Authorization - Purposes

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. Acts 1999, No. 1027, § 3. 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. Acts 1999, No. 1027, § 3.