The City shall have the power to borrow money and to issue bonds or other evidence of indebtedness for the purpose of promoting economic development in and adjacent to the City. Such indebtedness may be authorized by the Council without a vote of the electorate for obligations which are defined as industrial development bonds by the United States Internal Revenue Code, as amended. The City may, with respect to the issuance of such debt, acquire, purchase, lease, construct, sell, sublease or otherwise dispose of projects by action of the Council. No bonds or other indebtedness issued by the City under this section shall be repayable from taxes levied by the City nor be a charge against the general credit of the City.