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Bill > SB421
AR SB421
AR SB421To Authorize The Arkansas Natural Resources Commission To Issue General Obligation Bonds For The Development Of Water, Waste Disposal, And Pollution Abatement Projects.
summary
Introduced
03/11/2025
03/11/2025
In Committee
04/02/2025
04/02/2025
Crossed Over
03/19/2025
03/19/2025
Passed
04/09/2025
04/09/2025
Dead
Signed/Enacted/Adopted
04/14/2025
04/14/2025
Introduced Session
95th General Assembly (2025 Regular)
Bill Summary
AN ACT AUTHORIZING THE ARKANSAS NATURAL RESOURCES COMMISSION TO ISSUE GENERAL OBLIGATION BONDS TO FINANCE AND REFINANCE THE DEVELOPMENT OF WATER, WASTE DISPOSAL, POLLUTION CONTROL, ABATEMENT AND PREVENTION, DRAINAGE, IRRIGATION, FLOOD CONTROL, AND WETLANDS AND AQUATIC RESOURCES PROJECTS TO SERVE THE CITIZENS OF THE STATE OF ARKANSAS, IN TOTAL PRINCIPAL AMOUNT NOT TO EXCEED FIVE HUNDRED MILLION DOLLARS ($500,000,000) WITH NO MORE THAN ONE HUNDRED SIXTY- FIVE MILLION DOLLARS ($165,000,000) IN TOTAL PRINCIPAL AMOUNT OF THE GENERAL OBLIGATION BONDS TO BE ISSUED TO FINANCE AND REFINANCE THE DEVELOPMENT OF IRRIGATION FACILITIES, IN SERIES FROM TIME TO TIME IN PRINCIPAL AMOUNTS NOT TO EXCEED, WITHOUT PRIOR APPROVAL OF THE GENERAL ASSEMBLY, SIXTY MILLION DOLLARS ($60,000,000) IN ANY TWO-YEAR PERIOD BEGINNING JULY 1 OF EACH ODD-NUMBERED YEAR; SUBMITTING THE QUESTION OF THE ISSUANCE OF BONDS AT THE 2026 GENERAL ELECTION OR A SPECIAL ELECTION CALLED FOR THAT PURPOSE; PRESCRIBING OTHER RELATED MATTERS; AND FOR OTHER PURPOSES.
AI Summary
This bill authorizes the Arkansas Natural Resources Commission to issue general obligation bonds up to $500 million to fund water, waste disposal, pollution abatement, drainage, irrigation, flood control, and wetlands and aquatic resources projects. Specifically, no more than $165 million can be used for irrigation facilities. The bonds will be issued in series, with no more than $60 million issued in any two-year period without prior legislative approval. The bill requires voter approval through a statewide election in 2026 (or a special election called earlier), where voters will decide whether to allow the bond issuance. The bonds will be backed by the full faith and credit of the state and will be repaid from general state revenues. The bill provides detailed provisions for how the bonds can be issued, sold, and used, including allowing the commission to provide loans and grants to local entities for project development. The bonds will be tax-exempt and eligible to secure public funds. If approved by voters, the Arkansas Natural Resources Commission will have broad powers to develop and manage water-related infrastructure projects across the state.
Committee Categories
Agriculture and Natural Resources
Sponsors (2)
Last Action
Notification that SB421 is now Act 578 (on 04/14/2025)
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