Arkansans for a Bond Freeze

We, the undersigned citizens of Arkansas, do not support the proposed Higher Education/Roads Bond Proposal because this measure is written too broadly and takes the power to tax out of the hands of the taxpayers and allows future bonds to be passed without the approval of the voters.

The fallacies of this bond proposal is that it bases its success on money projected to be collected. But the money has not been collected. It means that our state will go $550 million more dollars into debt. Moreover, we oppose any attempt to take the power to tax out of the hands of the voters/taxpayers of Arkansas.

The government gains its power from those its governs, not the other way around.

The future results of the passage of this bond can be disastrous, since institutional investors will immediately require higher yields and the bonds will be harder to sell or trade in the open market. If that happens, Arkansas will face "bond flooding". The result of "bond flooding" is the same. Emergency tax hikes down the line, with increased tax dollars being forced to pay higher bond interest-and, if the economy really tanks, the threat of a default--which would send interest rates through the roof. This will result in "over-bonding"

Therefore, we oppose the passage of the proposed Bond Issue in the December special election.