Texarkana board calls special election on Nov. 18 to seek bonds and a 5-mill tax for streets and drainage

The Texarkana Board of Directors voted to adopt an ordinance calling a special election on Nov. 18 to ask voters three questions: to refund the city's 2012 bonds, to issue street improvement bonds and to issue drainage improvement bonds. The ballot would ask voters to levy and pledge a tax of up to 5 mills for these purposes; because citizens already pay 2.5 mills of the current debt service, the incremental tax impact if approved would be roughly an additional 2.5 mills.

City staff and bond counsel presented the financial framework: the refunding question covers about $2,375,000 in existing debt; the street improvement question is listed on the ballot at up to $41,925,000 and the drainage question up to $5,350,000. Staff said the city expects roughly $25,000,000 available to spend on street projects after the refunding, with an estimated $3,000,000 for drainage and the remainder allocated to priority street repairs. Officials said they would prepare project lists and hold multiple public town halls in each ward before spending decisions.

Officials illustrated tax impacts: staff gave an example that the additional 2.5 mills would raise about $40 for every $100,000 in assessed value (about $65 on the city's average assessed property of $167,000). Staff emphasized that the refunding question must pass for the street bond to move forward; if voters reject the refunding, the street bond would not proceed. After the third and final reading the board adopted the ordinance by roll-call vote and then attached an emergency clause so the city could meet election deadlines. The board directed staff to prepare project lists and to present them to the public in town halls prior to the election.