Hot Springs supports interstate rehabilitation program

At its regular meeting on Monday, October 17, The Hot Springs Board of Directors unanimously passed a resolution of support for the adoption of the 2011 Interstate Rehabilitation Program at a special statewide election scheduled for Tuesday, November 8.

In 1999, Arkansans by a 4-to-1 margin approved an identical plan which reconstructed and modernized more than 350 miles of interstates in Arkansas. Today, however, Arkansas interstate highways stretch more than 650 miles. Passage of the new rehabilitation program will allow the Arkansas Highway Commission to issue bonds to rehabilitate the remaining 300 additional miles of interstate highway. The bonds will be repaid from federally funded GARVEE (Grant Anticipation Revenue Vehicle) bonds; a 4-cent state diesel tax adopted in 1999 for that purpose; and state matching funds required by the federal government share. No new taxes will be required.

The Board resolution states, “The 2011 Interstate Rehabilitation Program will meet the needs of nearly $1 billion in Interstate rehabilitation, creating over 27,000 jobs, and freeing other revenue for local state highway maintenance, all without raising taxes.”