§47C-4  Exclusionary provisions.  Theprovisions of this section shall be applicable in determining whether any bondsor portion thereof may be excluded under section 13 of Article VII of theConstitution when determining the funded debt of the county for the purposes ofthat section.

In the event that any general obligation bondshave been issued for assessable improvements, only the principal amount of suchbonds for which at least one interest payment date has elapsed may be excludedby reason of the provisions of clause 5 of section 13 of Article VII of theConstitution.  Subject to the provisions of the preceding sentence, theprincipal amount of general obligation bonds issued for assessable publicimprovements which may be excluded by reason of the provisions of clause 5shall be that percentage of the total principal amount of such bonds which isequal to the percentage of the total of the principal and interest of suchbonds theretofore becoming due for the payment of which reimbursement has beenmade to the general fund of the county from assessment collections availabletherefor.

In the event that any general obligation bondshave been issued for a public undertaking, improvement, or system from whichrevenues, user taxes, or a combination of both may be derived for the paymentof all or part of the principal and interest as reimbursement to the generalfund, only the principal amount of such bonds issued prior to the then currentfiscal year and for which at least one interest payment date has elapsed may beexcluded by reason of the provisions of clause 6 of section 13 of Article VIIof the Constitution.  Subject to the provisions of the last sentence, theprincipal amount of general obligation bonds issued for such a publicundertaking, improvement, or system which may be excluded by reason of suchclause 6 shall be that percentage of the total principal amount of such bondswhich is equal to the percentage of the principal and interest of such bondswhich became due in the immediately preceding fiscal year for the payment ofwhich reimbursement was made to the general fund of the county from the netrevenue, net user tax receipts, or a combination of both, derived from suchpublic undertaking, improvement, or system in such immediately preceding fiscalyear.  Amounts received from the federal government for the payment orreimbursement of costs of operation, maintenance, and repair of a publicundertaking, improvement, or system or for the payment of the principal andinterest of bonds issued for such public undertaking, improvement, or system,may be considered and treated as revenues of such undertaking, improvement, orsystem.  Amounts derived from any extra or special motor vehicle fuel tax bylaw set aside for the use of a county, and amounts received by a county as itsshare of any motor vehicle fuel taxes or motor vehicle license fees, may beconsidered and treated as revenue of any street or highway undertaking,improvement, or system of the county, including any tunnels, bridges, or overpassesfor the movement of motor vehicles.  If the costs of operation, maintenance,and repair of a public undertaking, improvement, or system are theresponsibility of the State or a governmental body other than the county, thecounty shall not be deemed to derive net revenue, or net user taxes, orcombination of both, from such undertaking, improvement, or system unless theamount of revenues, or user taxes, or combination of both, received by theState or such other governmental body from such undertaking, improvement, orsystem are at least equal to such costs of operation, maintenance, and repair.

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