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Monday, October 18, 2010

Legislatively referred constitutional amendments on the ballot

There are three legislatively referred constitutional amendments on the ballot for the November 2 election. My eyes started glazing over on issue two. The trick is to stay awake so you can know what you are voting for or against.
Issue One - Hunting
The summary of the amendment, according to the 87th Legislative Session, reads as follows: "This resolution proposes to amend the Arkansas Constitution to provide for a constitutional right for citizens of the state of Arkansas to hunt, fish, trap, and harvest wildlife. The resolution states that the right would be limited only by the regulations consistent with Amendment 35 of the Arkansas Constitution."
If approved by a simple majority of Arkansas voters, the measure would amend the Arkansas Constitution by adding the following section to read:
Section 1.
(a) (1) Citizens of the state of Arkansas have a right to hunt, fish, trap, and harvest wildlife.
(2) The right to hunt, fish, trap, and harvest wildlife shall be subject only to regulations that promote sound wildlife conservation and management and are consistent with Amendment 35 of the Arkansas Constitution.
(b) Public hunting, fishing, and trapping shall be a preferred means of managing and controlling non-threatened species and citizens may use traditional methods for harvesting wildlife.
(c) Nothing in this amendment shall be construed to alter, repeal, or modify:
(1) Any provision of Amendment 35 to the Arkansas Constitution;
(2) Any common law or statute relating to trespass, private property rights, eminent domain, public ownership of property, or any law concerning firearms unrelated to hunting; or
(3) The sovereign immunity of the State of Arkansas.
Issue 2 - Bond Issues
The summary of the amendment reads as follows, according to the 87th Legislative Session: "This resolution proposes to repeal existing constitutional provisions setting the maximum lawful rate of interest on bonds issued and loans made by or to governmental units. The resolution states that the maximum lawful rate of interest on loans by federally insured depository institutions remain at the rate that resulted from the federal preemption effective March 1, 2009. The resolution proposes to establish a maximum lawful interest rate for all other loans or contracts, authorizes governmental units to issue bonds to finance energy efficiency projects, and allows bonds for energy efficiency projects to be repaid from any source. The resolution proposes to repeal Article 19, § 13, and the interest rate provisions of Amendment Nos. 30, 38, 62, 65, and 78 of the Arkansas Constitution. The proposed effective date for the resolution is January 1, 2011."
Resulting constitutional changes if enacted by Arkansas voters, the measure would repeal Section 13 of Article 19 of the Arkansas Constitution. It also would repeal the interest rate provisions of Amendments 30, 38, 62, 65 and 78. Section 13 of Article 19 reads:
(a) General Loans:
(I) The maximum lawful rate of interest on any contract entered into after the effective date hereof shall not exceed five percent (5%) per annum above the Federal Reserve Discount Rate at the time of the contract.
(ii) All such contracts having a rate of interest in excess of the maximum lawful rate shall be void as to the unpaid interest. A person who has paid interest in excess of the maximum lawful rate may recover, within the time provided by law, twice the amount of interest paid. It is unlawful for any person to knowingly charge a rate of interest in excess of the maximum lawful rate in effect at the time of the contract, and any person who does so shall be subject to such punishment as may be provided by law.
(b) Consumer Loans and Credit Sales: All contracts for consumer loans and credit sales having a greater rate of interest than seventeen percent (17%) per annum shall be void as to principal and interest and the General Assembly shall prohibit the same by law.
(c) Definitions: As used herein, the term:
(I) "consumer loans and credit sales" means credit extended to a natural person in which the money, property, or service which is the subject of the transaction is primarily for personal, family or household purposes.
(ii) "Federal Reserve Discount Rate" means the Federal Reserve discount Rate on ninety-day commercial paper in effect in the Federal Reserve Bank in the Federal Reserve District in which Arkansas is located.
(d) Miscellaneous:
(I) The rate of interest for contracts in which no rate of interest is agreed upon shall be six percent (6%) per annum.
(ii) The provisions hereof are not intended and shall not be deemed to supersede or otherwise invalidate any provisions of federal law applicable to loans or interest rates including loans secured by residential real property.
(iii) The provisions hereof revoke all provisions of State law which establish the maximum rate of interest chargeable in the State or which are otherwise inconsistent herewith.
Issue 3 - Taxes
The summary of the amendment reads as follows, according to the 87th Legislative Session:
"This resolution proposes to amend Amendment 82 of the Arkansas Constitution to authorize the General Assembly to establish criteria before authorizing the issuance of bonds for prospective employers planning an economic development project."
Resulting constitutional changes if enacted by Arkansas voters, the measure would amend Amendment 82(d) of the Arkansas Constitution. The text of that amendment reads as follows: (d) The General Assembly may authorize the issuance of bonds bearing the full faith and credit of the State of Arkansas if the prospective employer planning an economic development project is eligible under criteria established by law.

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