(a) A municipality may incur general obligation bond debt only after a bond authorization ordinance is approved by a majority vote at an election. Any municipal voter may vote in the bond election, except as otherwise provided by law.
(b) Before a general obligation bond issue election, the governing body shall have published a notice of the total existing bond indebtedness at least once a week for three consecutive weeks. The first notice shall be published at least 20 days before the date of the election. A notice must include
(1) the current total general obligation bonded indebtedness, including authorized but unsold bonds of the municipality;
(2) the cost of the debt service on the current indebtedness;
(3) the total assessed value of property in the municipality.