The original ordinance authorizing construction of subways or viaducts as provided in section 18-601 shall also give notice of an election to authorize issuance of bonds, for such amount as may be necessary to pay for right-of-way and damages. A majority of those voting shall be sufficient to carry authority to issue bonds, as provided in sections 18-610 to 18-612. A failure to approve the issue of bonds shall cancel all proceedings, except that in that event, the city or village shall pay the cost of survey and preparation of plans and specifications that have been filed and may levy a tax for that purpose.