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    Texarkana mayor seeks opinion on usage of funds

    1:32 PM, Oct 26, 2013   |    comments
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    TEXARKANA, Ark. (AP) - The mayor of Texarkana, Ark., is asking for an attorney general's opinion on how the city's Advertising and Promotion Commission is using certain funds.

    Mayor Wayne Smith told the Texarkana Gazette (http://bit.ly/HnEbET ) that his question is about what is called a Franchise Fee Bond Swap.

    The commission since 2005 has made an annual contribution to the city's general fund to reimburse it for payments on an economic development bond.

    Officials say the contribution could not be directly used to pay off the bond because there was not a vote by citizens to approve such use- as is required by state law.

    Smith's letter asking for the attorney general's opinion is also signed by Prosecuting Attorney Carlton Jones, state Rep. Prissy Hickerson and state Sen. Jimmy Hickey.

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    Information from: Texarkana Gazette, http://www.texarkanagazette.com

    (Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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