(a)
(1) If the Legislative Joint Auditing Committee concludes the process under § 14-59-117 on a municipal corporation, and in the immediately subsequent three-year period the Legislative Joint Auditing Committee concludes the process a second time, the Legislative Joint Auditing Committee may notify the Attorney General and the Governor of its actions.
(2) The Attorney General shall file pleadings in the circuit court of the Sixth Judicial District to revoke the charter of the municipal corporation based on the notification under subdivision (a)(1) of this section.
(b) Upon a finding that the conditions under subsection (a) of this section have been met, the circuit court of the Sixth Judicial District shall revoke the charter of a municipal corporation under this section, and the clerk of the circuit court shall certify a transcript of the order under the official seal of the clerk and forward a copy of the transcript to the:
(1) Secretary of State;
(2) Arkansas Geographic Information Systems Office;
(3) Governor; and
(4) County judge of the county in which the municipal corporation is located.