Arkansas Ballot Issue No. 1 Highway Tax Amendment Passes
By: Suzanne Burnette
Updated: November 6, 2012
Arkansas ballot Issue No. 1 has been approved by voters.
With 63-percent of the vote counted, the measure was passing 58-percent to 42-percent.
The amendment provides additional funding for state highways, county roads, city streets, bridges, and other surface transportation.
Issue No. 1. levies a temporary sales and use tax of one-half (0.5%) for state highways and bridges, county roads, bridges and other surface transportation, and city streets, bridges and other surface transportation, with the state's portion to secure State of Arkansas general obligation four-lane highway construction and improvement bonds in the total principal amount not to exceed one-point-three billion dollars ($1,300,000,000) for the purpose of constructing and improving four-lane highways.
The amendment prescribes the terms and conditions for the issuance of such bonds which will mature and be paid in full in about ten (10) years, which payment in full shall terminate the temporary sales and use tax; describing the sources of repayment of the bonds; permanently dedicating a portion of the proceeds derived from the existing motor fuel and distillate fuel taxes to the state aid street fund.
With 63-percent of the vote counted, the measure was passing 58-percent to 42-percent.
The amendment provides additional funding for state highways, county roads, city streets, bridges, and other surface transportation.
Issue No. 1. levies a temporary sales and use tax of one-half (0.5%) for state highways and bridges, county roads, bridges and other surface transportation, and city streets, bridges and other surface transportation, with the state's portion to secure State of Arkansas general obligation four-lane highway construction and improvement bonds in the total principal amount not to exceed one-point-three billion dollars ($1,300,000,000) for the purpose of constructing and improving four-lane highways.
The amendment prescribes the terms and conditions for the issuance of such bonds which will mature and be paid in full in about ten (10) years, which payment in full shall terminate the temporary sales and use tax; describing the sources of repayment of the bonds; permanently dedicating a portion of the proceeds derived from the existing motor fuel and distillate fuel taxes to the state aid street fund.
