§39-93  Statement of total outstanding
indebtedness of the State and the exclusions permitted therefrom.  (a)  The
director of finance shall annually ascertain and set forth in a table or other
summary a statement of the total outstanding indebtedness of the State and the
exclusions therefrom, as of July 1 of each fiscal year.  The statement
shall include the following:



(1)  The total principal amount of outstanding
indebtedness of the State, separately stating the outstanding principal amount
of general obligation bonds less reimbursable general obligation bonds
excludable under section 13 of Article VII of the Constitution, reimbursable
general obligation bonds, revenue bonds, special purpose revenue bonds, and any
other outstanding bonds; and, in the case of revenue bonds, the undertaking,
improvement, system, or loan program for which such bonds are issued; and, 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; and, in the
case of special purpose revenue bonds, the purpose for which such bonds were
issued and the person with whom the State, or a department thereof, has
contracted and who is obligated to make payments to the State;



(2)  The principal amount of outstanding bonds which
may be excluded under section 13 of Article VII of the Constitution when
determining the total indebtedness of the State, separately stating
reimbursable general obligation bonds, revenue bonds, special purpose revenue
bonds, and any other outstanding bonds which may be excluded; and, in the case
of revenue bonds, the undertaking, improvement, system, or loan program for
which such bonds are issued; and, 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; and, in the case of special purpose revenue bonds,
the purpose for which such bonds were issued and the person with whom the
State, or a department thereof, has contracted and who is obligated to make
payments to the State;



(3)  The principal amount of outstanding general
obligation bonds of the State less reimbursable general obligation bonds of the
State excludable under section 13 of Article VII of the Constitution that have
matured, or that mature in the then current fiscal year, or that have been
irrevocably called for redemption and the redemption date has occurred or will
occur in the then fiscal year, or for the full payment of which moneys or
securities have been irrevocably set aside.



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)  If payments from the general fund were
made in the preceding fiscal year for interest or principal of reimbursable
general obligation bonds issued for an undertaking, improvement, or system, the
supporting schedules shall also set forth in brief and summary form the
following with respect to each such undertaking, improvement, or system:



(1)  The total of 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 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 principal amount of
reimbursable general obligation bonds which may be excluded under clause 6 of
section 13 of Article VII of the Constitution when determining the total
principal indebtedness of the State.



(c)  Supporting schedules setting forth in
brief and summary form the following with respect to the allowable exclusion
for bonds constituting instruments of indebtedness under which the State incurs
a contingent liability as a guarantor; provided that the State shall have
established and is maintaining a reserve in an amount in reasonable proportion
to the outstanding loans guaranteed pursuant to law:



(1)  The principal amount of outstanding general
obligation bonds less reimbursable general obligation bonds excludable under
section 13 of Article VII of the Constitution as set forth in subsection (a)(1)
of this section;



(2)  The amount for the purposes of this section which
is seven per cent of the amount obtained in paragraph (1) of this subsection or
the total of the outstanding principal amount of loans guaranteed by the State,
whichever is less, shall be the exclusion for bonds constituting instruments of
indebtedness under which the State incurs a contingent liability as a
guarantor; 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.



(d)  Upon the preparation by the director of
finance of any statement and supporting schedules required by this section, the
director shall submit such statement and supporting schedules to the attorney
general for concurrence as to all legal findings upon which such statement and
supporting schedules are based, and to the comptroller for concurrence as to
all matters therein.  The attorney general and the comptroller shall notify the
director of finance in writing of their concurrence in such statement and
supporting schedules.  If the attorney general or the comptroller shall
disagree with any items included in the statement and supporting schedules, the
attorney general or the comptroller, as the case may be, shall notify the
director of finance in writing of concurrence as to all other items and as to
items of disagreement and the reasons therefor.  The director of finance shall thereupon
certify the statement and supporting schedules to the governor and the
presiding officers of the legislature, setting forth in such certification any
items therein disagreed to by the attorney general or the comptroller.  The
statement and schedules so certified shall be conclusive as to all items
therein concurred to by the attorney general and the comptroller.



The director of finance shall reproduce and
deliver to the legislature by December 1 of each year a sufficient number of
copies of the certified statement prepared as of July 1 of the then
current fiscal year, so that a copy of the 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.



(e)  In the event the certification by the
director of finance of any statement and supporting schedules filed with the
governor and the presiding officers of the legislature shall set forth therein
that the attorney general or the comptroller has disagreed as to any item
therein, the governor, at the governor's election, or the legislature at its
election, may direct the attorney general to file a declaratory judgment action
in the name of the State against the director of finance.  Such action may be
filed in any circuit court of the State, which courts are hereby vested with
jurisdiction over such actions.  If the items disagreed to concern only
questions of law and all facts involved are stipulated to by the attorney
general, comptroller, and director of finance, the attorney general at the
attorney general's discretion may file such action in the supreme court, which
court is hereby vested with original jurisdiction over such action.  Upon any
findings and determinations having been made by the court, the director of
finance shall revise the latest statement and supporting schedules issued to
reflect such findings and determinations and shall certify the revised statement
and supporting schedules to the governor and the presiding officers of the
legislature.



In the event the certification by the director
of finance shall set forth therein that the attorney general or the comptroller
has disagreed to any item therein, until such time as the disagreement is
resolved by a declaratory judgment action (1) if the subject matter of the
disagreement is concerned with whether certain revenues constitute general fund
revenues, or whether such revenues must be deducted in determining net general
fund revenues for the purposes of this part, such revenues shall not be
considered to be general fund revenues, or shall be deducted in determining net
general fund revenues, as the case may be; and (2) if the subject matter of the
disagreement is concerned with whether bonds may be excluded under section 13
of Article VII of the Constitution in determining the total outstanding
indebtedness of the State, the bonds shall be included in making such
determination. [L 1979, c 57, pt of §10]