Payment Of Floating Indebtedness — Disposition Of Bonded Debt

TITLE 31 COUNTIES AND COUNTY LAW CHAPTER 4 CONSOLIDATION OF COUNTIES 31-413. Payment of floating indebtedness — Disposition of bonded debt. The floating indebtedness of the counties so consolidated, existing and owing at the time the consolidation becomes effective, evidenced by warrants, orders, tax anticipation notes or bonds, and claims outstanding and unpaid, and bond interest coupons maturing prior to said date, shall be determined by the respective county auditors of said counties, and the amount and details thereof certified to the board of commissioners of the county with which the consolidation has been effected. All money in the possession or under the control of the treasurer or other officer of the county which has been consolidated (except school district, road district, highway district, city, village and other municipal funds) shall be paid over to the treasurer of the other county and by the latter applied upon said floating indebtedness of the county which has been consolidated. If any balance remains after the payment of such floating indebtedness, such balance shall be apportioned to the current expense fund of the consolidated county. If such money and credits shall be insufficient to pay such floating indebtedness, as aforesaid, such deficiency shall be met, provided for and paid by levy made on the taxable property in the territory of the county which has been consolidated, such levy to be made and to be payable as other levies for the redemption and payment of indebtedness of like character. In like manner, any amount of such floating indebtedness of the county with which the consolidation has been effected, over and above the moneys in the possession or under the control of the treasurer or other officer of such county (except school district, road district, highway district, village, city and other municipal funds) at the time the consolidation becomes effective, shall be met, provided for and paid by levy on the taxable property in the territory of such county as it existed prior to consolidation. The bonded indebtedness of the respective counties, existing at the time the consolidation becomes effective, shall be met, provided for and paid as if no consolidation had been effected, the taxable property in the territory of each county, as it formerly existed, remaining liable therefor as before; and the same rule shall apply in the case of any refunding issue or issues.