The net bonded indebtedness incurred for all public purposes shall not at any time exceed ten per cent of the assessed value of all the real and personal property in the city subject to taxation as shown by the last preceding assessment roll of the city provided that in computing such net bonded indebtedness there shall be excluded money borrowed under the following sections: 10.1 (b) (tax anticipation notes), 10.1 (d) (special assessment bonds even though they are also a general obligation of the city), 10.1 (e) (mortgage bonds), 10.1 (g) (revenue bonds), and any other obligations excluded by statute or constitution from such limitation. The resources of the sinking fund pledged for the retirement of any outstanding bonds shall also be deducted from the amount of the bonded indebtedness.
The amount of emergency loans which the Commission make under the provision of Section 10.1 (c) may not exceed one-fourth of one percent of the assessed value of all the real and personal property in the city (or such larger percentage as cities may by statute be permitted to provide in their charter) notwithstanding such loan may increase the indebtedness of the city beyond the limitation fixed in the preceding paragraph.
The total amount of such special assessment bonds issued under Section 10.1 (e) which are a general obligation of the city shall at no time by reason of future issues, other than issues of refunding bonds, exceed the statutory limitations thereon, nor shall such bonds be issued in any calendar year in excess of the amount so permitted to be issued by statute unless authorized by a vote of the electors in the manner provided by statute.