(a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Arkansas Natural Resources Commission shall proceed with the sale and the issuance of the bonds as provided in this subchapter.
(b) If a majority of the qualified electors voting on the question vote against the issuance of the bonds, the bonds authorized by this subchapter shall not be sold or issued, and this subchapter shall be of no further effect.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 2 - Land and Water Resources Generally
Chapter 20 - General Provisions
§ 15-20-1303. Authority to issue bonds
§ 15-20-1304. Terms and characteristics of bonds
§ 15-20-1305. Purpose of bonds
§ 15-20-1306. Resolutions and trust indentures
§ 15-20-1307. Form of bond — Signatures
§ 15-20-1309. Proceeds of bonds
§ 15-20-1310. Full faith and credit of state pledged to repay bonds
§ 15-20-1311. Payment of debt service on the bonds
§ 15-20-1312. Bonds exempt from state, county, and municipal taxes
§ 15-20-1314. Additional powers of the Arkansas Natural Resources Commission
§ 15-20-1315. No impairment of bond obligations
§ 15-20-1316. No obligations until bonds issued
§ 15-20-1317. No impairment of outstanding bonds
§ 15-20-1319. Effect of election
§ 15-20-1320. No waiver of previous authority to issue bonds