(1) The plan of organization shall be approved by the commissioner and the committee within one hundred twenty days following the last public hearing held pursuant to section 22-30-115 and shall be designated as the final approved plan of organization. At that time, the committee shall call for and establish the date of a special school district organization election wherein the eligible electors in each school district affected by the final approved plan of organization shall vote upon the adoption or rejection of the final approved plan of organization. The committee shall name a designated election official who shall be responsible for conducting the election. Such election shall be held on the date specified in the final approved plan of organization. The expense of the election shall be apportioned among the affected school districts based on population according to the most recent federal decennial census.

(2) If the estimated maximum increase in the mill levy for a new district or the mill levy to be imposed on annexed territory, as set forth in the plan of organization, represents an increase in the levy imposed on any property affected by the plan of organization, the question of the increase in the mill levy to be imposed upon the affected territory shall be submitted to the eligible electors residing in the affected territory prior to or at the special school district organization election as the final approved plan of organization. Approval of the increased levy by a majority of the eligible electors voting on the question who reside in the affected territory shall be a prerequisite to the implementation of the plan of organization.