(a) The General Assembly of the State of Arkansas has determined that 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. The General Assembly has determined that through the revenues generated pursuant to 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 such rehabilitation has been carried out in an efficient, cost-effective manner. The General Assembly has determined that continued improvement of the interstate highway system is necessary and that the best way to accomplish such improvement expeditiously is through the issuance of additional federal highway grant anticipation and tax revenue bonds to finance such highway improvements.
(b) The General Assembly has further determined that 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 the proceeds from the Arkansas Distillate Special Fuel Excise Tax Act of 1999 and the Motor Fuel Excise Tax Act of 1999, §§ 26-55-1005, 26-55-1006, 26-56-201, and 27-72-305, and that the repayment of such bonds should also be guaranteed by the full faith and credit of the state.