31-25-533. Power of governing body to contract debt - question submitted to registered elec

31-25-533. Power of governing body to contract debt - question submitted to registered electors. The governing body has power to contract an indebtedness on behalf of the municipality and upon the credit thereof by borrowing money or issuing the negotiable interest-bearing bonds of the municipality for the purpose of providing a fund to pay such part of the cost of said improvements as may be determined by the governing body. No such indebtedness shall be created except by ordinance subject to and otherwise in accordance with the provisions of section 31-15-302 (1)(d).