The Council shall refer to a referendum of the voters of the County, at the ensuing
regular congressional primary or general election, any act enabling the County to
borrow money to finance capital projects, and any act or resolution pledging the full
faith and credit of the County or any other guarantee by the County for any bonds
to be issued by or for the benefit of any state or bicounty agency or district except
for school construction bonds or obligations. Each such enabling act shall describe,
sufficiently for purposes of identification, the specific capital project or projects
to be financed by the borrowing authorized by said act, and shall authorize borrowing
only for either a single capital project or for a number of capital projects of the
same generic class. Unless the act or resolution so referred is approved by a majority
of the voters at the referendum, the Council shall have no power to enact an authorizing
ordinance pursuant to Section 823 of the Charter to carry into effect the terms of the act or resolution so referred
and shall have no power to pledge the full faith and credit of the County or any other
guarantee of the County for bonds to be issued by or for the benefit of any state
or bicounty agency of district. Any ordinance authorizing the issuance of bonds pursuant
to Section 823 of the Charter shall be referred to referendum of the voters as provided in this
subsection and shall not be effective unless approved by a majority of the voters,
if such authorization is for the purpose of providing for borrowing to finance a capital
project authorized by any law enacted prior to the effective date of this amendment
which law has not been approved at referendum.
