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Fiscal Year <br />2013 2014 2015 2016 <br />31,064,151$ 31,654,614$ 33,672,840$ 34,326,648$ <br />– – – – <br />31,064,151$ 31,654,614$ 33,672,840$ 34,326,648$ <br />Total net debt applicable to the limit <br />– – – – <br />Note:Under state finance law, the City’s outstanding general obligation debt should not exceed 3 percent of total market <br />value.By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying <br />general obligation bonds. Tax increment bonds are not subject to the debt limit; therefore, they are not included. <br />CITY OF ARDEN HILLS <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />Debt limit <br />Total net debt applicable to limit <br />Legal debt margin <br /> as a percentage of debt limit <br />-89-