Election on bond issues -- Qualified electors -- Resolution and notice

(1) The governing body of any local political subdivision that wishes to issue bonds under the authority granted in Section 11-14-103 shall: (a) at least 75 days before the date of election: (i) approve a resolution submitting the question of the issuance of the bonds to the voters of the local political subdivision; and (ii) provide a copy of the resolution to: (A) the lieutenant governor; and (B) the election officer, as defined in Section 20A-1-102, charged with conducting the election; and (b) comply with the requirements of Title 59, Chapter 1, Part 16, Transparency of Ballot Propositions Act. (2) The local political subdivision may not issue the bonds unless the majority of the qualified voters of the local political subdivision who vote on the bond proposition approve the issuance of the bonds. (3) Nothing in this section requires an election for the issuance of: (a) refunding bonds; or (b) other bonds not required by law to be voted on at an election. (4) The resolution calling the election shall include a ballot proposition, in substantially final form, that complies with the requirements of Subsection 11-14-206(2).