Mike
Well-Known Member
A Nov. 8 special election will allow Arkansas voters to decide whether to renew a $575 million bond program for highway work.
Gov. Mike Beebe signed off on the fall vote to renew a highway bond program that has been around for more than a decade. The Grant Anticipation Revenue Vehicle, or GARVEE, bonds have been combined with a 4-cent diesel tax for road upkeep dating back to 1999.
The bonds program allows states to borrow money against the annual federal transportation funding designated to pay for construction. The sale is based on the assumption that federal funding in future years would pay off the bonds. This allows states to get money needed up front.
Supporters say passage would authorize $575 million in bonds for roads, and create jobs. Otherwise, they warn that the state would need to divert existing revenues to complete road projects.
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Gov. Mike Beebe signed off on the fall vote to renew a highway bond program that has been around for more than a decade. The Grant Anticipation Revenue Vehicle, or GARVEE, bonds have been combined with a 4-cent diesel tax for road upkeep dating back to 1999.
The bonds program allows states to borrow money against the annual federal transportation funding designated to pay for construction. The sale is based on the assumption that federal funding in future years would pay off the bonds. This allows states to get money needed up front.
Supporters say passage would authorize $575 million in bonds for roads, and create jobs. Otherwise, they warn that the state would need to divert existing revenues to complete road projects.
Full Story
