Article 91, § 4 — Authorization and Purpose

(a) The State Highway Commission may issue State of Arkansas Four-Lane Highway Construction and Improvement General Obligation Bonds (‘bonds') in a total principal amount not to exceed one billion, three hundred million dollars ($1,300,000,000) for the purpose of: (1) Accelerating four-lane highway improvements in progress or scheduled as of January 1, 2011; (2) Funding new four-lane highway improvements not in progress or scheduled as of January 1, 2011; (3) Providing matching funds in connection with federal highway programs for four-lane highway improvements; and (4) Paying the costs of issuance of the bonds. (b) The bonds may be issued in one (1) or more series at times, in amounts, and bearing the designations as the commission in consultation with the chief fiscal officer determines. (c) (1) The bonds shall be general obligations of the State of Arkansas, secured by and payable from the general revenues of the state as set forth in Section 15 of this amendment. (2) The bonds shall be payable first from the following designated revenues: (A) Portion of the proceeds of the additional one-half of percent (0.5%) excise tax on gross proceeds or gross receipts; and (B) Portion of the proceeds of the additional one-half percent (0.5%) compensating excise tax; and (C) Other revenues designated by the General Assembly for this purpose. (d) (1) If the amendment is approved, the sales tax and the use tax will be collected over an approximate ten-year period, and so long as the bonds are outstanding. (2) The sales and use tax shall terminate upon payment in full of the bonds. (3) If the amendment is not approved, the sales and use taxes shall not be levied and collected.