If, in the opinion of the park and recreation board of any municipality, the funds available for such purposes be inadequate to provide ample, appropriate and suitable land, buildings and equipment of a permanent nature for all the needed parks, park areas, playgrounds, park and playground systems, recreation centers and other recreational facilities and activities of such municipality, the board may petition the governing body of such municipality to call an election for the issuance of bonds on the credit of the municipality in an amount sufficient to provide the necessities of such municipality in these respects, subject to the limitations set out in the Constitution and the laws of this State, and the governing body of any such municipality shall call or cause to be called the election at the time requested in such petition.