The corporate authorities of any such school district may, by resolution, signify their desire to validate and give binding force to such indebtedness, whereupon it shall be their duty to give notice during at least thirty days by weekly advertisements in the newspapers, not exceeding three in said district, and if no newspaper be published therein, by at least twenty printed handbills posted in the most public parts thereof, of an election to be held at the place or places of holding the municipal elections, in which such school district may be, on a day to be by them fixed, for the purpose of obtaining the assent of the electors thereof to the making valid and giving binding force to such increase of indebtedness. Said notice shall contain a statement of the amount of the last assessed valuation, of the amount of the existing debt, of the amount and percentage of the increase proposed to be made valid, and of the purposes for which the indebtedness was created and the money used. Such election shall be held at the place and time, and under the same regulations, as provided by law for the holding of municipal elections, and it shall be the duty of the inspectors and judges of such election to receive tickets, either written or printed, from electors qualified under the Constitution of this state to vote in such district, labeled on the outside “increased debt,” and containing in the inside the words “in favor of debt as already increased,” or “against debt as increased,” and to deposit said tickets in a box provided for that purpose as is provided by law in regard to other tickets received at said election; and the tickets so received shall be counted and return thereof made to the clerk of the quarter sessions of the proper county, duly certified, as is required by law, together with a certified copy of the resolution and the advertisement; and the said clerk shall make record of the same and furnish a certified copy thereof, under seal, showing the result to the corporate authorities of such school district, and the same shall be placed of record upon the minutes thereof. The corporate authorities of such school district shall in all cases fix the time of holding such election on the day of the municipal or of the general election, unless more than ninety days elapse between the date of the resolution or vote desiring such increase and the day of holding the said municipal or general election. If any other day be fixed for such election the expense of holding the same shall be paid by the school district for the benefit of which it shall be held. In receiving and counting and in making return of the votes cast the inspectors, judges and clerks of said election shall be governed by the laws of this commonwealth regulating municipal elections, and the vote shall be counted by the court as is now provided by general laws governing municipal elections; and all the penalties of said election laws for the violation thereof are hereby extended to and shall apply to the voters, inspectors, judges and clerks voting at and in attendance upon the elections held under the provisions of this act.¹