The principal amount of bonds issued and outstanding under an indenture or certificate pursuant to which such bonds are issued for a district shall not exceed one-third of the value of the real property upon which a special tax is levied for payment of the debt service on the bonds. The “value of the real property” shall be the fair market value of the land and special improvements, within the meaning of § 27-1.5, to be constructed within the district, as shown upon an appraisal of the subject property made by an M.A.I. real estate appraiser.
(1990 Code, Ch. 34, Art. 7, § 34-7.3) (Added by Ord. 96-18; Am. Ord. 00-22)