Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-110-306. Subsequent referendum elections

(a) After the elapse of not less than two (2) years next following the date of any election conducted pursuant to § 23-110-304, upon petitions filed with it containing the signatures of qualified electors of the county of not less than fifteen percent (15%) of the total number voting in the election for county clerk of the county at the next preceding general election, together with a sum of money estimated by the county board of election commissioners as sufficient to pay all expenses of the election, the board shall call a special election in accordance with § 7-11-201 et seq. on the proposition of continuing horse racing in the county.

(c) If a majority of the qualified electors of the county voting on the question shall disapprove the continuance of horse racing, the franchise held by the corporation shall, ipso facto, be null and void as of the final date on which a contest of the results of the election may be commenced or, in the event of contest, upon the date of final determination of the issue.