The board proceeding under the authority of this act may issue bonds to provide revenue for the initial purchase of textbooks as contemplated in this act in lieu of the no-fund warrants authorized in the preceding section. Such bonds shall be issued, registered, sold, delivered and retired as provided in the general bond law except that no bond election shall be required and such bonds shall not be subject to or be within any bonded debt limitation and shall not be considered in applying any other laws limiting bonded indebtedness.