(a) If a petition meeting the requirements of Section 454.023 is filed:
(1) the governing body of the municipality shall hold an election on the question as provided by Chapter 1251, Government Code; and
(2) the bonds or notes may not be issued unless a majority of the votes received at the election favor the question.
(b) The governing body of a municipality may call an election for the issuance of bonds or notes under this chapter without a petition under Section 454.023.