On November 29, 2012, the City issued $66,275,000 in City of Springdale, Arkansas, Sales and Use Tax Bonds, Series 2012, dated November 1, 2012. The interest rates on the bonds range from 1.1% to 5%, payable semiannually, and maturity rates range from November 1, 2012 to November 1, 2032. The Series 12 Bonds are not general obligations of the City, but are special obligations secured by a first and prior pledge of collections of a 1% sales and use tax levied be the City under City Ordinance No. 2082 adopted by the City Council on March 13, 1992. The issuance of the Series 2012 Bonds and the pledging of the tax revenues were approved by the citizens at a special election held August 14, 2012.
On October 2, 2013, the City issued $84,200,000 in City of Springdale Sales and Use Tax Refunding Bonds, Series 2013, dated October 1, 2013. The interest rates on the bonds range from 2.0% to 5.0%, payable semiannually, and maturity dates ranging from January 1, 2014 to July 1, 2027. The Series 2013 Bonds are not general obligations of the City, but are special obligations; secured by a first and prior pledge of collections of a 1% sales and use tax levied by the City under City Ordinance No. 3895 adopted May 23, 2006, and was approved at a special election held on July 11, 2006. The issuance of the Series 2013 Bonds and the pledging of the tax was approved by City Council under City Ordinance No. 4728 adopted on August 23, 2013. The tax will expire after the bonds have been paid or provision is made therefore, in accordance with Arkansas Statutes.
The 2012/2013 Bond Program had a large and positive impact on Springdale. Springdale residents approved a bond program to improve road infrastructure, parks and recreation, and fire departments.
Thanks to the Bond Program approved by Springdale voters, we were able to:
- Build the Don Tyson Parkway Interchange on I-49
- Extend Don Tyson Parkway from Hylton to Habberton Road
- Widen Don Tyson Parkway from S. 40th Street to Carley Road
- Extend 56th Street from Dearing Road/Don Tyson Parkway to Bleaux Avenue
- Build the C.L. "Charlie" & Willie George Park in southeast Springdale
- Purchase 120 acres of land for a northwest park
- Renovate Murphy Park and buy equipment for J.B. Hunt, Tyson, Murphy, and C.L. "Charlie" & Willie George parks.
- Replace and relocate Fire Stations Two and Three to improve functionality and response time, and purchase necessary equipment for the Fire Department, such as extrication equipment and self-contained breathing apparatuses.
Without the support of the Springdale voters, these improvements would not have been possible.