WALNUT RIDGE, AR (KAIT) - Voters approved Issue 3 on Tuesday night's ballot, which removes restrictions on the amount of bonds the state can issue.
Gov. Asa Hutchinson told Region 8 News Thursday afternoon that issuing bonds were only done with super projects like Big River Steel.
He explained that it would take responsible leaders to make sure too many bonds were not given at one time.
Hutchinson said the key part of the new amendment is that it allows local government more opportunity for economic growth.
"Usually an industry will pick a location and then they'll say it's not shovel ready yet," Hutchinson said. "So, we need to have some support to get the infrastructure or rail spur there and that's what the local support can do. It was limited before we had amendment 3 and now it will be much more easy to accomplish that support."
He said the goal of the amendment is not to pit towns against each other when trying to bring industry into the area.
Hutchinson said there are other economic development opportunities including tax credit incentives and the Quick Action Closing Fund.
He said they are careful when using these incentives.
However, state and local governments have claw-back provisions in case commitments from other businesses are not met, Hutchinson said.
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