(a) Whenever the governing body of any township proposes to provide, establish and maintain recreational facilities and to levy an annual tax therefor, such proposition shall be submitted to the qualified electors of such township for approval at a regular or special election held for such purpose.

(b) If a majority of the electors voting on the proposition are in favor thereof, the governing body of such township shall have the power to levy an annual tax upon all the taxable tangible property within such township for the purpose of establishing, providing and maintaining recreational facilities. Such tax levy shall be at a rate which, when multiplied by the total assessed tangible valuation of the township, will not result in producing more than one thousand dollars ($1,000) in any one year, except that in no event shall such levy exceed two (2) mills.