The Arkansas Supreme Court has determined in the case of City of Hot Springs v. Creviston, that the Constitution of the State of Arkansas requires that the issuance of revenue bonds by counties and municipalities, including their boards and agencies, must be approved by the electors of the county or municipality at an election called for that purpose. In its decision, the Arkansas Supreme Court stated that these elections might be conducted under the general election laws of the state until the General Assembly provided otherwise. This subchapter is adopted in order that the procedures for these elections be more clearly established. This subchapter is not intended otherwise to limit in any manner the exercise of the powers of counties or municipalities with respect to elections under Arkansas Constitution, Amendment 62, for bonds to be paid from taxes or other permitted sources and is not intended to alter or amend the procedures established by § 14-164-301 et seq.
(b) It is the specific intent of this subchapter that the provisions of this subchapter are in implementation of or supplemental to other constitutional or statutory provisions now existing or hereafter adopted which may provide for the issuance of revenue bonds. Nothing contained in this subchapter shall be deemed to be a restriction or a limitation upon the issuance of revenue bonds, except as specifically provided in this subchapter with respect to the necessity of approval at an election.