Arkansas metropolis eyes $320 million bond election

Metropolis of Fayetteville

Fayetteville, Arkansas, is gearing as much as ask voters subsequent yr for $320 million of bonds for water, sewer, parks and different capital tasks.   

The town council, which held a workshop on the proposed debt package deal’s framework this week, will resolve subsequent month whether or not to carry a bond election in March 2026. The bonds could be backed by an extension of a one-cent gross sales tax that additionally backed $226 million of bonds voters authorised in 2019.  

“This bond offers us the prospect to maintain transferring ahead, to guard what issues and to develop responsibly with out elevating taxes,” Mayor Molly Rawn mentioned in a press release.

Two-thirds of the proposed bond is devoted to core infrastructure — water, sewer and transportation — in accordance with the assertion. Different tasks embrace an aquatic middle, a fireplace station and gear, an animal shelter and recycling services. 

“Once we put money into dependable water and sewer, secure roads and accessible parks, we’re constructing the muse for households, companies and Fayetteville’s future,” Rawn mentioned.

Fayetteville final offered gross sales and use tax capital enchancment bonds in a $15 million Collection 2024 deal that was rated AA-minus by S&P International Rankings with a secure outlook. 

The town of 101,858 in northwest Arkansas had $87.58 million of gross sales and use tax bonds excellent as of Dec. 31, in accordance with its fiscal 2024 annual complete monetary report.