The City, by a two-thirds vote of the legal voters present and voting at a meeting duly warned and holden in whole or in part for that purpose, may vote to lay, construct, and maintain said system of water works as contemplated by this subchapter, and vote to borrow money for that purpose, and issue its negotiable bonds or notes, determined what amount of bonds or notes shall be issued therefor, determine the denomination thereof, the rate of interest thereon, and how and when payable.