(a)

(1) Whenever a county or municipality shall determine the need to issue revenue bonds, the issuance of which under the Arkansas Constitution requires approval at an election, the legislative body thereof shall, by ordinance, submit the question of the issuance of the revenue bonds to the qualified electors of the county or municipality.

(2) The question of the issuance of revenue bonds may be submitted at a special election called for that purpose in accordance with § 7-11-201 et seq., as provided in the ordinance, and held in the manner provided in this subchapter.

(3) When revenue bonds are to be issued for more than one (1) purpose, the principal amount of revenue bonds applicable to each purpose shall be stated on the ballot as a separate question, and no revenue bonds shall be issued for such a purpose unless a majority of the electors voting on the question shall have approved the issuance of revenue bonds for that purpose.

(4) Except as otherwise provided in this subchapter, the election shall be held and conducted in the same manner as a special or general election under the election laws of the state.

(b)

(1) The ordinance shall set forth the form of ballot questions, which shall include a statement of the purposes for which the revenue bonds are to be issued and the proposed sources of repayment of the revenue bonds.

(2) Notice of the election shall be given by the clerk of the county or municipality by one (1) publication in a newspaper having general circulation within the county or municipality not less than ten (10) days prior to the election.

(c)

(1) The county judge or mayor of the county or municipality shall proclaim the results of the election by issuing a proclamation and publishing the proclamation one (1) time in a newspaper having general circulation within the county or municipality.

(2)

(A) The results of the election as stated in the proclamation shall be conclusive unless suit is filed in the circuit court in the county in which the municipality is located within thirty (30) days after the date of the publication.

(B) No other action shall be maintained to challenge the validity of the revenue bonds and of the proceedings authorizing the issuance of the bonds unless suit is filed in the circuit court within thirty (30) days after the date of the adoption of an ordinance authorizing the sale of the revenue bonds.