After an improvement has been authorized pursuant to sections 249.929 to 249.933, the governing body of any city with a population of three hundred fifty thousand or more inhabitants which is located in more than one county, or the governing body of the county of the first classification without a charter form of government that has a population of at least one hundred sixty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government containing a portion of a city with a population of at least three hundred fifty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government as of August 28, 1995, that has a population of more than one hundred five thousand but less than one hundred twenty thousand inhabitants, may issue temporary notes of such city or county to pay the costs of such improvement in an amount not to exceed the estimated cost of such improvement. General obligation bonds of such city or county shall be issued and sold as provided in section 249.927 to refund, retire and pay off such temporary notes and any accrued interest thereon to the date of payment.