Voters in Garland County, Ark. last week rejected a 1.7 mill property tax increase to support $30 million of general obligation bonds for the National Park Community College district.
The bond proceeds would have financed construction of a new technical campus in Hot Springs.
School President Sally Carder said the new campus would have allowed more students to attend training programs at the community college.
“As sad and disappointed as we are, we don’t consider this a vote against National Park Community College, but rather a reaction to our economic times,” she said.
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.
