Ark. Code Ann. § 27-64-204: 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.