(a) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Commission for Arkansas Public School Academic Facilities and Transportation 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
Subtitle 2 - Elementary and Secondary Education Generally
Subchapter 26 - Arkansas Public School Academic Facilities Financing Act of 2007
§ 6-20-2603. Authority to issue bonds
§ 6-20-2604. Terms and characteristics of bonds
§ 6-20-2606. Resolutions and trust indentures
§ 6-20-2607. Form of bond — Signatures
§ 6-20-2609. Proceeds of bonds
§ 6-20-2610. Full faith and credit of state pledged to repay bonds
§ 6-20-2611. Payment of debt service on the bonds
§ 6-20-2612. Bonds exempt from state, county, and municipal taxes
§ 6-20-2614. Additional powers of the commission
§ 6-20-2615. No impairment of bond obligations
§ 6-20-2616. No obligations until bonds issued
§ 6-20-2618. Effect of election
§ 6-20-2619. No waiver of previous authority to issue bonds
§ 6-20-2621. Cases involving bonds