HB1726 Summary

• Authorizes the State Highway Commission to issue general obligation bonds subject to voter approval in the 2018 general election for maintaining, repairing, renovating, and constructing highways, roads, and bridges throughout Arkansas.

• Bonds will be repaid first from designated revenues derived from fuel taxes under Arkansas Code §§ 26-64-101 and 26-64-102 deposited into the 2017 Highway Maintenance and Construction Bond Account, with general state revenues as backup if designated revenues are insufficient.

• Bonds are secured by the full faith and credit of the State of Arkansas and will be issued in one or more series with maturities not to exceed 12 years from the date of issue.

• The State Highway Commission's authority to issue bonds begins April 1, 2019, and expires March 31, 2039.

• All bonds and interest are exempt from Arkansas state taxes and are eligible to secure public fund deposits and investments by municipalities, counties, banks, and fiduciary accounts.