§ 37-15-300

When the state bond committee considers it in the best interests of the state, it may borrow money in anticipation of the sale of general obligation and revenue bonds if money to be derived from the sale of the bonds has been appropriated by the legislature and (1) in the case of revenue bonds, the bonds to be sold have been authorized by law; or (2) in the case of general obligation bonds, the bonds to be sold have been (A) authorized by law and ratified by a majority vote of the qualified voters of the state who vote on the question; or (B) authorized by law for the purpose of meeting natural disasters, repelling invasion, suppressing insurrection, or defending the state in war.