Indebtedness and obligations of the city shall be incurred and limited as provided in Article XI of the Constitution of the State of Colorado, applicable to towns and cities, except as otherwise provided in this Charter. Council shall have power to issue general obligation bonds of the city for any public purpose, upon majority vote of the registered electors of the city voting at any special or regular election; provided, that water extension and water improvement bonds may be issued without an election upon a determination to that effect by council. The total outstanding general obligation indebtedness of the city, other than water bonds, shall not at any time exceed three (3) percent of the assessed valuation of the taxable property within the city, as shown by the last preceding assessment for tax purposes. Bonds of the city, other than water bonds, shall mature in not more than fifteen (15) years from date of issue and shall be payable in annual installments commencing not later than five (5) years after the date of said bonds. Water bonds shall mature and be payable as provided by the ordinance authorizing issuance of said bonds. (Ord. No. 87-202, § 46, 11-3-1987; Ord. No. 91-47, § 1, 11-13-1991; Ord. No. 93-70, § 1, 11-2-1993; Ord. No. 95-53, exhibit A (§ 11-19), 9-11-1995)