(1) Before the effective date of the amendatory act that added subsection (2), and notwithstanding any other provision of this act, a political subdivision may obligate itself financially for a period over 5 years from the date the obligation is undertaken only if approved by majority vote of the electorate of the political subdivision.

    (2) Beginning on the effective date of the amendatory act that added this subsection, subsection (1) does not apply.