Arkansas voters approve of highway bond package

Editor’s note: Roby Brock, with our content partner Talk Business, wrote this report. He can be reached at [email protected]

Arkansas voters overwhelmingly approved renewal of a $575 million bond program that will repair up to 400 mile of interstate highways.

In early returns, “for” votes for the 2011 Interstate Rehabilitation Program held a 79-21% advantage over votes “against” the measure.

Supporters of the bond program, which included Gov. Mike Beebe (D), said the bonds could lead to up to $1 billion in road investments and as many as 28,000 jobs in construction-related fields.

The bond program allows the Arkansas Highway Commission to pledge future GARVEE (Grant Anticipation Revenue Vehicle) funds from the federal government to pay down the bonds. An existing four-cent diesel fuel tax remains dedicated to the revenue stream to pay the bonds.

In an interview earlier this week, Highway Commission chairman Madison Murphy told Talk Business that the bonds could be issued by next year allowing money for a roads program to be available as early as late-2012.  The bonds have to be issued no later than 2015.

When the bond program was first passed in 1999, it garnered nearly 70% of the popular vote.