§ 5. Except as hereinafter provided, all proceedings in connection\nwith the authorization and issuance of such bonds and/or bond\nanticipation notes authorized to be issued pursuant to this act shall be\nhad and taken in accordance with the provisions of the local finance\nlaw, except that any resolution or resolutions authorizing the issuance\nof such serial bonds shall not be subject to either a permissive or\nmandatory referendum and the provisions of section 107.00 of the local\nfinance law shall not apply to the issuance of such bonds or bond\nanticipation notes.\n
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