The City Commission shall have the power to provide by ordinance for the issuance of refunding bonds to refund principal and interest of any existing bond indebtedness, for the payment of which the credit of the city is pledged, and these bonds may be issued at or prior to maturity of the bonds to be refunded. The ordinance may be adopted at a regular or special meeting, and at the same meeting at which it is introduced, by a majority of all of the members of the Commission then in office. It is determined and declared as a matter of legislative intent that no election to authorize the issuance of refunding bonds shall be necessary, except in cases where an election may be required by the constitution of the state. In all cases where it is not necessary under the constitution to hold an election on the issuance of the refunding bonds, the ordinance shall take effect immediately on the adoption thereof. No other proceedings or procedures of any character whatever shall be required for the issuance of the bonds by the municipality.
(Special Acts, Ch. 57-1754, § 168; Ch. 63-1826, § 15) ('58 Code, § 45.105)