(a) Upon the adoption by the board of any resolution providing for the issuance of bonds, the corporation may, in its discretion, cause to be published one (1) time a week for two (2) consecutive weeks in a newspaper published in the municipality, or if there is no newspaper published in the municipality, then in a newspaper published in the county in which the municipality is located, a notice in substantially the following form with the blanks being properly filled in: “ , a public corporation and a political subdivision of the State of Arkansas, on the day of , authorized the issuance of $ principal amount of revenue bonds of the said corporation for the constructing and equipping of a project generally described as: Any action or proceeding questioning the validity of the said bonds, or the pledge and the indenture to secure the same, or the proceedings authorizing the same, must be commenced within twenty (20) days after the first publication of this notice.”
(b) Any action or proceeding in any court to set aside or question the proceeding for the issuance of the bonds referred to in the notice, or to contest the validity of any such bonds or the validity of the pledge and indenture made therefor, must be commenced within twenty (20) days after the first publication of the notice. After the expiration of this period, no right of action or defense founded upon the validity of the proceedings or of the bonds, or the pledge, or of the indenture shall be asserted, nor shall the validity of the proceedings, bonds, pledge, or indenture be open to question in any court on any ground whatsoever except in an action commenced within such period.