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

(1)  The total principal amount of outstandingindebtedness of the State, separately stating the outstanding principal amountof general obligation bonds less reimbursable general obligation bondsexcludable under section 13 of Article VII of the Constitution, reimbursablegeneral obligation bonds, revenue bonds, special purpose revenue bonds, and anyother outstanding bonds; and, in the case of revenue bonds, the undertaking,improvement, system, or loan program for which such bonds are issued; and, inthe 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 thepayment of the principal and interest of such bonds is to be made; and, in thecase of special purpose revenue bonds, the purpose for which such bonds wereissued and the person with whom the State, or a department thereof, hascontracted and who is obligated to make payments to the State;

(2)  The principal amount of outstanding bonds whichmay be excluded under section 13 of Article VII of the Constitution whendetermining the total indebtedness of the State, separately statingreimbursable general obligation bonds, revenue bonds, special purpose revenuebonds, and any other outstanding bonds which may be excluded; and, in the caseof revenue bonds, the undertaking, improvement, system, or loan program forwhich such bonds are issued; and, in the case of reimbursable generalobligation bonds, the undertaking, improvement, system, or political subdivisionfor which such bonds are issued, and, except as to such bonds issued for apolitical subdivision, the revenues, user taxes, or both, from which thereimbursement to the general fund for the payment of the principal and interestof 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 theState, or a department thereof, has contracted and who is obligated to makepayments to the State;

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

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)  If payments from the general fund weremade in the preceding fiscal year for interest or principal of reimbursablegeneral obligation bonds issued for an undertaking, improvement, or system, thesupporting schedules shall also set forth in brief and summary form thefollowing 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 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 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 principal amount ofreimbursable general obligation bonds which may be excluded under clause 6 ofsection 13 of Article VII of the Constitution when determining the totalprincipal indebtedness of the State.

(c)  Supporting schedules setting forth inbrief and summary form the following with respect to the allowable exclusionfor bonds constituting instruments of indebtedness under which the State incursa contingent liability as a guarantor; provided that the State shall haveestablished and is maintaining a reserve in an amount in reasonable proportionto the outstanding loans guaranteed pursuant to law:

(1)  The principal amount of outstanding generalobligation bonds less reimbursable general obligation bonds excludable undersection 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 whichis seven per cent of the amount obtained in paragraph (1) of this subsection orthe total of the outstanding principal amount of loans guaranteed by the State,whichever is less, shall be the exclusion for bonds constituting instruments ofindebtedness under which the State incurs a contingent liability as aguarantor; provided that the State shall have established and is maintaining areserve in an amount in reasonable proportion to the outstanding loansguaranteed by the State pursuant to law.

(d)  Upon the preparation by the director offinance of any statement and supporting schedules required by this section, thedirector shall submit such statement and supporting schedules to the attorneygeneral for concurrence as to all legal findings upon which such statement andsupporting schedules are based, and to the comptroller for concurrence as toall matters therein.  The attorney general and the comptroller shall notify thedirector of finance in writing of their concurrence in such statement andsupporting schedules.  If the attorney general or the comptroller shalldisagree with any items included in the statement and supporting schedules, theattorney general or the comptroller, as the case may be, shall notify thedirector of finance in writing of concurrence as to all other items and as toitems of disagreement and the reasons therefor.  The director of finance shall thereuponcertify the statement and supporting schedules to the governor and thepresiding officers of the legislature, setting forth in such certification anyitems therein disagreed to by the attorney general or the comptroller.  Thestatement and schedules so certified shall be conclusive as to all itemstherein concurred to by the attorney general and the comptroller.

The director of finance shall reproduce anddeliver to the legislature by December 1 of each year a sufficient number ofcopies of the certified statement prepared as of July 1 of the thencurrent fiscal year, so that a copy of the statement may be distributed to eachmember of the legislature at the next regular session thereof.  Only thestatement itself shall be required to be reproduced, and the copies need notinclude any of the supporting schedules required by this section.

(e)  In the event the certification by thedirector of finance of any statement and supporting schedules filed with thegovernor and the presiding officers of the legislature shall set forth thereinthat the attorney general or the comptroller has disagreed as to any itemtherein, the governor, at the governor's election, or the legislature at itselection, may direct the attorney general to file a declaratory judgment actionin the name of the State against the director of finance.  Such action may befiled in any circuit court of the State, which courts are hereby vested withjurisdiction over such actions.  If the items disagreed to concern onlyquestions of law and all facts involved are stipulated to by the attorneygeneral, comptroller, and director of finance, the attorney general at theattorney general's discretion may file such action in the supreme court, whichcourt is hereby vested with original jurisdiction over such action.  Upon anyfindings and determinations having been made by the court, the director offinance shall revise the latest statement and supporting schedules issued toreflect such findings and determinations and shall certify the revised statementand supporting schedules to the governor and the presiding officers of thelegislature.

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