§47C-3  Supplemental determination. Whenever the county proposes to issue bonds, the director of finance shallprepare a supplemental summary of the indebtedness of the county setting forththerein such information and findings as of a date within thirty days of thedelivery of such bonds as will bring up to date and make current the mostrecent summary prepared in accordance with the provisions of section 47C-2. The director of finance shall also prepare and attach to such supplementalsummary such supporting schedules as may be required to set forth in detail thevariations and changes from the summary prepared in accordance with section47C-2, including such legal and financial findings as will justify any changesin the itemizations set forth in such previous summary pursuant to therequirements of paragraph (4) of section 47C-2.  If all the bonds proposed tobe issued may be excluded when determining the funded debt of the county forthe purposes of section 13 of Article VII of the Constitution by reason of theprovisions of clauses 2 or 4 of that section, the supplemental summary andsupporting schedules may be limited to such bonds and findings as are necessaryto justify such exclusion under such clauses.

In the event proceeds of the bonds proposed tobe issued are to be applied to the retirement in the then fiscal year ofoutstanding bonds, including notes issued in anticipation of the issuance ofthe bonds proposed to be issued, for the purpose of applying the provisions ofclause 1 of section 13 of Article VII of the Constitution to the bonds to beretired, that amount of such proceeds to be so applied may be considered andtreated as moneys irrevocably set aside for the payment of such bonds. [L 1970,c 202, pt of §1; am L 1979, c 43, pt of §4]