§ 10.00 Power of municipalities, school districts and district
corporations to contract indebtedness. In addition to the power to
contract indebtedness pursuant to sections 24.00, 25.00, 25.10, 29.00
and 29.20 of this article, a municipality, school district or district
corporation shall have the power to contract indebtedness respectively
for any municipal, school district or district corporation object or
purpose set forth in paragraph a of section 11.00 of this title, or for
a class of such objects or purposes when authorized under the provisions
of section 31.00 of this article, if it is authorized by law to expend
money for or to accomplish such object or purpose; provided, however,
that it shall not be able to contract indebtedness to a greater extent
than it is authorized by law to spend money for such object or purpose
or class of such objects or purposes and provided also that this section
shall not relieve any such unit of government of any duty imposed by law
to include in its annual budget or tax levy or otherwise to pay from
current funds all or part of any expenditure that it may make for such
object or purpose or class of such objects or purposes.