Iowa Constitution
Article XI - MISCELLANEOUS.
§ 3 Indebtedness of political or municipal corporations.
No county, or other political or municipal
corporation shall be allowed to become indebted in any manner, or for
any purpose, to an amount, in the aggregate, exceeding five per centum
on the value of the taxable property within such county or corporation — to be
ascertained by the last state and county tax lists, previous to the
incurring of such indebtedness.
Statutory limitation, Iowa Code §346.24
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