Mod City Is Located in Harper County

Mod City is located in Harper County. Mod Valley School District encompasses all of Mod City and some of Harper County. Property in Mod City is assessed at $400 million; property in Harper County is assessed at $800 million; property in Mod Valley School District is assessed at $600 million. The total debt outstanding for Mod City is $30 million; Harper County is $50 million; Mod Valley School District is $45 million.
REQUIRED: For Mod City, compute (a) the amount of direct debt and (b) the amount of overlapping debt.

Correct Answer:

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a. Direct debt is $30 million.
b. Overla...

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