(a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as "State of Arkansas Economic Development General Obligation Bonds", in total principal amount not to exceed four hundred million dollars ($400,000,000) for the purposes authorized in this subchapter.

(b) The bonds may be issued in one (1) or more series, as required, subject to the conditions and in compliance with the procedures provided by this subchapter.

(c) The total principal amount of bonds to be issued during any fiscal biennium shall not exceed sixty million dollars ($60,000,000) unless the General Assembly shall have authorized by law a greater principal amount to be issued during a fiscal biennium.

(d) Before any bonds may be issued during any fiscal biennium, the Arkansas Economic Development Commission and the authority shall submit the plan to the Legislative Council and the Governor.

(e)

(1) Upon receipt of the plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether, after utilization of the balance in the Economic Development Superprojects Project Fund, any amount of general revenues will be required to be set aside for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued and, if any general funds are required to be used, whether such a use would cause an undue hardship upon any agency or program supported from the general revenues under the Revenue Stabilization Law, § 19-5-101 et seq.

(2) The commission's written plan shall set forth:

(A) A description of the project or projects to be financed with the proceeds derived from the sale of the bonds;

(B) A description of the economic impact and cost benefit of the proposed project or projects;

(C) The amount of bonds necessary to be issued to defray project costs and a budget of those project costs;

(D) A certification by the Executive Director of the Arkansas Economic Development Commission that each project to benefit from the expenditure of the proceeds of the bonds consists of an investment in the state of not less than four hundred million dollars ($400,000,000) and the creation of no fewer than four hundred (400) new permanent full-time jobs; and

(E) A tentative time schedule setting forth the period of time during which the sum requested is to be expended.

(3) The authority's written plan shall set forth:

(A) A debt service table showing the annual principal and interest requirements for any bonds outstanding and to be issued; and

(B) A recommended plan of marketing for the bonds and proposed schedule of issuance dates based on the commission's proposed spending schedule.

(f)

(1) Upon the conclusion of the conference and after obtaining the advice of the Legislative Council, the Governor may by proclamation authorize the authority to proceed with the issuance of the bonds, in one (1) or more series, up to the maximum principal amount approved by the Governor for the fiscal biennium.

(2) If the Legislative Council fails to advise the Governor within thirty (30) calendar days after receipt of the request for advice, the Governor may proceed to issue the proclamation.

(g)

(1) If the Governor declines or refuses to give his or her approval for the issuance of the bonds, the Governor shall promptly notify the authority in writing, and the bonds shall not be issued.

(2) The authority may resubmit a request to the Governor for the approval of the issuance of the bonds.

(3) The issue as resubmitted to the Governor shall be dealt with in the same manner as provided for the initial request to issue the bonds.