A few thoughts for consideration:
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To prevent multiple votes, there should be a snapshot of wallets eligible to vote as of the start of the Voting Period.
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Eligibility should be opt-in for everyone. Otherwise, as-drafted, automatic re-entry should have an opt-out.
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Not immediately clear, but if this is an extension of AIP-1 it should explicitly state as such.
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Specify time zone.
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Specify and define each discrete period: Nomination Period, Voting Period, Elected Term. The phrase “election cycle” elicits some confusion.
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Consider process in the event an Elected Term is not completed, either by voluntary or involuntary action (e.g., removal).
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Consider what happens if someone withdraws during Voting Period after votes have been cast.
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Consider requirements for nomination, if any. Individual? If organization, primary PoC? etc.
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Consider fixed $ape cost rather than fixed USD cost. Better economic alignment for the DAO as Special Council pay subject to price exposure.