Early voting begins Monday in Little Rock for Central Arkansas Library System bond referendum on lowering tax

The Main Library branch of the Central Arkansas Library System on April 30 in Little Rock.
(Arkansas Democrat-Gazette/Thomas Metthe)
The Main Library branch of the Central Arkansas Library System on April 30 in Little Rock. (Arkansas Democrat-Gazette/Thomas Metthe)

Early voting begins Monday in Little Rock for a May 24 special election on whether to lower the millage rate tied to capital improvements for the Central Arkansas Library System and to refinance debt.

Last fall, Little Rock voters approved an increase in the library system's millage rate that supports operations and maintenance. As a result, the rate rose from 3.3 to 3.8 mills.

Now, voters will be asked to lower the millage rate for capital improvements by a corresponding amount, from 1.8 to 1.3 mills.

Each mill equals the dollar amount in taxes paid on every $1,000 of the tax-assessed value of a piece of property.

By refinancing its bonds, the library system hopes to generate more than $22 million in funding to pursue certain improvements, according to its website.

Central Arkansas Library System Executive Director Nate Coulter has estimated that refinancing outstanding general obligation bonds would extend payments on the debt by roughly two years, meaning that if voters give their approval, the reissued bonds would be paid off in approximately eight years as opposed to six.

The capital-improvement millage extended at the lower rate of 1.3 mills would be pledged to bonds with an aggregate principal amount of up to $42 million.

According to a "frequently asked questions" post on the library system's website, under the question, "Why is this only on the ballot in Little Rock?" the response said, "Little Rock residents went to the polls to vote on the operational millage last November because most of the library's assets are in Little Rock and much of the population within the system's service area resides in the city."

"The measure passed with roughly 71% of the vote," the response said. "This is an opportunity for us to honor our campaign promise to lower taxes in Little Rock by refinancing our bonds."

The library system hopes to use the additional money to add a "state-of-the-art bookmobile," upgrade technological infrastructure, make interior renovations to the Main Library and expand genealogy and technology offerings at the Butler Center for Arkansas Studies, according to the website.

If the referendum fails, then planned improvements to the Main Library might be scaled back, might take much longer or might never happen at all, according to the library system.

Officials want to move the Darragh Center to unused space on the Main Library's fifth floor, repurpose the old Darragh space into an enhanced children's area and expand the community resources area, the website says.

Early voting at the Pulaski County Regional Building at 501 W. Markham St. in Little Rock runs from 8 a.m. to 6 p.m. on weekdays and 10 a.m. to 4 p.m. on Saturdays.

The final day of early voting at the regional building will be May 23, from 8 a.m. to 5 p.m., according to the website of the Pulaski County circuit/county clerk.

Early voting will take place at additional locations from 10 a.m. to 6 p.m. weekdays and from 10 a.m. to 4 p.m. Saturdays through May 21.

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