Special Election on Dec. 13 for Arkansas! Make sure to tell everyone.

[jsamuel]

I am not exactly sure what is on the ballot, but I know that one thing is and my department would do well if it passes, so I will post it here. Let me know if you guys know any negative things about it because it is being pushed by the Governor.

Little Rock -- Sept. 19 -- Gov. Mike Huckabee announced Monday that a


statewide special election will be held Dec. 13 so Arkansas voters can


decide if they wish to authorize special bond issues for higher education


and continued interstate highway rehabilitation.


"We've made a great deal of progress in Arkansas during the past


decade," Huckabee said during a news conference at the Governor's Mansion.


"This will allow us to continue that progress with no additional taxes.


Education and infrastructure improvements are keys to the economic


advancement of Arkansas."


College savings bonds will provide a way for parents and grandparents


to save for the college education of their children and grandchildren while


producing the funds the state's colleges and universities need to upgrade


their technology and facilities. Arkansas institutions of higher education


have documented more than $110 million in critical maintenance needs.


"Enrollment in the state's colleges and universities has increased by


34 percent since the most recent college savings bond issue in the 1990s,"


the governor said. "That's good news since we need more Arkansans to attend


college and obtain degrees. But it means we must have additional classroom


and library space. This will allow us to meet those needs without a tax


increase."


A bill approved by the Legislature earlier this year authorized the


state Higher Education Coordinating Board, in consultation with the


Arkansas Development Finance Authority, to refer to the voters a request


for the authority to issue up to $250 million in college savings bonds.


About $100 million would be used to refund or recall existing bonds. The


remaining $150 million would be used for campus improvements. The bill was


part of the governor's 2005 legislative package.


Huckabee asked the Higher Education Coordinating Board to distribute


$50 million to the state's two-year colleges. Of the remaining $100


million, he asked that $10 million be used to connect four-year schools to


the national e-corridor in order to enhance research. The remaining $90


million would be used for improvements at the four-year institutions.


The highway bond issue, meanwhile, would allow continued improvements


to the state's interstate system.


"In the late 1990s, we had probably the worst system of interstate


highways in the country," Huckabee said. "More than 60 percent of these


roads were rated as being in mediocre or poor condition. Arkansas had been


the first state in the country to complete its interstates. The system was


old, and the volume of large trucks was huge. The original interstate


highways were designed for trucks with a weight limit of 56,280 pounds.


That limit was increased to 80,000 pounds. We simply were no longer able to


maintain the system using the pay-as-you-go method."


Huckabee made an interstate highway rehabilitation program the focus


of his 1999 legislative package.The Legislature approved that package and


referred a bond issue to the voters. Almost 80 percent of Arkansas voters


supported the bond issue in a June 1999 special election. Since that time,


the state has improved 356 miles of interstate highways at a cost of almost


$1 billion. By next year, 73 percent of the state's interstate system will


be in good or very good condition with only 14 percent rated poor or


mediocre.


Additional routes have been designated as interstate highways -- the


46.7 miles of Interstate 530 from Little Rock to Pine Bluff and the 66.6


miles of Interstate 540 from Alma to Bentonville.


"Some of these added sections have areas that need rehabilitation,"


the governor said. "There also are sections of Interstate 40, Interstate 30


and Interstate 55 that weren't improved as part of the current interstate


rehabilitation program. The continued use of bonds will allow us to address


those needs. The state Highway and Transportation Department has identified


$900 million in needed interstate rehabilitation projects during the next


10 years. With no additional improvements, we'll fall to 37 percent of the


system rated as poor or medocre by 2016."


Huckabee was joined at Monday's announcement by transportation and


higher education officials from across the state.


Of the college bond issue, he said: "While bond buyers are investing


in the future of their children and grandchildren, they'll be allowing our


colleges and universities to meet critical technology and facilities needs.


The resulting technology improvements and the new facilities will help


these colleges and universities attract more federal and private funds to


finance research and promote the continued development of our state. We


want all of our institutions of higher learning in Arkansas to have


cutting-edge technology. The economy of the new century demands it."


Of the highway bond issue, Huckabee said: "We've gone from having the


worst system of interstate highways in the country to the best. Now, we


must continue the momentum and not allow ourselves to start slipping. For


once, Arkansas has an opportunity to stay a step ahead rather than falling


behind. Between now and Tuesday, Dec. 13, I constantly will remind voters


that there are no new revenues involved. These bonds will be repaid using


existing revenues. Additional bonds will be issued as the existing bonds


are paid off. This will allow us to maintain our position of having the


best interstate highways in the country and help greatly in the economic


development of Arkansas."

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COLLEGE SAVINGS BOND PROGRAM
“Meeting the Needs of the Future Today”
• College Savings Bonds provide a way for parents and grandparents to save for the college education of their children and grandchildren while providing funds for Arkansas’s Colleges and Universities to upgrade technology for research and instruction, finance critical maintenance and renovation needs as well as build new classrooms and libraries.
• When bond buyers invest in the future, colleges and universities will have access today, to the funding to meet their critical technology and facilities needs and protect the State’s investment in campus facilities. With the new technology and adequate facilities, colleges and universities will be able to attract more federal and private funds to finance research, promote the economic development of Arkansas, and aid in the development of local industries and agriculture which will result in more and better paying jobs for graduates.
• College Savings Bonds at maturity may be used for college tuition at ANY college or university, or for any other purpose.
• Investors’ income from College Savings Bonds will be exempt from both federal and state income tax whether or not the income is used for college tuition and expenses.
• In 2004, Arkansas Public Institutions of Higher Education documented a need for more than $110 million in critical maintenance needs which will escalate by the time bond funds are available.
• Colleges and universities have critical needs for upgrades in instructional technology, technology infrastructure, and research technology to ensure that students receive instruction with “cutting edge” technology in fields critical to our state such as: nursing, medical technology, engineering and education. Rapid advances in technology have made up-to-date technology mandatory for students to graduate with marketable knowledge and skills.
• Appropriation to ADHE for each bond-funded project at the related institution must have legislative approval before the first sale of the $150 million, so a special session is the preferred method for such appropriation.
• Colleges and universities must have more classroom and library space to accommodate the 33.6% increase in enrollment that has occurred since the last College Savings Bond issue in the mid to late 90’s provided the last significant capital investments in higher education.
• The college savings bond program does not require any new taxes and does not require any additional state revenues.