The State Highway Commission is hereby authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds in a total principal amount not to exceed five hundred seventy-five million dollars ($575,000,000) for the purpose of:
(1) Accelerating certain highway improvement projects already underway or scheduled;
(2) Funding new highway improvement projects;
(3) Financing the restoration, reconstruction, and renovation of highway improvements within the State of Arkansas; and
(4) Paying the costs of issuance of the bonds, including the costs of bond issuance or other credit enhancement.
Structure Arkansas Code
Subtitle 5 - Highways, Roads, And Streets
Chapter 64 - General Provisions
Subchapter 2 - Arkansas Highway Financing Act of 1999
§ 27-64-202. Legislative findings
§ 27-64-204. Authorization — Purposes
§ 27-64-205. Projects to be financed
§ 27-64-207. Procedure for issuing bonds
§ 27-64-209. Sale of bonds — Employment of professionals
§ 27-64-210. Investment of proceeds
§ 27-64-211. Sources of repayment