The net indebtedness of the Municipality, created or incurred without vote of the electors, shall never exceed that percentage, of all property in the Municipality as listed and assessed for taxation, that has been set by the Constitution and laws of the State of Ohio. As used in this section, the term "net indebtedness" shall have the same meaning and shall be calculated in the manner provided by the laws of the State of Ohio, and the same be amended from time to time, for the issuance of notes and bonds of municipal corporation.
(Amended 11-7-67)