(a) An authority is authorized and empowered to issue from time to time tollway revenue bonds in principal amounts sufficient to pay the costs of a tollway project.
(b) No more than one (1) tollway project may be involved as to any issue of tollway revenue bonds hereunder, but for a tollway project there may be more than one (1) issue of bonds, or there may be one (1) issue sold and delivered in series.
(c) There may also be a subsequent issue or subsequent issues of bonds for all or any of the following purposes:
(1) Completing the construction of a tollway project;
(2) Reconstruction work on a tollway project when the amount involved is such that it cannot be handled as an item of maintenance and repair out of all tollway project revenues; or
(3) The extension of a tollway project, subject in each instance to such conditions as to the available and estimated tollway project revenues and other conditions, to insure the prompt payment of the principal and interest of subsequent bond issues, as the authority involved shall determine and specify in its resolution authorizing, or in the trust indenture securing, the bonds. In all instances, priority between and among issues and successive issues shall be controlled by the resolution of the authority authorizing the issuance of bonds or by the trust indenture securing the bonds. Tollway revenue bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas.
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