§ 16-5-107 — Maximum allowable indebtedness

In no event shall the aggregate amount of indebtedness of any
issuer exceed the maximum allowable amount as determined
pursuant to the constitutional and statutory provisions, if any,
applicable to the issuer. In determining and computing the
aggregate amount of indebtedness of any issuer, public
securities which have been refunded, as provided in this act, by
immediate payment or prior redemption and retirement or by the
placement of the proceeds of refunding public securities or
investments thereof in escrow, shall not be deemed outstanding
indebtedness from and after the date on which sufficient monies
are placed with the paying agent of the outstanding public
securities for the purpose of immediately paying, or redeeming
and retiring the bonds, or from and after the date on which the
proceeds of the refunding public securities or investments
thereof are placed in escrow.