(1) Notice of an election held pursuant to section 77-3402 or 77-3410 shall state the date on which the election is to be held and the hours the polls will be open. Such notice shall be published in a newspaper that is published in or of general circulation in the political subdivision at least fifteen days prior to such election. If no newspaper is published in or of general circulation in the political subdivision, notice shall be posted in each of three public places therein.

(2) The governing body shall prescribe the form of the ballot to be used at the election, and the proposition appearing on such ballot shall state the percentage limitation to be placed on the budget for the ensuing two years and specify the two years for which such limitation is applicable. The form of submission upon the ballot shall be as follows:

For a budget limitation

Against a budget limitation.