Except as provided in Secs. 7.14 and 7.15, no obligations shall be issued to pay current expenses but the council may issue and sell obligations for any other municipal purposes in accordance with law and within the limits prescribed by law. Except in the case of obligations for which election is not required by this charter or by state law, no such obligations shall be issued and sold without the approval of a majority of the electors of the City voting thereon at a general or special election.