AR SJR1

Amends Arkansas Constitution Amendment 78, § 2 to allow municipalities to incur short-term financing obligations with terms up to 10 years for acquiring fire trucks, compared to the standard 5-year limit for other municipal acquisitions.

Maintains existing restrictions that short-term financing obligations cannot exceed 5% of assessed taxable property value for municipalities or 2.5% for counties, and annual principal and interest payments must be paid from general revenues.

Obligations may bear interest and can be structured as debts, notes, installment purchase agreements, leases, lease-purchase contracts, or similar arrangements whether secured or unsecured.

Amendment becomes effective January 1, 2023, and requires approval by a majority of voters at the next general election for Representatives and Senators.

Sets the ballot title and popular name as "A Constitutional Amendment Providing That a Municipality May Incur Short-Term Financing Obligations Maturing Over a Period of, or Having a Term, Not to Exceed Ten (10) Years for the Purpose of Acquiring Fire Trucks."