1.
Indebtedness of the city shall not exceed the limits on city indebtedness under state law.
2.
Except by consent of the voters, the city's bonded indebtedness shall not exceed $1.00. Approval by the voters of bonded indebtedness need not be in the form of a Charter amendment. The procedure for submitting the question of the incurring of bonded indebtedness to the voters shall be governed by general ordinance. Whenever the question of incurring bonded indebtedness is submitted to the voters, the ballot measure shall include a statement of the city's total bonded indebtedness with and without the proposed bonded indebtedness and of the city's total bonded indebtedness with and without the proposed bonded indebtedness as a percentage of the latest true cash valuation of the city.
3.
For the purposes of paragraph 2 of this section, bonded indebtedness shall not include bonds for public improvements payable out of assessments upon the property benefitted.