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. Anderson, W.S.. 1998.
Look at other dictionaries:
Debt limitation — A bond covenant that restricts in some way the firm s ability to incur additional indebtedness. The New York Times Financial Glossary … Financial and business terms
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debt limit — See limitation of indebtedness … Ballentine's law dictionary
municipal debt limit — See limitation of indebtedness … Ballentine's law dictionary
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