Authorization — Purposes

The Arkansas Development Finance Authority, on behalf of the State of Arkansas, is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as “State of Arkansas Higher Education General Obligation Bonds”, in a total principal amount not to exceed two hundred fifty million dollars ($250,000,000) for the purpose of financing the development of technology projects and facility improvement projects for state institutions of higher education and for the purpose of refunding bonds issued under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq.