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Fiscal Year <br />2008 2009 2010 2011 <br />36,962,949$ 36,885,897$ 35,132,043$ 33,279,828$ <br />– – – – <br />36,962,949$ 36,885,897$ 35,132,043$ 33,279,828$ <br />Total net debt applicable to limit <br />– – – – <br />Note: <br />Debt limit <br />Total net debt applicable to limit <br />Legal debt margin <br />CITY OF ARDEN HILLS <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br /> as a percentage of debt limit <br />Under state finance law,the City’s outstanding general obligation debt should not exceed 3 percent of total market value. <br />By law,the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general <br />obligation bonds. Tax increment bonds are not subject to the debt limit; therefore, they are not included. <br />-86-