The City may not incur indebtedness by the issuance of bonds or otherwise, which exceeds the greater of the following:
(a) Ten percent (10%) of the assessed value of all real and personal property in the City;
(b) Fifteen percent (15%) of the assessed value of real and personal property in the City, if that portion of the total amount of indebtedness incurred exceeds ten percent (10%), is being, or has been used solely for the construction and renovation of hospital facilities. However, in the case of fire, flood, or other calamity, the council may borrow for the relief of the inhabitants of the city and for the preservation of municipal property, the sum not to exceed three-eighths of one percent (.00375) of the assessed value of all real and personal property in the City, due in not more than five years, even if the loan would cause the indebtedness of the City to exceed the limits established by this section. The indebtedness identified by state statute as excluded from calculations or limitations set forth herein and shall not be included for purposes of determining the maximum indebtedness under this provision.