(1) If a majority of the qualified electors voting on the question vote for the issuance of the bonds, the Commission for Arkansas Public School Academic Facilities and Transportation shall proceed with the sale and the issuance of the bonds as provided in this subchapter.
(2) If a majority of the qualified electors voting on the question vote against the issuance of the bonds, the bonds authorized by this subchapter shall not be sold or issued, and this subchapter shall be of no further effect.