The State Bond Commission shall have power, in accordance with the provisions of sections 32-382 to 32-386, inclusive, and § 32-393, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate not exceeding one million dollars plus (1) such additional amounts to account only for inflation, assuming an inflation rate of not exceeding four per cent per year, of the cost of final design, land acquisition and construction over a four-year construction schedule, in the event the commencement date thereof is prior to September 1, 1994, with the sum resulting therefrom subject to another inflation adjustment factor of not exceeding four per cent per year or portion thereof in the event the commencement thereof is subsequent to September 1, 1994, as requested by the secretary and approved by the State Bond Commission in the proceedings authorizing the bonds therefor hereunder, the proceeds of which shall be used by the Office of Policy and Management for the purpose of sections 32-380 to 32-409, inclusive, particularly, to finance the cost of such project, and (2) such additional amounts as may be required in connection with the costs of issuance of the bonds including bond anticipation, temporary and interim notes, the proceeds of which shall be used by the Treasurer to pay the costs of issuance, provided in computing the total amount of bonds which may at any one time be outstanding, the principal amount of any refunding bonds issued to refund bonds shall be excluded.