13. (1) The General Assembly may vest the corporate authorities of the City of Chicago with power to make local improvements by special assessments or by special taxation of contiguous property or otherwise.

(2) The General Assembly shall not limit the annual general tax on real or personal property by reference to the rate of taxation imposed by other authorities exercising powers of taxation over property in the City of Chicago, and any such limit now existing shall become inoperative.

(3) The City of Chicago may fix the limit of the annual tax rate on real or personal property in excess of the limit prescribed by law with the approval of the governor to be given or withheld only upon taking into consideration the recommendation of the state tax commission (or other authority performing the functions of the state tax commission) such recommendation to be made only after a public hearing and by a written opinion.

(4) The excess maximum rate of taxation thus fixed shall be effective for a period not longer than five years, as prescribed by ordinance, but subsequent increases may be authorized in like manner and for not exceeding a like period.

(5) The maximum rate so fixed may be inclusive or exclusive of taxes levied to meet indebtedness or interest thereon, as the ordinance may determine.

(6) The General Assembly shall not directly or indirectly impose upon the City of Chicago or the inhabitants or property thereof, any taxes for municipal purposes, nor create or provide for the creation of new municipal corporations, within the County of Cook, having taxing powers so as to include any territory of the city or enlarge or increase the taxing power of any such municipality except with the consent of the City Council.

(7) Where an act of the legislature of the state requires governmental functions to be carried out in the city which impose a new or additional financial burden upon the government of the city, the city may with the consent of the state tax commission, to be filed with the City Clerk, provide for the required expense by levying a tax in addition to the taxes then authorized by law.

14. (1) The City of Chicago may borrow money for corporate purposes and issue bonds or other evidences of indebtedness therefor.

(2) No bonds or other evidences of funded indebtedness shall be issued except in accordance with an ordinance authorizing the particular issue, which shall have been approved by the voters of the City in accordance with general provisions of law.

(3) No bonds or other evidences of funded indebtedness shall be issued except in accordance with a plan providing for the retirement of said bonds within a period not more than 50 years from the time of their issue, and provision shall be made in the ordinance for the levy of annual taxes and the application of the proceeds of such taxes to carry out such plan.

(4) The aggregate indebtedness of the City of Chicago, including existing indebtedness, shall not at any time exceed the limit fixed by

city ordinance which limit may be expressed therein as a stated amount or by reference to the taxable resources of the city.

(5) Such ordinance fixing the limit of aggregate indebtedness shall not be valid without the approval by written opinion of the State Tax Commission (or other authority exercising the functions of a state tax commission) and shall not take effect until the expiration of three months after such passage and approval and if, during such time a petition of two per cent of the legal voters for the submission of said ordinance to referendum shall have been filed with the City Clerk pursuant to law, not until said ordinance shall have been approved by the voters of said city.

(6) Such ordinance shall be unalterable for a period of 20 years from the time it shall take effect and thereafter shall be alterable only by like ordinance.

(7) Until a limit shall have been fixed as above provided, the City of Chicago shall not become indebted for any purpose to an amount including existing indebtedness, in the aggregate exceeding five per cent of the value of the taxable property therein to be ascertained by the last assessment for state and county taxes previous to the incurring of such indebtedness.

(8) Loans incurred for the financing of income-producing property of the city and secured by the pledging of such property or its income, or franchises or privileges necessary for its enjoyment, shall, to the extent that they do not impose upon the city any general corporate liability, not be included in the limit of aggregate indebtedness fixed as aforesaid.