(1) The State Highway Commission shall prepare and distribute to the Governor a report setting forth the specific highway improvement projects which would be financed if all of the authorized bonds were to be issued and the estimated cost of each project.
(2) Upon receipt of the report described in subsection (a) of this section, the Governor shall, if he or she deems it to be in the public interest, by proclamation call an election on the question of issuing the bonds.
(3) The report of projects described in subsection (a) of this section may be modified by the commission from time to time in accordance with Arkansas Constitution, Amendment 42.