Highway Bond Renewal Cruises To Easy Victory

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

With nearly all precincts reporting, “for” votes for the 2011 Interstate Rehabilitation Program held a 81-19% 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.

LOCAL BALLOT INITIATIVES
There were other local sales tax initiatives on the ballot today in Benton, Fort Smith, North Little Rock and West Memphis.  These votes are unofficial.

Benton: One-and-a-half-cent food tax renewal to build new hotel and convention center complex
For – 72%
Against – 28%

Fort Smith: One-cent food tax for existing convention center operations
For – 37%
Against – 63%

Lowell: One-cent sales tax renewal
For – 69%
Against – 31%

North Little Rock: Half-cent permanent sales tax for operations and half-cent temporary tax for capital improvements
Half-cent permanent
For – 48%
Against – 52%

Half-cent temporary
For – 47%
Against – 53%

West Memphis: Quarter-cent sales tax for economic development
For – 69%
Against – 31%