Section 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 and 29.00
  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.