Street Improvement Bonds
STREET IMPROVEMENT BONDS AND 1% SALES AND USE TAX
An issue of bonds of the City of Springdale in the maximum aggregate principal amount of $92,710,000 for the purpose of financing all or a portion of the costs of new, and improvements to existing, streets, roads and bridges, including, particularly, without limitation, any curb, gutter and drainage improvements, equipment and land acquisition to accomplish such improvements, and street lighting, utility adjustments, sidewalks and traffic signals related thereto, professional fees related to any of the foregoing, the establishment of reserves, and bond issuance and any credit enhancement costs, and, in order to pay the bonds, the levy and pledge of a new 1% local sales and use tax within the City that will expire after the bonds have been paid or provision is made therefor in accordance with Arkansas statutes.
The largest percentage of the money received through the bond authorization will go toward infrastructure improvements. Widening, extending, and building roads will reduce traffic congestion, increase property values, and encourage further commercial and residential development. We are currently working with City staff and the City Council to prioritize infrastructure improvement projects. We will have public meetings in the future and encourage feedback from residents to help us prioritize projects.
While there will be many infrastructure improvements, one project we plan to complete with the bond issue is the extension of Gene George Boulevard from Bleaux Ave. to Wagon Wheel Road.
Note: The "1% Sales and Use Tax" at the end of each ballot item is not a tax increase. It is an authorization to continue the current 1% sales and use tax that was levied in 2003 and continued in 2006 as approved by Springdale voters.