(a) By ordinance of its governing body, any city may levy, from time to time a special tax, not exceeding in the aggregate five (5) mills on the dollar of the assessed valuation of all taxable real and personal property in the city, for the purposes specified in § 14-163-206 when petitioned to do so by at least ten percent (10%) of the owners of real property in the city and after approval of a majority of the electors of the city voting on the question submitted at a special election called for the purpose.

(b)

(1) Each petition for a special tax shall be directed to the governing body of the city and filed with the city clerk.

(2) A petition shall contain at least the following information:

(A) The purposes for which the tax proceeds are to be expended, named by general designation as set forth in this subchapter, if these expenditures are to be made for less than all of the authorized purposes and, if not, a statement that the proceeds are to be expended for any or all authorized purposes as the governing body of the city in its discretion shall determine from time to time;

(B) The amount of the tax in terms of mills which may be for all or any portion of the total authorized five (5) mills not theretofore voted;

(C) The number of years for which the tax is to be collected; and

(D) If there is to be a bond issue, the total amount of bonds to be voted and the length of time in years over which the bonds are to mature.

(c)

(1) Upon the filing of the petition, the city clerk shall publish a notice one (1) time in a newspaper of general circulation in the city which need state only that a petition has been filed under the provisions of this subchapter requesting the levying of a special tax under Arkansas Constitution, Amendment 18, and stating the time, date, and place that a hearing will be held to determine the sufficiency of the petition.

(2) The notice must be published at least ten (10) days prior to the date of the hearing.

(d)

(1) At the time, date, and place specified in the notice, the governing body of the city shall hold the hearing and shall determine and make a finding as to whether or not the petition is signed by at least ten percent (10%) of the owners of real property in the city.

(2)

(A) If the governing body finds that the petition is signed by the requisite owners of real property, it shall adopt an ordinance setting forth its finding and calling a special election to be held in the city in accordance with § 7-11-201 et seq.

(B) The ordinance shall be published one (1) time.

(C) The finding that the petition is sufficient shall be conclusive unless attacked in the courts within thirty (30) days after the date of publication of the ordinance.

(D)

(i) The ordinance shall contain at least the information set forth in this section as required information to be included in the petition.

(ii) In addition, the ordinance shall specify the form of the ballot to be submitted to the electors.

(e)

(1) The ballot shall submit the question of voting for or against an industrial tax in the amount specified by the petition.

(2) In addition, if the bonds are to be voted upon, the statement of the measure on the ballot must, by general language, advise the electors of:

(A) The amount of the bond issue;

(B) The length of time in years over which the bonds are to mature; and

(C) The fact that the industrial tax, if voted in, will be a continuing annual tax until the principal of and interest on the bonds are paid.

(f)

(1) The election shall be held and conducted, the vote canvassed, and the results declared in the manner provided for municipal elections, except as may be otherwise expressly provided.

(2) Notice of the election shall be given by the mayor of the city by advertisement in a newspaper of general circulation within the city one (1) time a week for four (4) consecutive weeks with the last publication to be not less than ten (10) days prior to the date of the election.

(3) Only qualified electors of the city shall have the right to vote.

(4) The results of the election shall be proclaimed by the mayor by proclamation published one (1) time in a newspaper of general circulation in the city and shall be conclusive unless attacked in the courts within thirty (30) days after the date of publication of the proclamation.

(g) The tax shall be levied by the governing body of the city and extended on the tax books and collected as general city taxes are extended and collected.