(a) In addition to the security under Section 383.025, a municipality’s or county’s bonds may be secured, as specified by the resolution or a security agreement, by a pledge of other utility revenue of the municipality or county.
(b) Before issuing bonds secured by other utility revenue, the governing body must order an election to determine whether the bonds may be issued. The governing body shall set the date of the election in accordance with Section 41.001, Election Code. The manner of holding the election is governed by Chapter 1251, Government Code. If the majority of voters who vote at the election approve the issuance of the bonds, the governing body may issue the bonds.