No bonds or other evidence of indebtedness payable in whole or in part from the proceeds of ad valorem taxes, or to which the full faith and credit of the Town are pledged, shall be issued until the question of their issuance shall be submitted to a vote of the electors of the Town of Telluride and approved by a majority of those voting on the question in an election that is compliant with the requirements and limitations under the Colorado Constitution. The aggregate amount of such securities shall not exceed twenty percent (20%) of the assessed valuation of the taxable property within the Town as shown by the latest assessment. No Securities issued for creating, improving or extending any municipal utility system, including water and sewer systems and flood control systems, shall be issued until the question of their issuance shall be submitted to a vote of the electors of the Town of Telluride and approved by a majority of those voting on the question in an election that is compliant with the requirements and limitations under the Colorado Constitution. All bonds, debt or securities issued for any municipal utility system, including water and sewer systems and flood control systems shall not be included in the determination of such 20% debt limitation. (Amended 11/4/08)