(a) The total amount of the bonded or other outstanding indebtedness of said Village at any one time, however, shall not exceed 10 percent of the assessed valuation of the property therein; and said Village may refund its outstanding legal indebtedness by issuing its notes or bonds therefor subject to the provision of this section.

(b) This section shall not be construed to prevent the Village issuing its orders to borrow money to provide for current necessary expenses in any year; said orders, however, to be retired from the avails of taxes appropriated for the purpose by the Village that year.