(a)
(1) Subject to the one-time approval of the voters in a statewide election, the State Highway Commission may issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds from time to time if the total principal amount outstanding from the issuance of the bonds, together with the total principal amount outstanding from the issuance of bonds pursuant to the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., the Arkansas Interstate Highway Financing Act of 2005, § 27-64-301 et seq., and the Arkansas Interstate Highway Financing Act of 2007, § 27-64-401 et seq., does not at any time exceed one billion one hundred million dollars ($1,100,000,000).
(2) The bonds will be issued in one (1) or more series of various principal amounts with the last series being issued no later than December 31, 2017.
(b) The purpose of the bond issuance shall be to:
(1) Accelerate highway improvement projects already underway or scheduled;
(2) Fund new highway improvement projects;
(3) Finance the restoration, reconstruction, and renovation of highway improvements within the State of Arkansas; and
(4) Pay the costs of issuance of the bonds or other credit enhancement.
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