In the event of a vote by the governing board of any political subdivision pursuant to article IX, section 20, Constitution of Arizona, for the purpose of authorizing expenditures in excess of the prescribed limitations or for proposing an alternative spending limitation, the governing board shall:

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1. Prior to the vote hold two public hearings on the proposed action. Notice of such hearings shall be published once a week for at least two consecutive weeks in a newspaper of general circulation in the applicable political subdivision. Immediately following the second public hearing, the governing board shall convene a special meeting and vote on the proposed excess expenditure.

2. Following the vote, a notice shall be published in a newspaper of general circulation within the political subdivision. The notice shall contain the following:

(a) A record of the vote.

(b) If approved, the amount of the expenditures which exceed the amount allowed pursuant to article IX, section 20, subsection (1), Constitution of Arizona.

(c) If approved a statement of the purpose or purposes for which the excess expenditures will be expended and the source of revenues to be used to finance the excess expenditures.