(Editor’s Note: In an effort to inform voters about the issues that will be on the upcoming Nov. 3 general election ballot, the Herald is publishing a series of unbiased overviews put together by the Arkansas Public Policy Center, which is affiliated with the University of Arkansas Cooperative Extension office in Little Rock.)
Issue 3 is a state constitutional amendment concerning economic development in Arkansas. It authorizes the General Assembly to create economic development districts within cities, counties, or cooperative areas to promote economic development within the economic development district.
This issue was put on the ballot by the state legislature.
If approved, Issue 3 would:
• Allow legislators to pass laws that would create programs, loans and grants using public money for the (1) development and diversification of the state’s economy; (2) elimination and prevention of unemployment or underemployment; (3) development or expansion of transportation or commerce; or (4) development or improvement of property that contributes to economic development in the state. • Authorize the legislature to pass laws that enable local governments to create economic development districts, which are defined as a “designated area within a city, county, or cooperative area established under authority granted by the General Assembly to promote economic development within the designated area.” • Give economic development districts authority to issue bonds to raise money for economic development projects within the district. Bond debt could be repaid using any funds received by the district. The bond debt would not be subject to limitations for city or county government debt under Article 12, § 4 of the Arkansas Constitution. • Exempt economic development districts from all limitations of the state, cities or counties related to lending credit, bond issues and interest-bearing warrants established in Article 16, § 1 of the Arkansas Constitution as well as the provisions of Amendment 62 and Amendment 65 of the Arkansas Constitution. The two amendments involve bond issues and elections. • Amend Article 12, § 5 of the Arkansas Constitution to allow cities, counties and …