The net indebtedness of the City created or incurred without a vote of the electors shall never exceed the debt limitation as prescribed by State law which will be on the total value of all property in the City as listed and assessed for taxation. As used in this section, the term net indebtedness shall have the same meaning 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 notice and bonds of municipal corporations.
(Amended 11-4-69.)