§ 27-64-302 - Legislative findings and intent.
27-64-302. Legislative findings and intent.
The General Assembly finds that:
(1) There is an immediate need for highway improvements throughout the State of Arkansas in order to provide for the health, safety, and welfare of its citizens and to promote economic development within the state;
(2) Through the revenues generated under the Arkansas Highway Financing Act of 1999, 27-64-201 et seq., the State Highway Commission has been successful in completing the rehabilitation of much of the state's interstate highway system and that the rehabilitation has been carried out in an efficient, cost-effective manner;
(3) Continued improvement of the interstate highway system is necessary and that the best way to accomplish the improvement expeditiously is through the issuance of additional federal highway grant anticipation and tax revenue bonds to finance highway improvements;
(4) The bonds should be payable from revenues currently designated by the Arkansas Highway Financing Act of 1999, 27-64-201 et seq., including federal highway assistance funding and available proceeds from the distillate special fuels tax levied under 26-56-201(e); and
(5) The repayment of the bonds shall also be guaranteed by the full faith and credit of the state.