(1) Whenever such governing body deems it expedient to issue refunding bonds under the provisions of this part 7 and either the net interest cost or the net effective interest rate of the proposed issue of refunding bonds exceeds the net interest cost or the net effective interest rate, respectively, of the issue of bonds to be refunded, the governing body, by ordinance or resolution, shall submit the question of issuing said refunding bonds at a special election called and held for that purpose or at a regular election of county officers; but bonds issued under this part 7 for the purpose of refunding bonds which were originally issued to supply water to the county shall not require such approval of the electors. An election held under this section shall be held in the manner provided for the authorization of an original bonded indebtedness in section 30-35-201 (6).

(2) At any election held under the provisions of this part 7, the question of authorizing the refunding of all or any part of the then outstanding bonded indebtedness of the county may be submitted as one question for determination, whether such bonds are of the same or of different issues.

(3) The election shall be conducted as nearly as may be in conformity with the provisions of the general election laws.

(4) The election notice shall specify, in addition to the time and places for holding said election, the qualifications for persons to vote on such question, the amount and date of the bonds to be refunded, the amount of refunding bonds proposed to be issued, and the maximum net effective rate of interest at which they may be issued.

(5) At such election the ballots or voting machine tabs shall contain the words "For the Refunding Bonds" and "Against the Refunding Bonds".