§ 15.10 Allocation of indebtedness. a. Several indebtedness and joint\nindebtedness contracted or incurred for a joint service or a joint\nwater, sewage or drainage project shall be included as gross\nindebtedness in the debt statement of the municipal corporation or\nmunicipality which has contracted or incurred such indebtedness, except\nthat such indebtedness contracted or incurred by a school district,\nother than a school district in a city, shall not be included unless it\nis evidenced by bonds or bond anticipation notes or is included as\nindebtedness of a merged or annexed school district pursuant to section\n121.00 of this chapter.\n b. The amount of joint indebtedness which is to be included as gross\nindebtedness in the debt statement of a participating municipal\ncorporation or municipality shall not exceed the amount of such\nindebtedness allocated and apportioned to such municipal corporation in\nthe bond resolution or note resolution authorizing such indebtedness to\nbe contracted. In the case of other joint indebtedness for such a joint\nservice or joint water, sewage or drainage project arising out of real\nproperty liabilities and contract liabilities, the amount thereof to be\nincluded as gross indebtedness in a debt statement of a participating\nmunicipal corporation or municipality shall not exceed the amount of\nsuch indebtedness required to be allocated and apportioned to such\nmunicipal corporation in the agreement of the participating municipal\ncorporations in relation to such joint service. Where the agreement does\nnot provide for any such allocation and apportionment, or in the case of\ninvoluntary joint indebtedness, the amount to be allocated and\napportioned to a participating municipal corporation or municipality\nshall be in the same proportion as the full valuation of the real estate\nsubject to taxation or assessment for such joint service or joint water,\nsewage or drainage project by such municipal corporation or municipality\nbears to the full valuation of the real estate subject to taxation or\nassessment by all of the participating municipal corporations or\nmunicipalities for such joint service or project. Full valuations shall\nbe determined by applying to the latest assessed valuation the\nappropriate state equalization rate established on the same period price\nlevel. Where such rate has not been established on the same period price\nlevel for all participants, application may be made to the commissioner\nof taxation and finance for the establishment of a special rate or rates\nas so required and the commissioner shall have power to establish the\nsame, which special rate or rates shall then be used. The amounts of\njoint indebtedness so allocated and apportioned shall not exceed in the\naggregate the total amount of such joint indebtedness.\n c. The agreement between the participating municipal corporations and\nmunicipalities may provide for apportionment and allocation of joint\nindebtedness on a ratio of full valuations of real property or on a\nbasis of the amount of services rendered or to be rendered, or benefits\nreceived or conferred or to be received or conferred, or on any other\nequitable basis.\n d. Any allocation and apportionment of joint indebtedness which has\nbeen contracted or incurred or which is proposed to be contracted or\nincurred shall be conclusive if made or approved by the state\ncomptroller. The application to the state comptroller for any such\nallocation and apportionment may be made on behalf of the participating\nmunicipal corporations or municipalities by the finance boards thereof\nacting jointly or by the chief fiscal officers thereof acting jointly\nupon the direction of such finance boards, or by the finance board of\nany such participating municipal corporation or municipality or the\nchief fiscal officer thereof upon the direction of such finance board.\nThe application shall be verified by the finance board or boards or by\nthe chief fisca
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