No indebtedness shall be incurred, excepting such indebtedness as may be payable solely from the proceeds of a duly authorized bond issue or from a designated specified source, unless there is a prior appropriation out of which indebtedness could be paid as provided by statute; provided, that during the first quarter of any fiscal year, before the enactment of the current annual budget, the Village may operate under the annual budget of the preceding year. (1990 Code §11.004; amd. 2011 Code)