Constitution of Arkansas (2025 publisher edition) — Amendment 65: REVENUE BONDS.

Publisher edition notice: This collection preserves the complete constitutional appendix of the Secretary of State’s 2025 Election Laws and Constitution compilation: its preamble, twenty original articles, schedule and 104 published amendments, including annotations and explicit repealed notices. Repealed notices remain historical publisher context. Later amendments have not been independently verified.

Amendment 65

AMEND. 65. REVENUE BONDS.
Publisher’s Notes. This amendment was proposed by
initiative petition filed in the office of the Secretary of State
on July 4, 1986. It was adopted at the general election on
Nov. 4, 1986, by a vote of 318,894 for and 275,877 against.
Ark. Const. Amend. 65, § 6, provided, in part, that the
provisions of the amendment are self-executing.
This amendment may supersede Ark. Const., Art. 16,
§ 1, with respect to prohibitions against bond issuance and
Ark. Const. Amends. 20 and 62, with respect to require-
ments for electoral approval.
Effective Dates.
Ark. Const. Amend. 65, § 6: effective on adoption.
§ 1. Issuance — Terms and conditions.
Subject to the provisions of Section 2 hereof, any governmental unit, pursuant to laws
heretofore or hereafter adopted by the General Assembly, may issue revenue bonds for the
purpose of financing all or a portion of the costs of capital improvements of a public nature,
facilities for the securing and developing of industry or agriculture, and for such other public
purposes as may be authorized by the General Assembly. Such bonds may bear such terms, be
issued in such manner, and be subject to such conditions, all as may be authorized by the General
Assembly; and the General Assembly may, but shall not be required to, condition the issuance of
such bonds upon an election.
§ 2. Purpose of issuance.
(a) No revenue bonds shall be issued by or on behalf of any governmental unit if the primary
purpose of the bonds is to loan the proceeds of the bonds, or to lease or sell the facilities financed
with the proceeds of the bonds, to one or more private business users for shopping centers or other
establishments engaged in the sale of food or goods at retail.
(b) No revenue bonds shall be issued by or on behalf of any governmental unit without the
consent of a majority of the qualified electors voting on the question at an election held in
accordance with state law if the primary purpose of the bonds is to loan the proceeds of the bonds,
or to lease or sell the facilities financed with the proceeds of the bonds, to one or more private
business users for hotels or motels, rental or professional office buildings, or facilities for
recreation or entertainment.
§ 3. Definitions.
(a) The term “revenue bonds” as used herein shall mean all bonds, notes, certificates or other
instruments or evidences of indebtedness the repayment of which is secured by rents, user fees,
charges, or other revenues (other than assessments for local improvements and taxes) derived
from the project or improvements financed in whole or in part by such bonds, notes, certificates
or other instruments or evidences of indebtedness, from the operations of any governmental unit,
or from any other special fund or source other than assessments for local improvements and
taxes.
(b) The term “governmental unit” as used herein shall mean the State of Arkansas; any county,
municipality, or other political subdivision of the State of Arkansas; any special assessment or
taxing district established under the laws of the State of Arkansas; and any agency, board,
commission, or instrumentality of any of the foregoing.
708 Amend. 64 CONSTITUTION OF ARKANSAS

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§ 4. Authority exclusive — Interest — Initiative and referendum.
This amendment shall be the sole authority required for the authorization, issuance, sale,
execution and delivery of revenue bonds authorized hereby. Nothing herein shall be construed to
impair the initiative and referendum powers reserved to the people under Amendment No. 7 to
the Constitution of the State of Arkansas. [As amended by Const. Amend. 89, § 14.]
Publisher’s Notes. Ark. Const. Amend. 89, § 14,
amended this section effective January 1, 2011. Amend-
ment 89 was proposed by H.J.R. 1004 during the 2009
Regular Session and adopted at the 2010 general election
by a vote of 448,711 for and 250,167 against.
Before amendment, this section read: “This amendment
shall be the sole authority required for the authorization,
issuance, sale, execution and delivery of revenue bonds
authorized hereby; provided, however, that the rate of
interest on revenue bonds shall not exceed the maximum
authorized by Amendment No. 60 to the Constitution of the
State of Arkansas or any similar provision hereafter ad-
opted. Nothing herein shall be construed to impair the
initiative and referendum powers reserved to the people
under Amendment No. 7 to the Constitution of the State of
Arkansas.”