STATE AND LOCAL INDEBTEDNESS 53
l. No municipality is permitted to become indebted in
any one year to an amount exceeding the income and revenue
provided for that year without. the consent of two thirds of
the voters voting on such a proposition.
2. In cases requiring the assent of the electorate, the in-
debtedness incurred, including existing indebtedness, must
not exceed 5%, of the value of the taxable property’ in the
jurisdiction concerned, except that the limit 1s placed at 109,
in the case of cities with a population of 75,000 or more.
The provisos referred to above may be summarized as
follows:
1. With the assent of two thirds of the voters voting, any
county may become indebted to a larger amount for the
erection of a courthouse or jail or for the construction and
maintenance of improved roads and bridges.
2. Any municipality incurring indebtedness that requires
the assent of the voters is required to provide for the col-
lection of a tax sufficient for interest and redemption pur-
poses. The indebtedness must be retired within twenty
years from the date of contraction.
3. St. Louis City is given authority to issue bonds matur-
ing within thirty years in the amount of $5 million and bear-
ing interest at a rate not to exceed 49, the proceeds to be
paid to the corporation organized for the celebration of the
Louisiana Purchase Centennial in said city, to be used by the
corporation for that celebration, holding a world’s fair or
exposition in the city. No bonds were to be issued under
this provision unless a majority of the voters in St. Louis
voting on this amendment approved it.
4. Another provision permits St. Louis City to exclude
certain bonds assumed and outstanding prior to its separa-
tion from St. Louis County and bonds issued for the con-
struction of waterworks, to be serviced from the revenues of
the waterworks, in computing its existing bonded indebted-
ness under the 109, limitation.
5. Cities having or attaining a population of 75,000 or
more are authorized to issue public utility bonds for the
purpose of acquiring or constructing certain utilities prop-
1 Determined by the assessment next before the last assessment for state and
county purposes.
