In addition to the limitations on general obligation debt imposed by the State Constitution,
the issuance by the County of notes, bonds or other instruments of indebtedness evidencing
borrowing to be paid back in part or in full by non-ad valorem tax revenues received
by the County, in an amount which, individually or in combination with other issues
for the same project authorized within the preceding two (2) years, exceeds $15,000,000.00
(including administrative costs of the issue), shall be authorized only after approval
by a majority vote of the electors at a special election called for that purpose or
in conjunction with any regular election. No proceeds of instruments of indebtedness
shall be issued to finance current operations of County Government, except that part
of current expenses directly allocable to capital projects. Nothing in this section
prohibits issuance of tax anticipation notes payable in one year or less.
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(Amd. of 11-2-10)
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