(a) The Arkansas Development Finance Authority is authorized, subject to the approval of the voters in a statewide election, to issue bonds to be known as the Arkansas Unemployment Trust Fund Bonds in an aggregate principal amount not to exceed five hundred million dollars ($500,000,000).
(b) The purpose of the bond issuance shall be to:
(1) Repay the principal of and interest on advances from the federal trust fund under Title XII of the Social Security Act, 42 U.S.C. § 1321;
(2) Pay the costs of issuance of the bonds including without limitation the costs of bond insurance or other credit enhancement;
(3) Pay unemployment benefits by depositing bond proceeds into the Unemployment Compensation Fund;
(4) Provide a debt service reserve; and
(5) Pay capitalized interest on the bonds for a period not to exceed two (2) years.
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