SECTION VII-8.  BOND ISSUES.
   No bonds or notes of the Municipality shall at any time be issued for current operating expenses or for acquisition of any property, asset or improvement of an estimated life or usefulness of less than five years (5 yrs.) but this prohibition shall not be construed as applying to money borrowed in anticipation of the collection of special assessments, or for defraying the expenses of an extraordinary epidemic of disease, or emergency expenses made necessary by sudden casualty which could not reasonably have been foreseen or for paying final judgments upon non-contractual obligations.