The portion of debt of political subdivisions or neighboring special districts that a municipality is responsible for.
A situation in which two governments with overlapping jurisdiction each have debt. For example, if the City and the State of New York have both issued bonds to pay for their operations, both the city and the state have overlapping debt. Having overlapping debt may affect one or both governments' ability to repay.
Debt of a municipality that is shared with another political entity. For example, a city may share responsibility with the county in which the city is located for bonds issued by the county to finance a facility such as a public auditorium. Compare underlying debt.