§ 14-164-328 - Capital improvement bonds -- Local sales and use tax -- Election to authorize. - Arkansas Statutes

14-164-328. Capital improvement bonds -- Local sales and use tax -- Election to authorize.

(a) (1) (A) On the date of adoption of an ordinance levying a local sales and use tax or taxes to retire the bonds, or within thirty (30) days following the adoption of the ordinance, the municipality or county shall provide by ordinance for the calling and holding of an election on the issuance of the bonds to which the tax or taxes will be pledged as provided in 14-164-309.

(B) The ordinance levying the tax may also call the election.

(2) (A) In addition to the requirements of 14-164-309 and in lieu of a reference to an ad valorem tax, if none is to be levied, there shall be set forth on the ballot a statement that a local sales and use tax or taxes shall be levied and pledged to the retirement of the bonds approved by the voters.

(B) The percentage rate for each tax shall also be specified on the ballot.

(b) (1) Following the election, the chief executive of the municipality or county shall issue his or her proclamation of the results of the election with reference to the bonds.

(2) The proclamation shall be published one (1) time in a newspaper having general circulation in the municipality or county.

(c) (1) Any person desiring to challenge the results of the election as published in the proclamation shall file a challenge in the circuit court in which the municipality or county is located within thirty (30) days of the date of publication of the proclamation.

(2) Hearings of such matters of litigation shall be advanced on the docket of the courts and disposed of at the earliest feasible time.