limitation of indebtedness

A provision in a state constitution as found in a number of states, that the state will not, through its legislature, create any debt or liability, except for certain purposes, in excess of a prescribed amount, or a provision that the legislature shall not create an indebtedness to exceed a certain per cent on the assessed value of the taxable value property of the state. 49 Am J1st States § 66. A provision of the state constitution, statute, or charter which places a limit upon the amount of indebtedness which a municipal corporation can lawfully incur. 38 Am J1st Mun Corp § 408. The limit on the amount of indebtedness of the United States as fixed and modified from time to time by Congress.

Ballentine's law dictionary. . 1998.

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