The net bonded indebtedness incurred for all public purposes shallnot 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 of this Charter: 10.1(2) (tax anticipation notes), 10.1(3) (emergency loans), 10.1(4) (mortgage bonds), 10.1(5) (special assessment refunding bonds), 10.1(7) (revenue bonds), 10.1(8) (Court Order bonds), 10.1(9) (special assessment bonds even though they are also a general obligation of the City), and other bonds which are not to be included within the debt limitation of the City under the provisions of State law.
The amount of emergency loans which the Council may make under the provisions of Section 10.1(3) of this Charter may not exceed three-eighths of one per cent of the assessed value of all the real and personal property in the City.
The total amount of bonds issued under 10.1(6) shall at no time exceed two per cent of the assessed value of all the real and personal property in the City.
The total amount of special assessment bonds pledging the full faith and credit of the City shall at no time exceed five per cent of the assessed value of all the real and personal property in the City, nor shall such bonds be issued in any calendar year in excess of one per cent of such assessed value unless authorized by a majority vote of the electors voting thereon at any general or special election.
Editor's Note: The provisions of Charter 10.3 are largely superseded by (but not completely inconsistent with) MCL 117.4a.