The trustees of the Village shall determine the denomination of the bonds, the rate of interest, the time and place of payment, and the form of such bond to be used. When such bonds are to be registered, they shall be registered in the manner as prescribed by the trustees of the Village. The bonds issued under this act shall be sold to the highest bidder after being advertised for sale in such manner as the trustees of the Village may determine. (Added 1935, No. 247, § 5.)