If the board of supervisors determines that the establishment, equipping and construction of such hospital and the purchase of land therefor must be financed through the issuance of bonds, then such bonds shall be issued in accordance with Act No. 118 of the Public Acts of 1923, as amended, being section 141.61 to 141.66 of the Compiled Laws of 1948. The bonding proposal may be presented at the election authorized under section 1 and 2 of this act.