HB1308

House Bill 1308 amends Arkansas law to allow municipalities and counties to pledge revenue from the sales and use tax levied under Arkansas Constitution, Amendment 101, to secure and retire bonds issued for surface transportation projects. It establishes a framework for voter-approved bond issuances supported by these tax funds and allows for the direct distribution of these tax revenues to designated depositories to pay off such bonds. Furthermore, the bill clarifies that these tax revenues are not subject to certain state deductions, transfers, or refunds, ensuring they remain dedicated to their intended purpose. The bill includes an emergency clause, citing a need for continued funding for local road and bridge projects as previous tax authorizations expire. It essentially aligns the administrative procedures for Amendment 101 tax revenue with those previously established for Amendment 91.