The Village shall not incur an indebtedness for public improvements which, with its previously contracted indebtedness, shall, in the aggregate exceed 10 times the amount of the last grand list of the corporation or the amounts authorized by the provisions of 24 V.S.A. chapter 53, subchapter 1 or any amendments thereto.

Debt may be incurred and bonds issued pursuant to the provisions of the above noted subchapter, or any amendments thereto, for any improvements, but no bonds shall be issued for the purpose of providing funds for ordinary expenses of the Village, except as otherwise provided by the provisions of this charter or of the laws applicable to municipal corporations.