The bill amends Arkansas law regarding the duration and termination of redevelopment districts. Specifically, it establishes that a redevelopment district cannot exist for more than twenty-five years unless bonds have been issued under the original redevelopment plan that extend beyond this period. The previous maximum duration of forty years has been removed, allowing for a more streamlined approach to the lifespan of these districts. Additionally, the local governing body has the authority to set a shorter existence period for the district and ensure that bonds mature no later than the district's termination date.

Furthermore, the bill modifies the terms for the maturity of redevelopment bonds or notes, changing the maximum maturity period from the date of termination of the redevelopment district to a new limit of thirty years. This adjustment aims to provide clearer guidelines for the financial management of redevelopment projects while ensuring that districts are not extended indefinitely. Overall, the amendments seek to enhance the governance and operational efficiency of redevelopment districts in Arkansas.

Statutes affected:
HB 1759: 14-168-308, 14-168-317(b)
Act 838: 14-168-308, 14-168-317(b)