Tapley v. Futrell

The Legislature of 1933 ’ passed act 167. The title of the act is: “An Act to Refund All State Highway Obligations.” Section 1 of the act reads as follows:

“The issuance of Arkansas State Bonds, hereinafter called State Bonds, is hereby authorized in a total sum equal to the aggregate of the entire outstanding indebtedness of the State on account of the construction and maintenance of the State Highway System, including all State Highway Notes or Bonds, Toll-Bridge Bonds, Revenue Bonds, valid outstanding Road District Bonds on which the State has been paying interest under act No. 11 of the-…