(1) 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.
(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.