§ 2. ISSUANCE OF BONDS.
   To borrow money on the credit of said corporation by issuing bonds, at a rate of interest not exceeding ten per cent per annum; provided that the outstanding bonded indebtedness shall not exceed ten per cent of the assessed valuation of the property within the limits of said village, and that any tax levied in any one year for the payment of the principal of such bonded indebtedness shall not exceed one per cent of such assessed valuation.