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2009 2010 2011 2012 <br />36,885,897$ 35,132,043$ 33,279,828$ 31,302,591$ <br />– – – – <br />36,885,897$ 35,132,043$ 33,279,828$ 31,302,591$ <br />Total net debt applicable to the limit <br />– – – – <br />Note:Under state finance law, the City’s net debt should not exceed 3 percent of total market value.By law, the debt subject to the <br />limitation may be offset by amounts set aside for repaying bonds. Tax increment and revenue bonds are not subject to the <br />debt limit; therefore, they are not included. <br />CITY OF ARDEN HILLS <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />Fiscal Year <br />Debt limit <br />Total net debt applicable to the limit <br />Legal debt margin <br /> as a percentage of debt limit <br />-88-