The county is hereby authorized, by resolution of the council, to borrow the sums from time to time upon its faith and credit as may be needed to cover the cost of reconstructing, replacing, repairing, or paying insurable losses, as that term is defined in this article, and to issue negotiable certificates of indebtedness therefor; provided, that the amount of certificates of indebtedness issued pursuant to this article and outstanding at any one (1) time must not exceed ten million dollars ($10,000,000.00). (Mont. Co. Code 1965, § 5-3; 1978 L.M.C., ch. 36, § 1; 1986 L.M.C., ch. 44, § 1.)