Except by consent of the voters, the city's voluntary floating
indebtedness shall not exceed 2 per cent, nor its bonded indebtedness
exceed 2 per cent of the current assessed valuation of taxable property
within the city at any one time, based on percentage of true valuation.
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.
All ordinances of the city consistent with this charter and
in force when it takes effect shall remain in effect amended or repealed.
All charter provisions of the city enacted prior to the time
that this charter takes effect are hereby repealed.
This charter shall take effect July 1, 1972, and as amended
November 8, 2016.
