SECTION 7.01 POWER TO INCUR INDEBTEDNESS.
   The City may incur indebtedness upon authorization of the Council, by ordinance, by the issuance of its negotiable bonds and notes in anticipation of bonds for any purpose now or hereafter authorized by the Constitution and laws of the State of Ohio, but the net indebtedness incurred without a vote of the electors shall never exceed the limitations now or hereafter prescribed by such laws upon indebtedness so incurred by municipal corporations. As used in this section, the term "net indebtedness" shall have the same meaning as and shall be calculated in the manner provided by the laws of the State of Ohio, as the same may be amended from time to time, for the issuance of notes and bonds.