Within such limitation in amount as is now or may hereafter be established by the Constitution, the council may authorize new debt to be incurred or an increase of indebtedness, without the consent of the electors of the city at a public election; but the council may, in its discretion, submit to the electors for their consent, at a public election, the proposal contained in any ordinance authorizing new debt to be incurred or an increase of indebtedness, and any such new debt or increase of indebtedness to which the electors shall have given their consent shall be excluded in computing the amount of the indebtedness of the city incurred without the consent of the electors thereof; and the council may also submit to the electors for their consent, at a public election, the assumption, funding, or refunding of any indebtedness theretofore incurred without the assent of the electors; and if the electors shall consent to such assumption, funding, or refunding of any debt incurred without their consent, then the indebtedness so assumed, funded, or refunded shall in like manner be excluded in computing the amount of the indebtedness of the city incurred without the consent of the electors.
Prior to the final passage of any ordinance authorizing new debt to be incurred or an increase of indebtedness, except for temporary loans, without the consent of the electors, a summary of the provisions of each section of the ordinance shall be published five times at intervals of not less than three days in two daily newspapers having a bona fide circulation in such city of at least thirty thousand copies per issue.
53 P.S. § 12583