(a) The State Highway Commission may issue turnpike revenue bonds from time to time in principal amounts sufficient to pay the costs of a turnpike project.
(b) For a turnpike project:
(1) There may be more than one (1) issue of bonds;
(2) There may be one (1) issue sold and delivered in series; and
(3) There may be a subsequent issue or subsequent issues of bonds for all or any of the following purposes:
(A) Completion of the construction of a turnpike project;
(B) Reconstruction work on a turnpike project when the amount involved is such that it cannot be handled as an item of maintenance and repair out of turnpike project revenues;
(C) The extension of a turnpike project; or
(D) The refund of any prior issues of bonds as provided under § 27-90-212.
(c) The issues under subdivision (b)(3) of this section are subject in each instance to such conditions concerning available and estimated turnpike project revenues and other conditions ensuring prompt payment of the debt service on subsequent bond issues as the commission shall determine and specify in its authorizing resolution or in the trust indenture securing the bonds.
(d) In all instances, priority between and among issues and successive issues shall be controlled by the authorizing resolution or by the trust indenture securing the bonds.
(e) Turnpike revenue bonds shall have all the qualities of negotiable instruments under the laws of the State of Arkansas, subject to the provisions of this subchapter regarding registration.
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