No government at any level may issue government bonds, or engage in borrowing from a domestic or foreign source with a repayment period of one year or more, except as provided by law or by passage of a resolution in the relevant legislative body.
The limits on outstanding debt in the form of government bonds or borrowing under the preceding paragraph shall be determined in accordance with the Public Debt Act.
A local government at any level shall first receive approval from the central government before issuing government bonds or borrowing funds abroad.