(a) The General Assembly of the State of Arkansas has determined that there is an immediate need for highway improvements as defined in this subchapter 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.
(b) The General Assembly has determined that current funding sources for highway improvements are inadequate to meet the needs of the state and that the best way to accomplish such improvements expeditiously is through the issuance of federal highway grant anticipation and tax revenue bonds to finance such highway improvements.
(c) The General Assembly has further determined that the bonds should be payable from certain designated revenues, including federal highway assistance funding and the proceeds of an increase in the excise tax on diesel fuel and that the repayment of such bonds should also be guaranteed by the full faith and credit of the state.