The question of issuing bonds shall first be submitted to the qualified electors of the county, township, precinct, city, or village either at a special election called for that purpose or at a general election as provided in sections 39-837 to 39-841. If a majority of the votes cast at such election are in favor of the proposition to issue bonds, then such county, township, precinct, city, or village, as the case may be, shall issue its bonds in such amounts as specified in the notices of election, not exceeding three and five-tenths percent of the taxable valuation of such county, township, precinct, city, or village as shown by the last assessment prior to the vote authorizing the issuance of such bonds.