No indebtedness shall be incurred, except such indebtedness paid 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; however, during the first quarter of any fiscal year, before the enactment of the current appropriation ordinance, the Mayor and Council may operate under the appropriation ordinance of the preceding year.
(1986 Code, § 2-4)
Statutory reference:
Similar provisions, see ILCS Ch. 65, Act 5, §§ 8-1-1 et seq. and 8-5-1