Pursuant to the authority granted the President and Board of Trustees of the Village under Article VII of the 1970 Constitution of Illinois, the President and Board of Trustees hereby adopts by reference the procedures set forth in “The Industrial Project Revenue Bond Act,” as amended and as set forth in ILCS Ch. 65, Act 5, §§ 11-74-1 et seq.; and in addition hereby adopts by reference the procedures set forth in the “Industrial Building Revenue Bond Act,” as amended and as found in ILCS Ch. 50, Act 445, § 6 et seq. in order that the Village may issue revenue bonds for the financing of the construction, acquisition, reconstruction, improvement, betterment or extension of any of the projects which may be authorized under the provisions of § 103 of the United States Internal Revenue Code, which projects may hereafter be declared and determined to be public purposes and for the public safety, benefit and welfare of the residents of the Village. It shall be sufficient that the procedures involved with such industrial revenue bonds comply with either of the aforesaid acts. Accordingly, in adopting by reference the aforesaid division and sections, the Village nevertheless hereby and herewith retains the right and the power to expand the types and classes of projects which may be so financed to the full extent allowed under the United States Internal Revenue Code, so that the Village in making this adoption shall not be restricted to financing those capital projects itemized in the aforesaid division and section of the Illinois Compiled Statutes.