Sec. 20-31. Maximum extent of issuance.

No certificates of indebtedness shall be issued to the extent that the principal amount thereof, together with the principal amount of all bonds, certificates of indebtedness, notes or other obligations theretofore issued by the county and then outstanding which affect the debt limit of the county, shall exceed ten (10) percent upon the assessable basis of the county at the time of issuance of such certificates of indebtedness.