Section 980-K. Tax and debt limitations  


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  • (a)  The  aggregate amount of
      outstanding indebtedness that is incurred to provide funds  for  capital
      improvements  pursuant  to  this article shall be chargeable against the
      municipality's constitutional debt limit and may not exceed ten  percent
      of  the  amount  allowable  under  that  limit.  The aggregate amount of
      outstanding indebtedness that is incurred to provide funds  for  capital
      improvements pursuant to this article and that is chargeable against the
      property within the district may not exceed seven percent of the average
      full valuation of taxable real property in the district.
        (b)  The district charge, exclusive of debt service, levied in a given
      year against real property in a district may not exceed  twenty  percent
      of  the  total  general  municipal taxes levied in that year against the
      taxable real property in the district. The  district  charge  so  levied
      shall  be included in the total amount, if any, that the municipality is
      permitted by law to raise in that year by a tax on real property.