(in part): (Article XI) Section 3. Except as provided in section 3a, no county, city, town, village, school district, or other municipal corporation shall be allowed to become indebted in any manner or for any purpose to any amount, including existing indebtedness, in the aggregate exceeding five per centum on the value of the taxable property therein, to be ascertained, other than for school districts and counties having a population of 500,000 or over, by the last assessment for state and county taxes previous to the incurring of such indebtedness and for school districts and counties having a population of 500,000 or over by the value of such property as equalized for state purposes; except that for any city which is authorized to issue bonds for school purposes the total indebtedness of such city shall not exceed in the aggregate eight per centum of the value of such property as equalized for state purposes and except that for any school district offering no less than grades one to twelve and which is at the time of incurring such debt eligible for the highest level of school aids, the total indebtedness of such school district shall not exceed ten per centum of the value of such property as equalized for state purposes; the manner and method of determining such equalization for state purposes to be provided by the legislature.
Section 3a. On and after January 1, 1964, the five, eight or ten per centum debt limitation provided in section 3 and which, but for this section, would apply to each county, city, town, village, school district or other municipal corporation. shall be modified as follows - The otherwise applicable debt limitation percentage of five, eight or ten per centum for each such governmental unit shall be divided by a fraction, the denominator of which shall be the 1963 state equalized value of all taxable property in such governmental unit, and the numerator shall be the figure determined for the denominator less the 1963 state equalized value of merchants' stock-in-trade, manufacturers' materials and finished products, livestock and other general categories of personal property subject to assessment for general property tax purposes in 1963, but exempted from such assessments in 1964 or thereafter in such governmental unit.