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<br />Statutory Debt Limit <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 valorem <br />taxes. <br /> <br />Computation of Legal nebt Margin as of May 3, 2004, plus this issue: <br /> <br />200312004 Estimated Market Value <br />Times 2% of Estimated Market Value <br /> <br />$252,497,300 <br />x .02 <br /> <br />Statutory Debt Limit <br /> <br />$ 5 049.946 <br /> <br />Outstanding bonds applicable to debt limit: <br /> <br />None <br /> <br />Total debt applicable to debt limit <br />LeBaI debt margin <br /> <br />$ <br />$ <br /> <br />o <br /> <br />o <br /> <br />$ 5 049 946 <br /> <br />Cash and Investment Balances as of Deeember 31, 2003 (Unaudited) <br /> <br />Fund <br /> <br />General Food <br />Special Revenue Foods <br />nebt Service Foods <br />Capital Projects Foods <br />Enterprise Foods <br /> <br />$1,209,506 <br />13,901 <br />2,638,929 <br />1,256,007 <br />3.355.326 <br /> <br />Total Cash and Investment Balances <br /> <br />$8.473 669 <br /> <br />-25- <br />