§39-92  State debt limit statement. (a)  The director of finance shall annually as of July 1 of each fiscalyear and following each issuance of general obligation bonds of the Stateascertain and set forth in a table or other summary a statement evidencing thepower of the State to issue general obligation bonds.  In preparing thestatements required by this section, the director of finance may rely on thestatement of total outstanding indebtedness of the State and the exclusionstherefrom prepared pursuant to section 39-93 to the extent such statement isconcurred to by the attorney general and the comptroller.  The statement shallinclude the following:

(1)  The total principal and interest payable in thecurrent fiscal year and in each future fiscal year on all outstanding generalobligation indebtedness of the State including outstanding general obligationbonds, reimbursable general obligation bonds, and any other outstanding generalobligation bonds.  Principal and interest on bonds constituting instruments ofindebtedness under which the State incurs a contingent liability as a guarantorneed not be included, but only to the extent the principal amount of such bondsdoes not exceed seven per cent of the principal amount of outstanding generalobligation bonds not otherwise excluded under section 13 of Article VII of theConstitution; provided that the State shall have established and is maintaininga reserve in an amount in reasonable proportion to the outstanding loansguaranteed by the State pursuant to law.

(2)  The total principal and interest payable in thecurrent fiscal year and in each future fiscal year on all outstanding generalobligation indebtedness of the State which may be excluded under section 13 ofArticle VII of the Constitution in determining the power of the State to issuegeneral obligation bonds for the purposes of that section.  There shall beitemized and shown the amounts which may be excluded under each of clauses 1through 9 of section 13; in the case of reimbursable general obligation bonds,the undertaking, improvement, system, or political subdivision for which suchbonds are issued, and, except as to such bonds issued for a politicalsubdivision, the revenues, user taxes, or both, from which the reimbursement tothe general fund for the payment of the principal and interest of such bonds isto be made.

(3)  The total principal and interest payable in thecurrent fiscal year and in each future fiscal year on all outstanding generalobligation indebtedness which may not be excluded in determining the power ofthe State to issue general obligation bonds for the purposes of section 13 ofArticle VII of the Constitution.

(4)  The net general fund revenues for each of thethree preceding fiscal years, the average of such net general fund revenuesand, until June 30, 1982, the figure which is twenty per cent of such average;and thereafter, the figure which is eighteen and one-half per cent of suchaverage.

The items required above to be set forth in thestatement may be disclosed in such manner or arrangement as the director offinance may deem advisable, and need not be separately stated if the captions,headings, or groupings disclose the information required to be set forth.

(b)  The director of finance shall also prepareand attach to the statement such supporting schedules as may be required to setforth in detail the bonds included in the itemizations required by paragraphs(1) and (2) of subsection (a) of this section.  The supporting schedules shallalso set forth a finding and determination of the net general fund revenues foreach of the preceding three fiscal years by setting forth the following foreach such preceding fiscal year:

(1)  The total of the moneys paid into the generalfund in such fiscal year;

(2)  The total of the moneys paid into the generalfund in such fiscal year received as grants from the federal government;

(3)  The total of the moneys paid into the generalfund in such fiscal year from revenues, or user taxes, or combination thereofderived from a public undertaking, improvement, or system, to the extent suchpayments into the general fund were made in reimbursement of the payment duringsuch fiscal year from the general fund of the principal and interest ofreimbursable general obligation bonds issued for such undertaking, improvement,or system which are to be excluded in determining the power of the State toissue general obligation bonds;

(4)  The total of the moneys paid into the generalfund in such fiscal year from the revenue of a political subdivision, to theextent such payments into the general fund were made in reimbursement of thepayment during such fiscal year from the general fund of the principal andinterest of reimbursable general obligation bonds issued for the politicalsubdivision which are to be excluded in determining the power of the State toissue general obligation bonds;

(5)  The difference obtained by subtracting from thetotal required to be set forth in the statement by paragraph (1) of thissubsection, the totals required to be set forth in the statement by paragraphs(2), (3), and (4) of this subsection, which difference shall constitute the netgeneral fund revenues of the State for such preceding fiscal year.

(c)  If payments from the general fund weremade in the immediately preceding fiscal year for interest or principal ofreimbursable general obligation bonds issued for an undertaking, improvement,or system, the supporting schedules relating to such undertaking, improvement,or system shall also set forth in brief and summary form the following withrespect to such undertaking, improvement, or system:

(1)  The revenues or user taxes, or both, as follows:

(A)  The amount of surplus revenues or surplususer taxes, or both, derived in prior fiscal years from or with respect to theundertaking, improvement, or system which are carried forward in the fiscalyear, to the extent such surplus revenues or surplus user taxes, or both, areavailable in the fiscal year for the payment of costs for operation,maintenance, and repair of the undertaking, improvement, or system, the paymentof interest and principal due on revenue bonds issued for the undertaking,improvement, or system, and payment into the general fund in reimbursement ofthe payment from the general fund of the principal and interest on reimbursablegeneral obligation bonds issued for such undertaking, improvement, or system;

(B)  The amount of the revenues or user taxes,or both, derived in the fiscal year from or with respect to the undertaking,improvement, or system; and

(C)  The total of (A) and (B) of thisparagraph;

(2)  The total of the costs of operation, maintenance,and repair of the undertaking, improvement, or system during the fiscal year;

(3)  The total of payments made during the fiscal yearof interest and principal on revenue bonds issued for the undertaking,improvement, or system;

(4)  The total of the payments made during the fiscalyear from the general fund for interest and principal on reimbursable generalobligation bonds issued for such undertaking, improvement, or system;

(5)  The amount paid into the general fund during thefiscal year from the total net revenues or net user tax receipts, or both, setforth in the schedule pursuant to paragraph (1)(C) of this subsection of theundertaking, improvement, or system; and

(6)  The percentage obtained by dividing the figurerequired to be set forth in the schedule by paragraph (4) of this subsectioninto the figure required to be set forth by paragraph (5) of this subsectionwhich percentage shall constitute the percentage of the reimbursable generalobligation bonds issued for the undertaking, improvement, or system which maybe excluded under clause 6 of section 13 of Article VII of the Constitutionwhen determining the power of the State to issue general obligation bonds.

(d)  The director of finance shall also prepareand attach to the statement such supporting schedules as may be necessary to beset forth in such a manner or arrangement as the director of finance may deemadvisable the following:

(1)  The principal amount of bonds constitutinginstruments of indebtedness under which the State incurs a contingent liabilityas a guarantor which may be excluded under clause 8 of section 13 of ArticleVII of the Constitution when determining the power of the State to issuegeneral obligation bonds;

(2)  The total principal amount of all outstandinggeneral obligation indebtedness of the State including general obligationbonds, reimbursable general obligation bonds, and any other outstanding generalobligation bonds;

(3)  The total principal amount of outstanding generalobligation indebtedness of the State which may be excluded under section 13 ofArticle VII of the Constitution.  There shall be itemized and shown the amountswhich may be excluded under each of clauses 1 through 9 of section 13; in thecase of reimbursable general obligation bonds, the undertaking, improvement,system, or political subdivision for which such bonds are issued.  Theprincipal amount of reimbursable general obligation bonds issued for anundertaking, improvement, or system for the purposes of this paragraph shall bethe product of the respective percentages obtained in subsection (c)(6) of thissection and the total principal amount of outstanding reimbursable general obligationbonds issued for an undertaking, improvement, or system;

(4)  The difference obtained by subtracting from thetotal required to be set forth in the statement by paragraph (2) of thissubsection, the total required to be set forth in the statement by paragraph(3) of this subsection, which difference shall constitute the principal amountof outstanding general obligation bonds not otherwise excluded under clause 8of section 13 of Article VII of the Constitution;

(5)  The principal and interest and fraction thereoffor the amount of bonds constituting instruments of indebtedness under whichthe State incurs a contingent liability as a guarantor obtained from paragraph(1) of this subsection which is in excess of seven per cent of the amount obtainedin paragraph (4) of this subsection shall be included in the schedule set forthin subsection (a)(1) of this section.

(e)  Upon the preparation by the director offinance of any statement and supporting schedules required by this section, thedirector shall certify such statement and supporting schedules to the governorand the presiding officers of the legislature.  The statement and schedules socertified shall be conclusive as to all items therein.  The director of financeshall reproduce and deliver to the legislature a sufficient number of copies ofsuch certified statements, so that a copy of each such statement may bedistributed to each member of the legislature at the next regular sessionthereof.  Only the statement itself shall be required to be reproduced, and thecopies need not include any of the supporting schedules required by thissection.

(f)  Prior to the issuance of any generalobligation bonds the director of finance shall prepare a finding to be setforth in such a manner as the director may deem advisable that such issuanceshall not cause the debt limit of the State to be exceeded. [L 1979, c 57, ptof §10]