The governing board of a school district may, and upon petition of 15 percent of the school electors as shown by the poll list at the last preceding annual school election shall, call an election for the purposes prescribed by A.R.S. 15-491.
If the proposed budget of a school district exceeds the aggregate budget limit for the budget year, the governing board shall order an override election to be held not less than 90 days from the date of the order for the purpose of presenting the proposed budget to the qualified electors of the school district who shall by a majority of those voting either affirm or reject the budget. In addition, the governing board shall prepare an alternate budget which does not include an increase in the budget of more than the amount permitted as provided in A.R.S. 15-905.