(a) Before any bonds may be issued during any fiscal biennium, the Arkansas Natural Resources Commission shall submit to the Governor a written plan for the work or projects to be financed with the proceeds derived from the sale of the bonds, the need for the work or projects, and the estimated benefits of the projects.
(b) Upon receipt of the written plan, the Governor shall confer with the Chief Fiscal Officer of the State concerning whether the annual amount of general revenue funds required to be set aside from the general revenues, as that term is defined in the Revenue Stabilization Law, § 19-5-101 et seq., for payment of debt service requirements in connection with the bonds during either year of the fiscal biennium in which the bonds are to be issued would require moneys from the general revenues for allocation that would work undue hardship upon any agency or program supported from general revenues under the provisions of the Revenue Stabilization Law, § 19-5-101 et seq.
(c) Upon conclusion of the studies and after obtaining the advice of the Legislative Council, the Governor, if he or she deems it to be in the public interest, shall by proclamation authorize the commission to proceed with the issuance of the bonds as provided in this subchapter.
(d) If the Governor shall decline or refuse to give his or her approval for the issuance of the bonds and shall decline to issue a proclamation approving the issuance of the bonds, the Governor shall promptly notify the commission, in writing, and the commission shall not issue the bonds, but it may thereafter, but not sooner than one (1) year from the date of the earlier submission, resubmit a request to the Governor for the issuance of the bonds.
(e) The issue as resubmitted to the Governor shall be dealt with in the same manner as provided for the initial request for authority to issue the bonds.