Excepting emergencies as defined and declared by resolution of County Council, the level of payments for inside millage debt service should not exceed nine percent (9%) of revenues. "Revenues" shall be defined as the certificate of estimated resources for the current year, excluding the beginning balance, for the general and sales tax funds combined. "Level of payments" shall be defined as the actual payment due on bond issues and the payment that would be due on note issues were they in the form of bond issues. For purposes of converting note issues to bond issues for this calculation, interest rates per the most current edition of the Bond Buyers Index are to be used.
(Ord. 88-388. Approved 7-25-88.)