(a) Unless authorized at an election by a majority vote of the qualified voters of the municipality, a municipality may not:
(1) encumber a facility or land described by Section 1508.001 for more than $5,000 except:
(A) for purchase money;
(B) for funds to construct and equip the facility; or
(C) to refund existing debt that was authorized by law; or
(2) sell a facility or land described by Section 1508.001.
(b) The governing body of the municipality shall hold an election under this section in the manner provided for other bond elections in the municipality.
(c) If approved by a majority vote of the qualified voters at an election held for that purpose before November 14, 1935, an election is not required to encumber:
(1) a golf course or golf course clubhouse;
(2) a fairground or an exposition building;
(3) an airport; or
(4) land for a facility described by Subdivisions (1)-(3).