(a) Unless authorized by a majority vote of the qualified voters of the municipality, a municipality may not:
(1) encumber a building or structure described by § 1504.102 for more than $5,000, except for purchase money or to refund existing debt that was authorized by law; or
(2) sell a building or structure described by § 1504.102.
(b) The governing body shall hold an election under this section in the manner provided for other bond elections in the municipality.