SECTION 1. Fixing the limit of the state indebtedness -- Exceptions.

SECTION 2. Debts for public defense.

SECTION 3. Certain debt of counties, cities, towns, school districts, and other political subdivisions not to exceed taxes -- Exception -- Debt may be incurred only for specified purposes.

SECTION 4. Limit of indebtedness of counties, cities, towns, and school districts -- Larger indebtedness may be allowed.

SECTION 5. Borrowed money to be applied to authorized use.

SECTION 6. State not to assume county, city, town or school district debts -- Exception.

SECTION 7. Existing indebtedness not impaired.