City of Jonesboro Moves Forward with Capital Investment Plan

JONESBORO, Ark. — The Jonesboro City Council last night approved a revenue bond issue to fund several large projects in the community.

“This revenue bond gives us the ability to save lives without increasing taxes,” said Mayor Harold Copenhaver.

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“I’ve said it before and I’ll say it again, we have a moral responsibility to invest in the safety of our community and the families who have chosen Jonesboro as their home,” he added.

The plan has been in the works since September of 2023. The council passed an authorizing resolution, a key step in the bond process, in September, but requested to delay presentation to full council due to the upcoming election. Over the last 18 months, city administration and staff held multiple public input sessions at various times and locations to allow the public to provide input and feedback and administration continued conversations with City Council to make adjustments and add detail to the proposal.

While revenue bonds are a typical funding source for major improvement projects in many cities, Jonesboro has not utilized this method in more than three decades. The bond is funded by pledging non-tax dollar franchise fees already paid to the city, primarily by utility companies who utilize city rights-of-way.

“While common elsewhere, we knew a successful Revenue Bond effort would require a lot of education and effort. I am thankful for the public who provided their feedback and open ears to learn. I also want to thank the City Council members who chose to participate by providing ideas and opinions to help improve the initiative. Their support and belief in moving Jonesboro forward is key as we build a city to handle the challenges of today and tomorrow,” Copenhaver stated.

Due to the specifications of a revenue bond offering, it is typical for cities to pass a bond ordinance at one council meeting with an emergency clause. Crews and Associates Financial Advisor Paul Phillips indicated in comments at last night’s meeting that Jonesboro-backed municipal bonds are highly desirable and have received a Double A rating. Stephens, Inc. offered the bonds for sale yesterday at a rate of 4.96%. Phillips said, “Investors want to invest in Jonesboro.”

The bond revenue amount of $17.5 million dollars will be used for projects focused on public safety, infrastructure, and quality of life as part of the smart growth sought by Jonesboro Destination 100k initiative.

Five and a half million dollars is allocated for a new E-911 Center. A council task force was appointed by Mayor Copenhaver, comprised of the chairs of city council committees, to review and vet the location of the center. The group has narrow down the list to two possible locations, either build adjacent to the Jonesboro Police Department on Caraway Road or construct a building on city property on the 400 block of West Washington. Councilman Chris Moore stated at last night’s council meeting that he hoped their research and recommendations would be completed within a few weeks.

Other projects in the Capital Investment Plan include expansion of Caraway Road from I-555 to Latourette, as well as adding one and half miles of new sidepaths to the road to help protect pedestrians from the more than 15,000 vehicles that travel the area daily. Five and a half million dollars is allocated to this improvement project.

The bond package will also provide five million dollars for pedestrian sidepath projects in high demand areas including Johnson Avenue and Prospect Road, which currently lack pedestrian infrastructure despite heavy activity.

“Some of these projects have been discussed for more than a decade, and I’m glad to see them finally funded. Jonesboro has a lot of needs, and a lot of wants, and we can now turn to the next page of planning and public input sessions as a part of the Destination 100k initiative,” Copenhaver added.

Further details of the Capital Investment Plan can be found on the city’s website – Jonesboro.org.

press release