Be it further enacted, That an election called for the purpose of determining the will of the electorate shall be required before bonds may be issued under this Act, except in the case of bonds to repay, refund, or remove existing bonded indebtedness, bonds secured solely by pledges of revenues and bonds secured solely by special assessments. The county election commissioners shall conduct such an election, at the formal request of the council, as evidenced by the adoption of an appropriate resolution, accompanied by an attached copy of the bond ordinance, shall be delivered to the chairman or other officer of the county election commission, whereupon such election shall be called, and a notice of such special election shall be inserted in the official newspaper of the city at least sixty (60) days in advance of the date of the election. Only the general purpose and the total amount of a bond issue need be presented in the published notice of the election and on the ballot. If a majority of the qualified voters of the city voting in such an election vote in favor of issuing the bonds, then the total amount of the bonds authorized, or as much thereof as shall be actually required to accomplish the announced purpose, may be issued by the city, and the proceeds thereof shall be used only for the announced purpose. Any unused proceeds of a bond issue shall be earmarked for the retirement of bonds. [As replaced by Priv. Acts 1963, ch. 74, § 8]