(1) Subject to the one-time approval of the voters in a statewide election, the State Highway Commission may issue State of Arkansas Federal Highway Grant Anticipation and Tax Revenue Bonds from time to time 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 the Arkansas Highway Financing Act of 1999, § 27-64-201 et seq., does not at any time exceed five hundred seventy-five million dollars ($575,000,000).
(2) The purpose of the bond issuance shall be: Accelerating interstate highway improvement projects already underway or scheduled;
(3) Funding new interstate highway improvement projects;
(4) Financing the restoration, reconstruction, and renovation of interstate highway improvements within the State of Arkansas; and
(5) Paying the costs of issuance of the bonds or other credit enhancement.