Definition of Debt. (a) For purposes of this Agreement, debt shall mean any monies owed to the local unit which is less than 7 years past the date of final determination, as confirmed by the local unit in Article III(A)(2)(a)(viii) of this Agreement. (b) No debt which is more than 7 years past the date of final determination may be placed or may remain on the System. (c) No debt which has resulted in the issuance of a warrant for the arrest of the debtor may be placed or remain on the System so long as that warrant for arrest is active. (d) No debt which has resulted in the attachment of a lien on any personal property or other personal interest of the debtor shall be placed or remain on the System so long as that lien is attached to that property or interest.
Appears in 4 contracts
Samples: Intergovernmental Agreement, Intergovernmental Agreement, Intergovernmental Agreement
