Cabin daily briefing (11/10/09)

New federal law could make local bonds more attractive

Arkansas’ usury laws, which have in recent years made municipal bonds for things like roads and parks almost unmarketable, according to city officials, are set to be overridden by a new federal law signed last month by President Barack Obama.

Arkansas’ constitutional usury law caps interest rates on non-consumer bonds, such as those issued by municipalities, at 2 percent over the Federal Discount Rate, which is lower, and therefore less attractive to bond buyers, than bonds issued in other states, according to Jack Bell, assistant to Mayor Tab Townsell.

Among the projects Bell said would be possible with more marketable municipal bonds are further improvements to the city’s parks infrastructure, large-scale street projects and numerous capital improvements such as new police and fire vehicles.

“Whatever we do should not involve any additional taxes,” Bell said.

New executive director starts at United Way

The new executive director of the United Way of Central Arkansas started work Tuesday. Amy Blaylock comes to the United Way from Metropolitan National Bank. She has previous experience in nonprofit work as well as working for the state government. She is also a new graduate of the 2009 class of the Faulkner County Leadership Institute.

SPORTS:

Vilonia boys cross country team takes second place, again

The Vilonia boys cross country team repeated as runners-up at the Class 5A state meet in Mountain Home this past weekend.

Zak Bowling led the way for the Eagles, as he claimed an individual state title with a first-place finish of 17:47.

Zach Mann was eighth overall with a time of 18:42. Bowling and Mann received all-state honors for their efforts.

Bailey Sissom led the girls team with a fifth-place finish in a time of 20:50. She also earned all-state honors.