Sec. 66-11. Same-Borrowing of money.

For the purpose of making improvements, provided for in the aforegoing sections or for the purpose of making improvements other than maintenance, the village council may borrow money and otherwise contract indebtedness and obligate the taxable area in amounts not exceeding in total at any time the sum of four (4) percent of the assessed valuation of real property other than operating real property of a public utility and ten (10) percent of the assessed valuation of operating real property of a public utility within the taxable area, and for these purposes the taxable area is constituted a corporation, and the village council is authorized to act for the corporation.