Budget limitation; duration; termination; procedure

Any limitation placed on budgets pursuant to sections 77-3401 to 77-3411 shall remain in effect for only the ensuing two fiscal years, except that the governing body of a political subdivision may, during the first year of a two-year budget limitation, by a majority vote place the issue of terminating the limitation after the first year on the ballot at a general, primary, or special election. Such budget limitation shall be terminated at the end of the first year if such termination is approved by a majority of those voting on the issue. Such election shall be held at least ninety days prior to the date on which the second fiscal year subject to the limitation begins