(1)    If the board approves the application, it shall cause certificates of indebtedness to be prepared in proper form and transmitted to the municipality, cooperative educational service agency, local exposition district created under subch. II of ch. 229, local professional baseball park district created under subch. III of ch. 229, or federated public library system submitting the application. The certificate of indebtedness shall be executed and signed:

      (a)    For a school district, by its president.

      (b)    For a town, by its chairperson.

      (c)    For a village, by its president.

      (d)    For a city, by its mayor or city manager.

      (e)    For a technical college district, by its district board chairperson.

      (f)    For a county, by the chairperson of its board.

      (g)    For a public inland lake protection and rehabilitation district, by the chairperson of the board of commissioners.

      (h)    For a town sanitary district, by the president of the commission.

      (i)    For a metropolitan sewerage district created under s. 200.05, by the president of the commission.

      (j)    For a metropolitan sewerage system created under s. 200.23, by the chairperson of the commission.

      (k)    For a joint sewerage system, by the head of the commission.

      (L)    For a cooperative educational service agency, by the president of each school district for which the loan is made.

      (m)    For a federated public library system, by its president.

      (n)    For a drainage district created under ch. 88, by the president of the drainage district board.

      (p)    For a local professional baseball park district created under subch. III of ch. 229, by the chairperson of the district board.

      (q)    For a local exposition district created under subch. II of ch. 229, by the chairperson of the district board.

   (2)   The certificate of indebtedness shall be countersigned:

      (a)    For the county, town, village, or city, by the clerk of that county, town, village, or city.

      (b)    For a technical college district, by the district board secretary who shall return the certificate and deposit it with the board.

      (c)    For a public inland lake protection and rehabilitation district, by the secretary of the board of commissioners.

      (d)    For a town sanitary district, by the secretary of the commission.

      (e)    For a metropolitan sewerage district created under s. 200.05, by the secretary of the commission.

      (f)    For a metropolitan sewerage system created under s. 200.23, by the secretary of the commission.

      (g)    For a joint sewerage system, by a member of the commission designated by the commission who is not the person acting as head of the commission.

      (h)    For a federated public library system, by a member of the federated public library system board designated by that board who is not the president of that board.

      (i)    For a drainage district created under ch. 88, by the secretary of the drainage district board.

      (j)    For a local professional baseball park district created under subch. III of ch. 229, by the secretary of the district board.

   (3)   If a municipality has acted under subs. (1) and (2), it shall certify that fact to the board. Upon receiving a certification from a municipality, or upon direction of the board if a loan is made to a cooperative educational service agency, drainage district created under ch. 88, local exposition district created under subch. II of ch. 229, local professional baseball park district created under subch. III of ch. 229, or federated public library system, the board shall disburse the loan amount, payable to the treasurer of the municipality, cooperative educational service agency, drainage district, or federated public library system making the loan or as the treasurer of the municipality, cooperative educational service agency, drainage district, local exposition district, local professional baseball park district, or federated public library system directs. The certificate of indebtedness shall then be conclusive evidence of the validity of the indebtedness and that all the requirements of law concerning the application for the making and acceptance of the loan have been complied with.