Section 120-K. Payments; how made

It shall be lawful for the governing body
  or   board   having   control   of  the  finances  of  such  contracting
  municipality, in lieu of issuing the bonds of such municipality, to  pay
  its  proportion  of  the  costs and expenses of any improvements jointly
  contracted for and made under this act,  with  money  to  be  raised  by
  taxation,  after the making of the public improvements herein authorized
  have been determined upon and a joint contract  made  and  entered  into
  pursuant  to  the provisions of this act, or by paying the whole or part
  of such indebtedness out of all moneys  belonging  to  such  contracting
  municipality not otherwise appropriated or required.