§ 4.22. Debt statement.

Prior to the adoption of an ordinance calling or providing for the holding of an election at which any question of incurring indebtedness shall be submitted, the director of finance shall prepare, swear to, and file for public inspection in the office of the city clerk, a special debt statement which shall set forth:

(1)

The aggregate principal amount of all outstanding bonds and notes of the city.

(2)

Deductions, if any, permitted by the constitution and general laws.

(3)

The amount of existing net indebtedness.

(4)

The amount of net indebtedness after the issuance of the bonds authorized by such bond ordinance.

(5)

The assessed valuation of taxable tangible property within the city as shown by the last completed assessment for state and county purposes.

(6)

The aggregate principal amount of bonds and notes which the city may issue pursuant to law.

This debt statement, after approval by a majority of the council, shall be published with the notice of the bond election and shall be presumed to be accurate.