The net indebtedness of the City created or incurred without a vote of the electors shall never exceed the limitations now or hereafter prescribed by the Constitution and laws of the State of Ohio upon indebtedness so incurred by municipal corporations. As used in this section, the term "net indebtedness" shall have the same meaning as and shall be calculated in the manner provided by the laws of the State of Ohio, as the same may be amended from time to time, for the issuance of notes and bonds of municipal corporations. (Amended 11-4-69.)