Such election shall be held in the place, time, and under the same regulations as provided by law for the holding of municipal elections, and the question to be submitted to the electors shall be substantially in the following form:
Shall the sum of ............. dollars heretofore borrowed, or authorized to be borrowed, by the City of ............. for the purpose of ............. be used by the same city for the purpose of ....................
The ballot shall be prepared in the manner provided by the election law for the submission of similar questions.
53 P.S. § 15765