Section 40. Debt Limit. Except by consent of the voters, the City’s voluntary floating indebtedness shall not exceed 80 percent of the ad valorem taxes upon real and personal property theretofore levied and in the process of collection for the tax year in which the indebtedness [is] incurred, and 80 percent of other budgeted and unpledged revenues which the council estimates will be received from other sources during such tax year. This section shall not apply to short-term warrants or promissory notes issued to evidence an indebtedness for the interim financing of a public improvement, the cost of which may be assessed against benefited property or the cost of which any agency of the state or federal government has previously agreed in writing to pay. Add bonded indebtedness, except bonds to be paid for assessments levied against benefited property, must be approved by consent of the voters. All City officials and employes who create or officially approve any indebtedness in excess of this limitation shall be jointly and severally liable for the excess.

Section 41. Existing Ordinances Con-tinued. All ordinances of the City consistent with this charter and in force when it takes effect shall remain in effect until amended or repealed.

Section 42. Repeal of Previously Enacted Provisions. All charter provisions of the City enacted prior to the time that this charter takes effect are hereby repealed, except that portion of Section 21, Paragraph 3, of the Estacada 1905 Charter as follows:

"Neither the sheriff nor tax collector of Clackamas County nor said county shall receive fees or compensation for collecting such taxes."

Section 43. Time and Effect of Charter. This charter shall take effect August 10, 1977.