§ 1213. BONDED DEBT LIMIT.

The City shall not incur indebtedness evidenced by general obligation bonds which shall in the aggregate exceed the sum of twenty percent of the total assessed valuation for purposes of City taxation of all the real and personal property within the City, exclusive of any indebtedness that has been or may hereafter be incurred for the purposes of acquiring, constructing, extending, or maintaining municipal utilities for which purpose a further indebtedness may be incurred by the issuance of bonds, subject only to the provisions of the State Constitution and of this Charter.

No bonded indebtedness which shall constitute a general obligation of the City may be created unless authorized by the affirmative votes of a majority of the electors voting on such proposition at any election at which the question is submitted to the electors and unless in substantial compliance with the provisions of the State Constitution and of this Charter.

(Amendment ratified 1971 General Municipal Election; approved, Assembly Concurrent Resolution No. 130; filed with Secretary of State on June 18, 1971, Res. Ch. 77, Stat. 1971.)