the use of bond proceeds for capital improvements.
The college issued revenue bonds in 2004 and 2008. The $3.8 million of outstanding revenue debt is rated A2 by Moody’s Investors Service.
National Park Community College is the fourth largest of the 22 community colleges in Arkansas, with some 4,000 students. It was established in 2002 through a combination of two existing schools.
