Subject to the applicable provisions of law, 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 evidences of indebtedness therefor, and may pledge the full faith, credit, and resources of the City for the payment of the obligation created thereby; provided, that the net bonded indebtedness incurred for all public purposes shall not at any time exceed ten percentum of the assessed value, of all the real and personal property in the City. The provisions of this section shall include and be subject to the powers permitted and the limitations set forth in Sections 4(a), 4(b), 4(c), 4(d), and 5 of Act No. 279 of the Public Acts of 1909, as amended.