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AR HB1416
Bill
Status
Passed
3/15/2011
Primary Sponsor
Fred Allen
Click for details
AI Summary
- Amends Arkansas Code § 14-164-311 to remove the interest rate cap of 2% above the Federal Reserve rate for bonds issued under Amendment 62 to the Arkansas Constitution
- Allows bonds issued under Amendment 62 to bear any rate of interest as determined by municipal or county ordinance
- Declares an emergency, citing voter approval of Issue No. 2 at the November 2, 2010 general election that removed the constitutional interest rate limitation
- States the removal is necessary to allow municipalities and counties to issue bonds at market rates for voter-approved capital improvement projects
- Takes effect upon Governor's approval, expiration of veto period, or veto override by the legislature
Legislative Description
An Act To Remove The Interest Rate Limitation For Bonds Issued Under The Authority Of Amendment No. 62 To The Arkansas Constitution And To Declare An Emergency.
Last Action
House Notification that HB1416 is now Act 287
3/15/2011
Committee Referrals
Insurance & Commerce2/24/2011
Insurance and Commerce2/15/2011
Full Bill Text
No bill text available