SJR 5 Summary

• Cities and counties may form one or more districts within their jurisdictions to finance development and redevelopment projects using sales tax anticipated revenue bonds.

• Bonds issued under this amendment may be secured by and payable from all or a portion of state sales and use tax increases collected within the district after project approval.

• These bonds shall not count toward debt limits under Article XII, § 4, of the Arkansas Constitution and are exempt from Article XVI, § 1, and Amendments 62 and 65.

• Sales tax anticipated revenue bond projects include land acquisition, development, redevelopment, and revitalization to eliminate blight, prevent commerce loss, or increase employment, as defined by the General Assembly.

• All state sales and use taxes already pledged to other bond repayments or committed uses prior to project approval are excluded from division to the district.