§ 15-4-3020 - Consent by qualified electors to issue bonds. - Arkansas Statutes

15-4-3020. Consent by qualified electors to issue bonds.

(a) No bonds shall be issued under this subchapter except by and with the consent of a majority of the qualified electors of the state voting on the question in substantially the form described in this section at a special election called by proclamation of the Governor.

(b) The proclamation shall be issued in accordance with 7-11-201 et seq., and notice of the special election shall be given by publication of the proclamation by one (1) insertion in one (1) newspaper of general circulation published in each county in the state not less than thirty (30) calendar days prior to the date of the election.

(c) If there is no newspaper regularly published in a county, the proclamation may be published in any newspaper having a general circulation in the county.

(d) In the case of the notice or proclamation for the election, it is not necessary to publish this subchapter in its entirety, but the notice or proclamation shall state that it is issued for the purpose of submitting to the people the following question:

"Shall the Arkansas Development Finance Authority be authorized to issue general obligation bonds under the authority of the Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act in total principal amount not to exceed four hundred million dollars ($400,000,000), in series from time to time in principal amounts not to exceed, without prior approval of the General Assembly, sixty million dollars ($60,000,000) in any fiscal biennium, for the financing and refinancing of superprojects as defined in the Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act, which bonds shall be secured by a pledge of the full faith and credit of the State of Arkansas?"

(e) The title of this subchapter shall be the ballot title, and there shall be printed on the ballot the proposition stated in subsection (d) of this section, and the following:

"FOR Issuance of State of Arkansas Economic Development Superprojects General Obligation Bonds __________"

"AGAINST Issuance of State of Arkansas Economic Development Superprojects General Obligation Bonds __________"

(f) (1) The county boards of election commissioners of the several counties of the state shall conduct the election.

(2) Each board shall take action with respect to the appointment of election officials and other matters as the law requires.

(3) The vote shall be canvassed and the result declared in each county by the several county boards.

(4) The results shall be certified within ten (10) calendar days after the date of the election by the county boards to the Secretary of State, who shall tabulate all returns so received and certify to the Governor the total vote for and against the proposition.

(5) The result of the election shall be proclaimed by the Governor by publication one (1) time in a newspaper published in the City of Little Rock, and the results as proclaimed shall be conclusive unless attacked in the courts within thirty (30) calendar days after the date of the publication.