A. In computing the indebtedness of cities of the first class in this Commonwealth, the word “indebtedness” shall be construed and shall be deemed, held, and taken to include all¹ and all manner of debt, as well floating as funded, of such cities, and the net amount of such indebtedness shall be ascertained by deducting, from the gross amount thereof.

B. That in computing the net indebtedness incurred, or about to be incurred, and the proceeds whereof have been expended, or are about to be expended, upon any public improvement or public utility which yields, or may reasonably be expected to yield, revenue in excess of operating expenses sufficient to pay the interest and sinking fund charges thereon, and the deduction of which, in ascertaining the borrowing power of the city, shall have been authorized by the court, pursuant to the provisions of the Constitution and laws of this Commonwealth; there shall be deducted from the aggregate of such self-sustaining public improvement or public utility debt, the proportion of cash and investments in the sinking funds pledged for the payment of the principal of such debt, and the proportion of current revenue, including appropriations to and earnings by such sinking funds during the current fiscal year.

C. That in computing the net indebtedness authorized, or issued, and outstanding without the assent of the electors; there shall be deducted from the aggregate of such debt, cash and investments in the sinking funds pledged for the payment of such non-electoral debt, and the amount of current revenue, including appropriations to, and earnings by, such sinking funds during the current fiscal year.