In keeping with the Constitution of Texas, and not contrary thereto, the City of Lancaster shall have the right to issue all tax bonds, revenue bonds, funding and refunding bonds, time warrants and other evidence of indebtedness as now authorized or as may hereafter be authorized to be issued by cities and towns by the general laws of the State of Texas.
Bonds and warrants of the City of Lancaster shall be issued in the manner provided by the general laws of Texas applicable to cities and towns.