DEBT LIMITATION

debt  limitation.A  ceiling  placed  on  borrowing  by  an  individual,  business,  or  government.  •

The  constitutions  of  many  states  prohibit  the  states  from  incurring  debt  in  excess  of  a  stated

amount. Other state constitutions allow states to incur debt above a stated amount only through a

vote of the people. — Also termed limitation on indebtedness. [Cases: States    115. C.J.S. States

§§ 216, 218–222.] [Blacks Law 8th]