Pursuant to Article X, Section 13(6)(c) of the Constitution of this State, 1895, the General Assembly provides that the maximum annual debt service on all general obligation bonds of the State, including economic development bonds, but excluding highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes, must not exceed five and one-half percent of the general revenues of the State for the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds. The State at any time must not have outstanding general obligation bonds, excluding economic development bonds, highway bonds, state institution bonds, tax anticipation notes, and bond anticipation notes, the maximum annual debt service on which exceeds five percent of the general revenues of the State for the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds.