(1) A city, urban-county, consolidated local government, or charter county shall not incur net indebtedness to an amount exceeding the following maximum percentages on the value of taxable property within the city, urban-county, consolidated local government, or charter county, as estimated by the last certified assessment previous to the incurring of the indebtedness:
(a) Cities, urban-counties, consolidated local governments, and charter counties having a population of fifteen thousand (15,000) or more, ten percent (10%);
(b) Cities, urban-counties, and charter counties having a population of less than fifteen thousand (15,000) but not less than three thousand, five percent (5%); and (c) Cities, urban-counties, and charter counties having a population of less than three thousand (3,000), three percent (3%).
(2) A county, which is not an urban-county, consolidated local government, or charter county, or a taxing district shall not incur net indebtedness for all purposes that exceeds an amount equal to two percent (2%) of the value of the taxable property within the county or district, as estimated by the last certified assessment previous to the incurring of the indebtedness.