Upon approval of the issuance of bonds pursuant to section 18-610, a city or village may, without further vote of the electors, issue negotiable bonds in such amount as may be needed to pay for acquisition, extension, or enlargement of any street or highway, and the amount of damages that may accrue by the appropriation thereof and construction of viaducts or subways pursuant to section 18-601. Such bonds shall draw interest and may be sold at not less than par, shall be payable in annual installments over a period of not to exceed twenty years, and shall be subject to retirement at the option of the city or village at any time after five years. Such bonds shall be payable out of the general fund, and the city or village shall annually make a levy and an appropriation for the payment of interest and the installment of the principal.