Pursuant to the Charter, the City shall not incur an indebtedness evidenced by general obligation bonds which shall in the aggregate exceed fifteen percent of the total assessed valuation, for purposes of City taxation, of all the real and personal property within the City. Within the meaning of this section, "indebtedness" means bonded indebtedness of the City payable from the proceeds of taxes levied upon taxable property in the City. (Ord. 4741 § 1 (part); July 29, 1986.)