(a) In accordance with the authority conferred by W. Va. Code Ch. 8, Art. 14, as amended, the city is authorized to issue, in the manner prescribed by law, bonds for the purpose of raising funds to establish, maintain, improve, extend, and operate a system of public parks for the city, or to refund any bonds of the city, the proceeds of which were expended in establishing, maintaining, improving, extending, or operating such public park system, or any part thereof. Any bonds issued for any of the purposes stated in this section shall contain the title or subtitle thereto the words public park bonds in order to identify the same, and shall be of the form, denomination, and maturity, and shall bear the rate of interest fixed by resolution of the Board. The City Council may provide for issuing bonds for other lawful purposes of the city in the same ordinance in which provision shall be made for issuing bonds authorized under this section. The city shall pay all of the costs and expenses of any election which shall be held to authorize the issuance of public park bonds only, through the Parks Department funds. The expenses of holding an election to authorize the issuance of public park bonds and bonds for other municipal purposes shall be paid by the Parks Department and the municipality respectively, in the proportion that the public park bonds bear to the total amount of bonds authorized.
(b) Whenever the Council and the requisite majority of the voters thereof shall authorize, in the manner prescribed by law, the issuance of bonds for the purpose of establishing, maintaining, improving, extending and operating a system of public parks in the city or for refunding any outstanding bonds, the proceeds of which were applied to any of said purposes, said bonds shall be issued and delivered to the Board to be by it sold in the manner prescribed by law, and the proceeds paid into the treasury of the Board, and the same shall be applied and utilized by the Board for the purposes prescribed by the ordinance authorizing the issuance of such bonds. In any ordinance for the issuance of bonds for such purposes, it shall be a sufficient statement of the purposes for creating the debt. To specify that the same is for the purpose of establishing, maintaining, improving, extending, and operating a public park system for the city without specifying the particular improvements, extensions, replacement, or additions contemplated, but an ordinance for refunding bonds shall designate the issue and the number of bonds which it is proposed to refund.