Arkansas Authorization of Non-Elected Revenue Bonds
, also known as Proposed Amendment 67
, appeared as an initiated constitutional amendment
where it was approved
on the November 4, 1986
- This amendment allows the government to issue revenue bonds without an election.
| Arkansas Proposed Amendment 67 (1986)|
| Yes|| 318,920|| 53.62%|
Official results via: Arkansas Secretary of State
Text of measure
The language appeared on the ballot as:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|| A proposed amendment to the Constitution of the state of Arkansas authorizing any governmental unit to issue revenue bonds for the purpose of financing all or part of the costs of capital improvements of a public nature, facilities for the securing and developing of industry or agriculture, and for such other purposes as may be authorized by the general assembly, and providing that such bonds may bear such terms, be issued in such manner, and be subject to such conditions which may or may not include an election, all as may be authorized by the general assembly: provided, however,
I) no revenue bonds shall be issued by or on behalf of any governmental unit if the primary purpose of the bonds is to loan the proceeds of the bands, or to lease or sell the faculties financed with the proceeds of the bonds, to one or more private business users for shopping centers or other establishments engaged in the sale of food or goods at retail, and
II) no revenue bonds shall be issued by any governmental unit without an election if the primary purpose of the bonds is to loan the proceeds of the bonds, or to lease or sell the facilities financed with the proceeds of the bonds, to one or more private business users for hotels or motels, rental or professional office buildings or facilities for recreation or entertainment, and
III) defining the term "revenue bonds" to mean all bonds or other obligations the repayment of which is secured by rents, user fees, charges, or other revenues derived from any special fund or source other than assessments for local improvements and taxes: defining the "governmental unit" to mean the state of Arkansas, any county, municipality, or other political subdivision of the state of Arkansas, any special assessment or taxing district established under the laws of the state of Arkansas, and any agency or instrumentality of any of the foregoing: providing that this amendment shall be the sole authority required for the issuance of revenue bonds (except that the rate of interest on such bonds shall be subject to the provisions of Amendment No. 60 to the Constitution of the state of Arkansas); providing that all laws or constitutional provisions which conflict with this amendment are repealed to the extent of such conflict; and providing that this amendment shall take effect upon its adoption, and the provisions of this amendment shall be self-executing.