The acquisition, construction, reconstruction, improvement, betterment, extension, or financing of any project, and the issue of bonds in anticipation of the collection of the revenues of the project to provide funds to pay for the cost of the project, may be authorized by an ordinance or resolution of the governing body adopted at a regular or special meeting of the governing body by the affirmative vote of a majority of its members. Before the issuance of revenue bonds under this chapter, the governing body shall give notice and hold a public hearing on the proposed bond issue. Notice of the hearing must be published in the official newspaper of the municipality once a week for two successive weeks before the time set for the hearing. The notice must specify the time and place of the hearing, and the amount and purpose of the proposed bond issue. The governing body may not approve the bond issue unless it appears, after the public hearing, that approval is in the public interest of the municipality. No election is required to authorize the use of any of the powers conferred by this chapter. No public hearing is required before the issuance of refunding bonds issued under section 40-57-19.1.