§39-92  State debt limit statement. 
(a)  The director of finance shall annually as of July 1 of each fiscal
year and following each issuance of general obligation bonds of the State
ascertain and set forth in a table or other summary a statement evidencing the
power of the State to issue general obligation bonds.  In preparing the
statements required by this section, the director of finance may rely on the
statement of total outstanding indebtedness of the State and the exclusions
therefrom prepared pursuant to section 39-93 to the extent such statement is
concurred to by the attorney general and the comptroller.  The statement shall
include the following:



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



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



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



(4)  The net general fund revenues for each of the
three preceding fiscal years, the average of such net general fund revenues
and, 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 such
average.



The items required above to be set forth in the
statement may be disclosed in such manner or arrangement as the director of
finance 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 prepare
and attach to the statement such supporting schedules as may be required to set
forth in detail the bonds included in the itemizations required by paragraphs
(1) and (2) of subsection (a) of this section.  The supporting schedules shall
also set forth a finding and determination of the net general fund revenues for
each of the preceding three fiscal years by setting forth the following for
each such preceding fiscal year:



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



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



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



(4)  The total of the moneys paid into the general
fund in such fiscal year from the revenue of a political subdivision, to the
extent such payments into the general fund were made in reimbursement of the
payment during such fiscal year from the general fund of the principal and
interest of reimbursable general obligation bonds issued for the political
subdivision which are to be excluded in determining the power of the State to
issue general obligation bonds;



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



(c)  If payments from the general fund were
made in the immediately preceding fiscal year for interest or principal of
reimbursable 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 with
respect to such undertaking, improvement, or system:



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



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



(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 year
of interest and principal on revenue bonds issued for the undertaking,
improvement, or system;



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



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



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



(d)  The director of finance shall also prepare
and attach to the statement such supporting schedules as may be necessary to be
set forth in such a manner or arrangement as the director of finance may deem
advisable the following:



(1)  The principal amount of bonds constituting
instruments of indebtedness under which the State incurs a contingent liability
as a guarantor which may be excluded under clause 8 of section 13 of Article
VII of the Constitution when determining the power of the State to issue
general obligation bonds;



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



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



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



(5)  The principal and interest and fraction thereof
for the amount of bonds constituting instruments of indebtedness under which
the 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 obtained
in paragraph (4) of this subsection shall be included in the schedule set forth
in subsection (a)(1) of this section.



(e)  Upon the preparation by the director of
finance of any statement and supporting schedules required by this section, the
director shall certify such statement and supporting schedules to the governor
and the presiding officers of the legislature.  The statement and schedules so
certified shall be conclusive as to all items therein.  The director of finance
shall reproduce and deliver to the legislature a sufficient number of copies of
such certified statements, so that a copy of each such statement may be
distributed to each member of the legislature at the next regular session
thereof.  Only the statement itself shall be required to be reproduced, and the
copies need not include any of the supporting schedules required by this
section.



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