HB1759

House Bill 1759 amends Arkansas law regarding the lifespan and bonding capacity of redevelopment districts. It establishes that a redevelopment district cannot exist for longer than 40 years, while generally maintaining a 25-year limit unless bonds remain outstanding. The bill mandates that local governing bodies must pass an ordinance to terminate a district once the statutory time limits have expired. Furthermore, it modifies provisions related to the maturity of bonds or notes issued by these districts, setting a specific maximum maturity period of 30 years. These changes aim to clarify the duration of these districts and the financial obligations associated with their redevelopment projects.