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, 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 (f) (bonds issued for refunding money advanced or paid on special assessments imposed for water main extensions), 10.1 (h) (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 may make under the provisions of Section 10.1 (c) may not exceed the maximum amount permitted by statute.
The total amount of such special assessment bonds issued under Section 10.1 (d) 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 limitation thereon, nor shall such bonds be issued in any calendar year in excess of the amount so permitted by statute to be so issued unless authorized by a majority vote of the electors in the manner requested by statute.
Statutory reference:
Limit on net bond indebtedness, see M.C.L.A. § 117.4a