It is the intent of the general assembly that the amount of debt incurred by a political subdivision after February 28, 2001, not exceed, in the aggregate, the amount of debt that the political subdivision could have incurred under:

1. (1) Article 13, Section 1 of the Constitution of the State of Indiana; and

2. (2) any statute imposing an assessed value limitation on the aggregate amount of bonds that a political subdivision may issue;

   if property were assessed at thirty-three and one-third percent (33.33%) of true tax value.

As added by P.L.6-1997, SEC.203.