8029 - Determination of debt limits.

     § 8029.  Determination of debt limits.        Whenever it is necessary to determine the limitations on the     amount of nonelectoral debt or nonelectoral debt plus lease     rental debt that may be incurred by any local government unit,     the appropriate percentage limitations of section 8022 (relating     to limitations on incurring of other debt) shall be applied to     the borrowing base of the local government unit. The certificate     as to the borrowing base shall be made a part of all proceedings     for the sale of bonds or notes, for the guaranty of authority     obligations or for the incurring of lease rental debt and a copy     shall be filed with the department as a part of all proceedings     required to be filed for its approval. The borrowing base set     forth in the certificate and a similar certificate as to net     nonelectoral debt or net lease rental debt outstanding shall be     conclusive as to the respective figures for the purposes of this     subpart, upon the approval of the proceedings by the department,     unless contested within the specified time limits as provided in     this subpart.