Subject to the applicable provisions of State law and this charter, the Council, by proper ordinance or resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the City and the issuance of bonds of the City or other evidence of indebtedness therefor, and may pledge the full faith, credit and resources of the City for the payment of the obligation created therefor. The amount of such bonds which may be issued shall not exceed the maximum permitted by State law.