(a) In order for the State of Arkansas to effectively compete for large economic development projects, the Arkansas General Assembly, meeting in special or regular session, may authorize the Arkansas Development Finance Authority to issue general obligation bonds to finance infrastructure or other needs to attract large economic development projects.

  (b) Bonds may be issued for an amount up to five percent (5%) of state general revenues collected during the most recent fiscal year.

  (c) Infrastructure needs may include, but are not limited to:

  (1) Land acquisition;

  (2) Site preparation;

  (3) Road and highway improvements;

  (4) Rail spur construction; water service;

  (5) Wastewater treatment;

  (6) Employee training which may include equipment for such purpose;

  (7) Environmental mitigation; and

  (8) Training and research facilities and the necessary equipment therefore.

  (d) In order for the General Assembly to authorize the issuance of bonds bearing the full faith and credit of the State of Arkansas, the prospective employer must be planning an economic development project that will invest more than five hundred million dollars ($500,000,000) in capital expenditures and plan on hiring over five hundred (500) new employees.

  (e) The bonds shall be paid for in full by general or special revenues appropriated by the General Assembly until the bonds have been retired and all obligations associated with the issuance of the bonds have been met.

  (f) Bonds may be issued under this amendment pursuant to an act of the General Assembly without voter approval.