Article 82, § 1 — Issuance of General Obligation Bonds

(a) In order for the State of Arkansas to effectively compete for large economic development projects, the Arkansas General Assembly, meeting in special or regular session, may authorize the Arkansas Development Finance Authority to issue general obligation bonds to finance infrastructure or other needs to attract large economic development projects. (b) Infrastructure needs may include, but are not limited to: (1) Land acquisition; (2) Site preparation; (3) Road and highway improvements; (4) Rail spur, railroad, and railport construction; (5) Water service; (6) Wastewater treatment; (7) Employee training which may include equipment for such purpose; (8) Environmental mitigation or reclamation; and (9) Training and research facilities and the necessary equipment therefore. (c) The General Assembly may authorize the issuance of bonds bearing the full faith and credit of the State of Arkansas if the prospective employer planning an economic development project is eligible under criteria established by law. (d) The bonds shall be paid for in full by general or special revenues appropriated by the General Assembly until the bonds have been retired and all obligations associated with the issuance of the bonds have been met. (e) Bonds may be issued under this amendment pursuant to an act of the General Assembly without voter approval.