6-62-1108. Election.

6-62-1108. Election. (a)(1) No bonds shall be issued under this subchapter, except as otherwise provided in this subchapter, unless the issuance of bonds and the pledge of the full faith and credit of the State of Arkansas have been approved by a majority of the qualified electors of this state voting on the question at a statewide election called by proclamation of the Governor. (2) The election may be in conjunction with a general election, or it may be a special election. (3) Notice of the election shall be: (A) Published by the Secretary of State in a newspaper of general circulation in this state at least thirty (30) days prior to the election; and (B) Mailed to each county board of election commissioners at least sixty (60) days prior to the election. (b) The notice of election shall state that the election is to be held for the purpose of submitting to the people the following proposition, in substantially the following form: “Authorizing the Arkansas Development Finance Authority to issue State of Arkansas Higher Education General Obligation Bonds (the “bonds”) in a total principal amount not to exceed two hundred fifty million dollars ($250,000,000) in one (1) or more series from time to time for the purpose of financing the cost of developing technology and facility improvement projects for state institutions of higher education and financing the cost of refunding bonds issued under the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq. However, the outstanding principal amount of bonds issued under the Arkansas Higher Education Technology and Facility Improvement Act of 2005, § 6-62-1101 et seq., and the Arkansas College Savings Bond Act of 1989, § 6-62-701 et seq., shall not have scheduled debt service payments on a combined basis in excess of twenty-four million dollars ($24,000,000) in any one (1) fiscal year. “The bonds shall be general obligations of the State of Arkansas, payable from general revenues of the state and also secured by the full faith and credit of the State of Arkansas, including its general revenues. The bonds shall be issued pursuant to the authority of and the terms set forth in the Arkansas Higher Education Technology and Facility Improvement Act of 2005.” (c) The ballot title shall be “Issuance of State of Arkansas Higher Education General Obligation Bonds and Pledge of Full Faith and Credit of the State of Arkansas”. On each ballot there shall be printed the title, the proposition set forth in § 6-62-1108(b), and the following: “FOR issuance of State of Arkansas Higher Education General Obligation Bonds and Pledge the Full Faith and Credit of the State of Arkansas.” “AGAINST issuance of State of Arkansas Higher Education General Obligation Bonds and Pledge the Full Faith and Credit of the State of Arkansas.” (d)(1) The county boards of election commissioners in each of the counties of this state shall hold and conduct the election. (2) Each county board of election commissioners shall take necessary action with respect to the appointment of election officials and other matters as required by law. (3) The vote shall be canvassed and the result of the vote declared in each county by the board of election commissioners. (4) Within ten (10) days after the date of the election, the results shall be certified by each board to the Secretary of State, who shall tabulate all returns received and certify to the Governor the total vote for and against the proposition submitted pursuant to this subchapter. (e) The results of the election shall be proclaimed by the Governor by the publication of the proclamation one (1) time in a newspaper of general circulation in this state. The results as proclaimed shall be conclusive unless a complaint is filed within thirty (30) days after the date of the publication in the Pulaski County Circuit Court challenging the results. (f)(1) If a majority of the qualified electors voting on the proposition vote in favor of the issuance of the bonds, then the Arkansas Development Finance Authority and the Arkansas Higher Education Coordinating Board shall proceed with the issuance of bonds in the manner and on the terms set forth in this subchapter. (2) If a majority of the qualified electors voting on the proposition vote against the issuance of the bonds, none of the bonds authorized by this subchapter shall be issued. (3) Subsequent elections may be called by the Governor if the proposition fails, but each subsequent election may be held no earlier than six (6) months after the date of the preceding election.