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1985 Rec./Disb./Resolutions & Minutes
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1985 Rec./Disb./Resolutions & Minutes
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10/25/2006 8:39:25 AM
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<br />/ <br /> <br /><< -' <br />";-' <br /> <br />. <br /> <br /> <br /> <br /> <br />Debra Oonsior, Clerk <br />September 3, 1985 <br />Page 2 <br /> <br />the C~ty were to issue bonds which are to be repaid wholly or <br />partly f'rom special assessment revenues there would be no legal <br />limitations. If no assessments were used to pay the bonds the <br />seven and one-third (1-1/3%) per cent limit wuold be ~pplicable. <br /> <br />There may be practical considerations, however, the City should <br />examine in determining how much debt the municipality may fund. <br />A general recommendation is that the gross debt of the <br />municipality, which includes special assessment obligations, <br />should not go beyond the point at which the amount of money <br />needed to retire five (5%) per cent of the principal plus the <br />total interest requirement for the year exceeds twenty-five <br />(25%) per cent of the City's normal operating budget. This is <br />not a legal limitation, however, it is one that the City should <br />consider in making sound financial decisions for the community. <br /> <br />- I <br />I <br /> <br /> <br />WGB:mk <br />
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