(a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Arkansas Development Finance Authority 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, none of the bonds authorized by this subchapter shall ever be sold or issued.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally
Chapter 4 - Development Of Business And Industry Generally
§ 15-4-3002. Legislative findings
§ 15-4-3004. Authority to issue bonds
§ 15-4-3005. State of Arkansas Economic Development General Obligation Bonds
§ 15-4-3006. Qualification as a superproject
§ 15-4-3009. Authorization of bonds
§ 15-4-3010. Form and delivery of bonds
§ 15-4-3011. Sale and price of bonds
§ 15-4-3012. Deposit of bond proceeds
§ 15-4-3013. Powers of the Arkansas Economic Development Commission
§ 15-4-3014. General obligations bonds
§ 15-4-3015. Annual determination of moneys required for bond repayment
§ 15-4-3016. Exemption from taxes
§ 15-4-3018. Contractual obligations of state — Enforcement
§ 15-4-3019. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected
§ 15-4-3020. Consent by qualified electors to issue bonds
§ 15-4-3021. Vote on issuance of bonds by qualified electors
§ 15-4-3022. Legal actions heard as preferred cause — Appeals