The governing body of a city or village shall, after agreeing with a railroad company or companies as provided in section 18-618 or after an order, other than one of dismissal, of the governing body, sitting as a board of equalization as provided in sections 18-620 to 18-622, at the next general election or at a special election called for the purpose, submit to the electors of the city or village the question of whether such city or village and railroad company or companies shall construct and maintain a viaduct or subway in accordance with any agreement made or in accordance with the order of the governing body of such city or village, and whether such city or village shall have the power to levy taxes or borrow money and pledge the property and credit of such city or village upon its negotiable bonds to pay its proportion of all costs connected therewith. The ballot shall contain concise statements, to be prepared by the city attorney or village attorney, of the original ordinance declaring the necessity and, if such viaduct or subway is to be constructed under the provisions of any agreement, a concise statement of the provisions of the agreement or, if it is to be constructed by virtue of an order of the governing body, a concise statement of such order, and in any instance a statement of the estimated amount of the costs of the construction and maintenance of such viaduct or subway, including the cost of acquisition of or damage to property to be borne by such city or village and the method by which the share of such costs of such city or village is to be obtained. The city or village may, at its option, proceed with such election notwithstanding the pendency of any appeal of any railroad company as provided in section 18-622.