§ 10.2. Limits of borrowing powers.

The net bonded indebtedness incurred for all public purposes shall not at any time exceed ten percent of the assessed value of all the real and personal property in the city, provided that in computing such net bonded indebtedness there shall be excluded money borrowed under the following sections of this Chapter: 10.1(b) (tax anticipation notes), 10.1(c) (emergency loans), 10.1(d) (special assessment bonds even though they are also a general obligation of the city), 10.1(e) (mortgage bonds), 10.1(f) (special assessment refunding bonds), 10.1(h) (revenue bonds), and other bonds which do not constitute a general obligation of the city.

The amount of emergency loans which the council may make under the provisions of section 10.1(c) of this Charter may not exceed one-half of one percent of the assessed value of all the real and personal property in the city.

The total amount of special assessment bonds pledging the full faith and credit of the city shall at no time exceed five percent of the assessed value of all the real and personal property in the city, nor shall such bonds be issued in any consecutive period of 12 months in excess of one percent of such assessed value unless authorized by a three-fifths vote of the electors voting thereon at any general or special election.

State law reference

Limitation of net bonded indebtedness incurred for all public purposes, MCL 117.4a(2).