The State Highway Commission is hereby authorized, subject to the approval of the voters in a statewide election, to issue bonds from time to time provided that the total principal amount outstanding from the issuance of the bonds, together with the total principal amount outstanding from the issuance of bonds pursuant to Arkansas Highway Financing Act of 1999, ยง 27-64-201 et seq., shall not, at any time, exceed five hundred seventy-five million dollars ($575,000,000). The bonds will be issued in one (1) or more series of various principal amounts with the last series being issued no later than December 31, 2015. The bonds shall be issued for the following purposes:
(1) Accelerating interstate highway improvement projects already underway or scheduled;
(2) Funding new interstate highway improvement projects;
(3) Financing the restoration, reconstruction, and renovation of interstate 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.
Section: Previous 27-64-402 27-64-403 27-64-404 27-64-405 27-64-406 27-64-407 27-64-408 27-64-409 27-64-410 27-64-411 27-64-412 27-64-413 27-64-414 NextLast modified: November 15, 2016