(a) Any district may issue bonds provided in Subdivision (2), § 60.331 of this code, by action of its governing body and without the necessity of an election.
(b) Bonds to be issued under Subdivisions (1) and (3), § 60.331 of this code, can be issued only after authorization at an election held for that purpose throughout the territory comprising the district. The elections shall be conducted substantially in accordance with the procedure prescribed in the Election Code.