Any city as is described in Section 59-15-1, is hereby given authority, upon the adoption of a resolution to such effect, to issue bonds or other obligations for any or all of the purposes as in this chapter herein provided; but such bonds or other obligations shall not be issued unless and until the governing authorities of the municipality are first authorized and requested so to do by a petition signed by not less than seventy-five per cent of the qualified electors of the municipality, or until authorized so to do by two-thirds of the qualified electors of the municipality who vote in an election called for that purpose. Said petition, or the ballot used in such election, as the case may be, shall disclose the purposes for which said funds are sought, and all funds derived thereunder shall be kept in a separate account by the municipality and shall be used solely for the purposes set forth in said petition, or upon the aforesaid ballot, as the case may be. The books of accounts and other sources of information pertaining to duties under the provisions of this chapter of any such city shall be and remain at all times open to inspection and subject to audit by the holder or holders of any bonds or other obligations issued pursuant to this chapter.