ยง 15.10 Allocation of indebtedness. a. Several indebtedness and joint
indebtedness contracted or incurred for a joint service or a joint
water, sewage or drainage project shall be included as gross
indebtedness in the debt statement of the municipal corporation or
municipality which has contracted or incurred such indebtedness, except
that such indebtedness contracted or incurred by a school district,
other than a school district in a city, shall not be included unless it
is evidenced by bonds or bond anticipation notes or is included as
indebtedness of a merged or annexed school district pursuant to section
121.00 of this chapter.
b. The amount of joint indebtedness which is to be included as gross
indebtedness in the debt statement of a participating municipal
corporation or municipality shall not exceed the amount of such
indebtedness allocated and apportioned to such municipal corporation in
the bond resolution or note resolution authorizing such indebtedness to
be contracted. In the case of other joint indebtedness for such a joint
service or joint water, sewage or drainage project arising out of real
property liabilities and contract liabilities, the amount thereof to be
included as gross indebtedness in a debt statement of a participating
municipal corporation or municipality shall not exceed the amount of
such indebtedness required to be allocated and apportioned to such
municipal corporation in the agreement of the participating municipal
corporations in relation to such joint service. Where the agreement does
not provide for any such allocation and apportionment, or in the case of
involuntary joint indebtedness, the amount to be allocated and
apportioned to a participating municipal corporation or municipality
shall be in the same proportion as the full valuation of the real estate
subject to taxation or assessment for such joint service or joint water,
sewage or drainage project by such municipal corporation or municipality
bears to the full valuation of the real estate subject to taxation or
assessment by all of the participating municipal corporations or
municipalities for such joint service or project. Full valuations shall
be determined by applying to the latest assessed valuation the
appropriate state equalization rate established on the same period price
level. Where such rate has not been established on the same period price
level for all participants, application may be made to the commissioner
of taxation and finance for the establishment of a special rate or rates
as so required and the commissioner shall have power to establish the
same, which special rate or rates shall then be used. The amounts of
joint indebtedness so allocated and apportioned shall not exceed in the
aggregate the total amount of such joint indebtedness.
c. The agreement between the participating municipal corporations and
municipalities may provide for apportionment and allocation of joint
indebtedness on a ratio of full valuations of real property or on a
basis of the amount of services rendered or to be rendered, or benefits
received or conferred or to be received or conferred, or on any other
equitable basis.
d. Any allocation and apportionment of joint indebtedness which has
been contracted or incurred or which is proposed to be contracted or
incurred shall be conclusive if made or approved by the state
comptroller. The application to the state comptroller for any such
allocation and apportionment may be made on behalf of the participating
municipal corporations or municipalities by the finance boards thereof
acting jointly or by the chief fiscal officers thereof acting jointly
upon the direction of such finance boards, or by the finance board of
any such participating municipal corporation or municipality or the
chief fiscal officer thereof upon the direction of such finance board.
The application shall be verified by the finance board or boards or by
the chief fiscal officer or officers making the application. It shall be
in such form and shall contain such information as shall be prescribed
by the state comptroller. If the application is not made by the finance
boards or by the chief fiscal officers of all of the participating
municipal corporations or municipalities, written notice of such
application shall be given to the chief fiscal officer of any other
participating municipal corporation or municipality prior to the filing
of the application with the state comptroller.
e. If the application to the state comptroller is for the allocation
or apportionment of existing or proposed indebtedness exceeding one
hundred thousand dollars in amount, then within five days after the
filing of such application with the state comptroller, the chief fiscal
officer or chief fiscal officers of the applicant or applicants shall
cause a notice to be published that such application has been filed with
the state comptroller. Such notice shall be published in accordance with
the provisions of paragraph c of section 15.20 of this chapter. The
notice also shall contain a description of the existing or proposed
indebtedness sought to be allocated and apportioned and the nature of
the joint service or joint water, sewage or drainage project in relation
to which such existing or proposed indebtedness is to be contracted or
incurred. Proof of publication of such notice shall be filed in the
office of the state comptroller. A copy of the application and of all
data and information which will be submitted to the state comptroller in
support of such application shall be filed in the office or offices of
such chief fiscal officer or chief fiscal officers and shall be public
records.
f. After the filing of the application, the state comptroller shall
review the facts set forth therein. Notwithstanding the provisions of
paragraph e of this section, the state comptroller may require notice of
the application to be published in any such proceeding. The state
comptroller shall have power to examine the accounts and records of the
municipal corporations or municipalities with respect to the joint
service or joint water, sewage or drainage project concerning which the
application is made. He may also require the chief fiscal officer and
other public officers, boards and agencies of the municipal corporations
or municipalities involved to furnish such additional data and
information in their possession as he deems necessary to enable him to
make his determination.
g. The state comptroller shall issue a written certificate setting
forth his determination as to how such existing or proposed indebtedness
should be allocated and apportioned. The certificate of the state
comptroller shall not be issued until ten days after the filing of such
application or proof of publication of the notice of such application,
whichever date is the later, and the certificate shall be issued within
forty-five days after such filing. The certificate of the state
comptroller shall be executed under his hand and seal. Such certificate
shall be filed in the department of audit and control and duplicate
certificates shall be executed under the hand and seal of the state
comptroller and filed in the offices of the chief fiscal officers of
each of the participating municipal corporations or municipalities.
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