Section 666. Limit of Indebtedness.--The total indebtedness incurred or created in any school district of the first class and first class A, including any indebtedness assumed by it on or before the eighteenth day of May, one thousand nine hundred eleven, shall not exceed fifteen (15) per centum upon the total assessed value of the taxable property in such school district.
(666 reenacted and amended Mar. 16, 1967, P.L.9, No.3)