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).L. 75: Entire title R&RE, p. 1199, § 1, effective July 1.(1) This section is similar to former § 31-25-530 as it existed prior to 1975.(2) This section was originally numbered as § 31-25-532 in House Bill 75-1089 but was renumbered on revision in 1977 for ease of location.