Bonds; issuance; conditions prescribed by school district board.

Sec. 1362. (1) The board of a school district that votes to borrow a sum of money may issue the bonds of the district. (2) The board shall prescribe all of the following: (a) The form of the bonds. (b) The amount of the bonds, which shall not be less than $50.00 each. (c) The time for payment of the bonds. (d) The interest rates on the bonds. (e) The manner in which the president and secretary of the board shall execute the bonds.