(1) If an election on the proposition is had and such election results in favor of the proposition, the bonds so authorized may be validated in the manner prescribed in Chapter 13 of Title 31, Mississippi Code of 1972.
(2) In all instances where during the year 1948 any city in Mississippi adopted proceedings for the issuance of bonds to pay all or part of the cost of making extensions and improvements to an electric system owned and operated by such city, and where such bonds were to be payable solely from the revenues to be derived by such city from the operation of such electric system, such proceedings are hereby ratified, validated and confirmed, and the bonds issued pursuant to such proceedings are hereby ratified, validated and confirmed, and the bonds constitute the legal and binding obligations of each such city, and this despite any lack of authority for the authorization of such bonds, and despite the failure of the governing body of such city to observe any pertinent statutory provisions in the authorization or issuance of such bonds. All of the covenants and agreements contained in such proceedings are hereby declared legal and binding and each such city shall be under the statutory duty of carrying out all such covenants and agreements in accordance with their terms. All such bonds shall constitute fully negotiable instruments.
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