Mich. Comp. Laws § 380.1362: Bonds; issuance; conditions prescribed by school district board.

Sec. 1362.

The board of a school district that votes to borrow a sum of money may issue the bonds of the district.

The board shall prescribe all of the following:

The form of the bonds.

The amount of the bonds, which shall not be less than $50.00 each.

The time for payment of the bonds.

The interest rates on the bonds.

The manner in which the president and secretary of the board shall execute the bonds.