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Arkansas Voters Pass Economic Development Amendment
Wednesday, November 9, 2016 · 12:05 pm
Arkansas voters overwhelmingingly passed an amendment to the Arkansas Constitution that will change how the state can issue bonds for large economic development projects.
The Arkansas Constitution allows the Arkansas General Assembly to pass resolutions to have up to three constitutional amendments appear on statewide ballots. Issue 3 on the 2016 ballot removes the cap on Amendment 82 general obligation bonds (formerly 5 percent of general revenue), makes Arkansas more competitive for large projects while still allowing the state legislature to decide what – if any – incentives should be offered, and makes it possible to use Amendment 82 for more than one project at a time with legislative approval.
It also allows local governments to work with chambers of commerce and economic development groups to fund economic development services and collaborate with neighboring cities and counties to fund projects.