(a)
(1)
(A) Bonds shall not be issued under this subchapter except with the consent of a majority of the qualified electors of the state voting on the question in substantially the form described in this section at any general election as determined by the Governor, unless the Governor by proclamation calls a special election concerning the issuance of bonds under this subchapter.
(B) If the Governor does not place the issue on the ballot at any general election or call a special election concerning the issuance of bonds under this subchapter on or before June 30, 2011, the provisions of this subchapter shall be void, and no bonds shall be issued.
(2) If the question is presented at a general election, notice thereof shall be published by the Secretary of State by one (1) insertion in a newspaper of general circulation in the state at least sixty (60) days before the general election, and notice thereof shall be mailed to each county board of election commissioners and the sheriff of each county at least sixty (60) days before the general election.
(3) If a special election is called by the Governor, the proclamation of the special election shall be made at least sixty (60) days before the date fixed by the proclamation for the election, and notice of the special election shall be given by publication of the proclamation for one (1) insertion in one (1) newspaper of general circulation published in each county in the state not less than thirty (30) days before the date of the special election.
(4) If there is no newspaper regularly published in a county, the proclamation may be published in any newspaper having a general circulation in the county.
(b) In the case of the notice or proclamation for the election, it shall not be necessary to publish this subchapter in its entirety, but the notice or proclamation shall state that it is issued to submit to the people substantially the following question:
(c) Whether the question is presented at a general election or at a special election, the title of this subchapter shall be the ballot title, and there shall be printed on the ballot the proposition as stated above and the following:
(d)
(1) The county boards of election commissioners of the several counties of the state shall hold and conduct the election, and each board may take action with respect to the appointment of election officials and other matters as the law requires.
(2) The vote shall be canvassed and the result declared in each county by the county boards of election commissioners.
(3) Within ten (10) days after the date of the election the results shall be certified by the county boards of election commissioners to the Secretary of State who shall tabulate all returns received by him or her and certify to the Governor the total vote for and against the proposition submitted under this section.
(e) The result of the election shall be proclaimed by the Governor by publication one (1) time in a newspaper published in the City of Little Rock, Arkansas, and the results as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of the publication.
“Shall the commission be authorized to issue General Obligation bonds under the authority of the Arkansas Public School Academic Facilities Financing Act of 2007, for the financing of public school academic facilities to serve the citizens of the State of Arkansas, in total principal amount not to exceed seven hundred fifty million dollars ($750,000,000) in series from time to time in principal amounts not to exceed, without prior approval of the General Assembly, one hundred fifty million dollars ($150,000,000) in any fiscal biennium, which bonds shall be secured by a pledge of the full faith and credit of the State of Arkansas?”.
“FOR Issuance of State of Arkansas Public School Academic Facilities General Obligation bonds _____
AGAINST Issuance of State of Arkansas Public School Academic Facilities General Obligation bonds _____”.