AR HB1902

Levies an additional 5-cent per gallon tax on distillate special fuel (diesel) for highway use, effective upon voter approval in a statewide election and Secretary of State certification.

Authorizes the Arkansas State Highway Commission to issue Federal Highway Grant Anticipation and Tax Revenue (GARVEE) bonds up to $1.1 billion total (combined with prior bond acts) with the last series issued no later than December 31, 2017.

Bonds are general obligations of the State of Arkansas secured by designated revenues (federal highway funds and distillate fuel tax revenues) and backed by the full faith and credit of the state; if designated revenues are insufficient, general state revenues shall cover debt service.

Requires a statewide election where voters must approve both the additional distillate fuel tax and bond issuance authority; bonds can only be issued upon majority voter approval.

Bonds shall be used to finance restoration, improvements, and construction of the Interstate Highway System and other National Highway System routes within Arkansas, including roadways, bridges, and related facilities.