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Section 36. Debt Limit. Except by consent of the voters, the City's voluntary floating indebtedness shall not exceed $10,000.00, nor its bonded indebtedness more than three (3%) percent of the current true cash value of all taxable real property within the City. For purposes of calculating the limitation, however, the legally authorized debt of the City in existence at the time this charter takes effect shall not be considered. All City officials and employees who create or officially approve any indebtedness in excess of this limitation shall be jointly and severally liable for the excess.
Section 37. Existing Ordinances Continued. All ordinances of the City consistent with this Charter and in force when it takes effect shall remain in effect until amended or repealed.
Section 38. Repeal of Previously Enacted Provisions. All Charter provisions of the City enacted prior to the time that this Charter takes effect are hereby repealed.
Section 39. Severability. The terms of this Charter are severable. If a part of the Charter is held invalid, that invalidity does not affect another part of the Charter, except as the logical relation between the two parts requires.
Section 40. Time and Effect. This Charter shall take effect the day of , 1997.