§47C-4  Exclusionary provisions.  The
provisions of this section shall be applicable in determining whether any bonds
or portion thereof may be excluded under section 13 of Article VII of the
Constitution when determining the funded debt of the county for the purposes of
that section.



In the event that any general obligation bonds
have been issued for assessable improvements, only the principal amount of such
bonds for which at least one interest payment date has elapsed may be excluded
by reason of the provisions of clause 5 of section 13 of Article VII of the
Constitution.  Subject to the provisions of the preceding sentence, the
principal amount of general obligation bonds issued for assessable public
improvements which may be excluded by reason of the provisions of clause 5
shall be that percentage of the total principal amount of such bonds which is
equal to the percentage of the total of the principal and interest of such
bonds theretofore becoming due for the payment of which reimbursement has been
made to the general fund of the county from assessment collections available
therefor.



In the event that any general obligation bonds
have been issued for a public undertaking, improvement, or system from which
revenues, user taxes, or a combination of both may be derived for the payment
of all or part of the principal and interest as reimbursement to the general
fund, only the principal amount of such bonds issued prior to the then current
fiscal year and for which at least one interest payment date has elapsed may be
excluded by reason of the provisions of clause 6 of section 13 of Article VII
of the Constitution.  Subject to the provisions of the last sentence, the
principal amount of general obligation bonds issued for such a public
undertaking, improvement, or system which may be excluded by reason of such
clause 6 shall be that percentage of the total principal amount of such bonds
which is equal to the percentage of the principal and interest of such bonds
which became due in the immediately preceding fiscal year for the payment of
which reimbursement was made to the general fund of the county from the net
revenue, net user tax receipts, or a combination of both, derived from such
public undertaking, improvement, or system in such immediately preceding fiscal
year.  Amounts received from the federal government for the payment or
reimbursement of costs of operation, maintenance, and repair of a public
undertaking, improvement, or system or for the payment of the principal and
interest of bonds issued for such public undertaking, improvement, or system,
may be considered and treated as revenues of such undertaking, improvement, or
system.  Amounts derived from any extra or special motor vehicle fuel tax by
law set aside for the use of a county, and amounts received by a county as its
share of any motor vehicle fuel taxes or motor vehicle license fees, may be
considered and treated as revenue of any street or highway undertaking,
improvement, or system of the county, including any tunnels, bridges, or overpasses
for the movement of motor vehicles.  If the costs of operation, maintenance,
and repair of a public undertaking, improvement, or system are the
responsibility of the State or a governmental body other than the county, the
county shall not be deemed to derive net revenue, or net user taxes, or
combination of both, from such undertaking, improvement, or system unless the
amount of revenues, or user taxes, or combination of both, received by the
State or such other governmental body from such undertaking, improvement, or
system are at least equal to such costs of operation, maintenance, and repair.



Amounts received from on-street parking may be
considered and treated as revenues of a parking undertaking. [L 1970, c 202, pt
of §1; am L 1979, c 43, pt of §4]