AR SB471

Municipalities and counties may pledge all or a portion of their net casino gaming receipts tax revenues (from Arkansas Constitution Amendment 100) to retire bonds issued for capital improvements or economic development projects.

Bond issuance secured by casino gaming tax revenues must be approved by a majority of voters at a local election, with ballot language describing the extent of the tax pledge.

Municipalities and counties filing an ordinance pledging casino tax revenues may designate a bank or depository to receive those revenues directly for bond repayment, rather than the funds going to the municipality or county treasury.

Telecommunications infrastructure (voice, data, broadband, video, wireless) and energy efficiency facilities are added to the definition of "capital improvements" under the Local Government Bond Act of 1985 and the Local Government Capital Improvement Revenue Bond Act of 1985.

Direct distribution of casino gaming tax revenues to a designated depository continues until the municipality or county certifies to the state treasurer that the pledged bonds have been fully paid or are no longer outstanding.