Arkansas Gov. Mike Beebe used his Saturday radio address to ask voters to support a $575 million road bond plan in the Nov. 8 special election.
Beebe said the plan to issue $575 million of grant anticipation revenue vehicle bonds, or Garvees, is “an important job-creation project” that will not require a tax increase.
“The money will fund maintenance projects statewide, so everyone will benefit,” the Democratic governor said. “And there’s nothing to be gained by voting this measure down. While taxes will not go up if the bond is approved, they also won’t go down if voters reject the proposal.”
He said projects financed by the Garvees would support 28,000 jobs.
The plan is to extend for another 12 years an existing program approved in 1999. All the authorized bonds have been issued, with the final maturities set for 2014.
The bonds would be supported with federal highway grants and a diesel fuel tax of 4 cents a gallon approved by voters in 1999.
“The upkeep of our Interstate system is an ongoing expense, and bond proposals like this one have proven to be an effective and cost-efficient solution,” Beebe said.