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<br />STATUTORY DEBT LIMITl <br /> <br />Minnesota Statutes, Section 475.53, states that a city may not incur or be subject to a net debt in excess of two <br />percent (2%) of its estimated market value. Net debt is, with limited exceptions, debt paid solely from ad <br />valorem taxes. <br /> <br />Computation of Legal Debt Margin as of June 3, 2003, plus this issue: <br /> <br />2002/2003 Estimated Market Value <br />Times 2% of Estimated Market Value <br /> <br />$ 222,692,300 <br />x .02 <br /> <br />Statutory Debt Limit <br /> <br />$ 4.453.846 <br /> <br />Amount of debt applicable to debt limit: <br /> <br />Legal debt margin <br /> <br />$ 3,765,000 <br />( 230,000) <br />( 470,000) <br />( 2,325,000) <br />( 740,000) <br />$ 0 <br />$ 4.453.846 <br /> <br />Total Bonded Debt (includes this issue) <br /> <br />Less: General Obligation Water Revenue Bonds <br />General Obligation Sewer and Water Revenue Bonds <br />General Obligation Improvement Bonds <br />General Obligation Temporary Improvement Bonds (this issue only) <br /> <br />Total debt applicable to debt limit <br /> <br />Cash and Investment Balances as of May 31, 2003 (Unaudited) <br /> <br />Fund <br /> <br />General Fund <br />Special Revenue Funds <br />Debt Service Funds <br />Capital Projects Funds <br />Enterprise Funds <br /> <br />$ 422,201 <br />15,075 <br />1,542,900 <br />1,032,043 <br />3,049,176 <br /> <br />Total Cash and Investment Balances <br /> <br />$6.061.395 <br /> <br />1 Effective June 2, 1997, and pursuant to Laws of Minnesota for 1997, Chapter 231, Section 33, any lease revenue or public project <br />revenue bond issues/agreements over $999,999 are subject to the statutory debt limit. Lease revenue or public project revenue bond <br />issues/agreements under $999,999 are not subject to the statutory debt limit. <br /> <br />-25- <br />