"Authorizing the State Highway Commission to issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds (the 'Bonds') if 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, shall not, at any time, exceed five hundred seventy-five million dollars ($575,000,000). If approved, the bonds will be issued in several series of various principal amounts from time to time for the purpose of paying the cost of constructing and renovating improvements to interstate highways and related facilities in the State of Arkansas.
"The bonds shall be general obligations of the State of Arkansas, payable from certain designated revenues and also secured by the full faith and credit of the State of Arkansas, including its general revenues.
"Pursuant to the Arkansas Interstate Highway Financing Act of 2005 (the 'Bond Act'), the bonds will be repaid first from:
"Pursuant to the Bond Act, the highway improvements to be financed are limited to the restoration and improvements to all of the interstate highway systems within the state, including roadways, bridges, or rights-of-way under jurisdiction of the State Highway Commission, which shall also include the acquisition, construction, reconstruction, and renovation of the interstate highway systems and facilities appurtenant or pertaining thereto.
"Pursuant to the Bond Act, 'designated revenues' are defined as:
"FOR authorizing the State Highway Commission to issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds 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, shall not, at any time, exceed five hundred seventy-five million dollars ($575,000,000), and the pledge of the full faith and credit of the State of Arkansas to further secure the bonds ............... [ ]"
"AGAINST authorizing the State Highway Commission to issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds 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, shall not, at any time, exceed five hundred seventy-five million dollars ($575,000,000), and the pledge of the full faith and credit of the State of Arkansas to further secure the bonds ............... ............... [ ]"
Ark. Code § 27-64-305