No indebtedness shall be incurred, except that which 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 the indebtedness could be paid, as provided by statute. During the first quarter of any fiscal year, before the enactment of the current appropriation ordinance, the village may operate under the appropriation ordinance of the preceding year.
(Prior Code, § 35.003)