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Section 10-104 Debt Limitation.

No indebtedness shall be incurred for the acquisition of any public utility under the provisions of this Charter, which, together with the existing bonded indebtedness of the City, shall exceed at any one time seven percent of the assessed value of all real and personal property in the City, but in estimating such bonded indebtedness, all bonds given for the acquisition or construction of public properties and utilities the interest on which bonds is paid out of the earnings of said public utilities or properties, shall be excluded; provided, that whenever and for so long as such utility or undertaking fails to produce a sufficient revenue to pay all costs of operation and administration (including interest on the City bonds issued therefor and the cost of insurance against loss by fire, accidents, and injuries to persons), and an annual amount sufficient to pay at or before maturity all bonds issued on account of said undertaking, all such bonds outstanding shall be included in determining the limitation of the City's power to incur indebtedness, unless the principal and interest thereof be payable exclusively from the receipts of such undertaking. The City officer responsible for accounting shall annually report to the Council, in detail, the amount of revenue from each such undertaking, and whether there is any, and if so, what, deficit in meeting the requirements above set forth. [Ch. 1903, sec. 88; rev. 1914, sec. 160; 1928 pub., sec. 160; 1942 recod., sec. 10-105; rev. Nov. 8, 1966; am. May 20, 1986.]