(a) The incurring of bonded indebtedness, the issuing of bonds, the making of temporary loans in anticipation of the sale of bonds, and all other matters pertaining to bonded indebtedness and borrowing for current expenses or in anticipation of the receipt of taxes shall be controlled by applicable statutes.

(b) The Village, by vote at an annual or special meeting, may borrow money under such terms and conditions and for such lawful municipal purposes as the Village shall vote.

(c) The trustees, in the name of the Village, may borrow funds in anticipation of federal and State funds which have been approved and committed. Any debt so incurred for a project shall be repaid from the first federal or State funds received for that project.