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Validating, ratifying, confirming and approving contracts, certificates of obligation and refunding bonds authorized by counties or cities (including Home-Rule cities) or towns; validating, ratifying, confirming and approving refunding bonds issued for the purpose of refunding certificates of obligation and all proceedings, governmental acts, orders, ordinances, resolutions and other instruments relating to the issuance of refunding bonds for such purposes of counties, cities (including Home-Rule cities) and towns; providing that this Act shall not apply to any contract, certificate of obligation or to any refunding bond proceedings, governmental acts, orders, resolutions or other instruments, or bonds executed or issued by any county with a population in excess of three hundred and fifty thousand (350,000), according to the last preceding Federal Census, or any contract, certificate of obligation, or any refunding bond proceedings, governmental acts, orders, ordinances, resolutions or other instruments, or bonds, the validity of which is now involved in litigation if the question is ultimately determined against the validity thereof; providing a savings clause.