No indebtedness shall be incurred, excepting such indebtedness as may be payable solely from the proceeds of a duly authorized bond issue or from a designated specified source, unless there is a prior appropriation out of which such indebtedness could be paid, as provided by statute; provided that, during the first quarter of any fiscal year, before the enactment of the current appropriation ordinance, the village may operate under the appropriation ordinance of the preceding year.
(2016 Code, § 8.203)