Any municipal township having an assessed tangible valuation of more than three million dollars ($3,000,000) and less than five million dollars ($5,000,000) which has heretofore acquired a township lake and is presently operating such lake as a municipal function is hereby authorized to issue bonds of the township in the manner provided by law and in an amount not to exceed one hundred thousand dollars ($100,000), for the purpose of providing revenue for restoration of such lake, including the dredging thereof and making necessary improvements in connection therewith.

Before any such bonds shall be issued, the question of issuing the same shall first be submitted to a vote of the qualified electors of the township at a general election or at a special election called for the purpose of submitting the question; and no bonds shall be issued until a majority of the qualified electors of the township voting on the question shall have declared by their votes in favor of issuing said bonds. Such election may be called on motion of the township officers and shall be called if a petition signed by twenty-five percent (25%) of the electors of the township as shown by the vote cast for governor at the last preceding election is filed with the township clerk requesting such election.

If the bonds are authorized at such election, by a majority vote of qualified electors voting thereon, such bonds shall be issued, sold, delivered and retired in accordance with article 1 of chapter 10 of the Kansas Statutes Annotated and acts amendatory thereof and supplemental thereto, except that such bonds shall mature within a maximum period of ten (10) years from date of issue; and none of the debt limitations provided by law shall apply to bonds issued hereunder.