(1) The governing body of any municipality having power to appropriate and raise money is authorized to appropriate and to raise by taxation or otherwise sufficient moneys to carry out the provisions and purposes of this chapter.
(2) Regardless of any limitation by general or special law or charter as to the amount or total of taxes that may be levied, taxes may be levied by the governing body of a municipality for the purposes of this chapter in excess of any such limitation; provided, that such amount in excess of the limitation is authorized by an ordinance or resolution referred to and approved by a majority of the voters of the municipality voting in an election to approve or disapprove the ordinance or resolution.
(3) Nothing in this section shall be deemed to require or to have required an election to authorize the levy of ad valorem taxes, without limitation of rate or amount, for the payment of the principal of and interest on bonds or other obligations of a municipality issued for any of the purposes listed in § 42-5-115 when the provisions of any other section or chapter of this code, or any other general or special law or charter, under the authority of which such bonds or other obligations are or were issued, and the proceedings authorizing the issuance of such bonds taken pursuant thereto, provide for the levy of taxes, without limitation of rate or amount, for the payment of the principal of and interest on such bonds or other obligations.