Subject to the applicable provisions of State law, the Constitution of the State of Michigan and the provisions of this Charter, the Council may authorize the borrowing of money for any purpose within the scope of the powers vested in the City and the issuance of bonds of the City or other evidences of indebtedness therefor, and may pledge the full faith, credit and resources of the City for the payment of the obligation created thereby, provided, however, that the total indebtedness of the City shall not exceed five percent (5%) of the assessed valuation of all real and personal property.