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STATUTORY DEBT LIMIT <br /> Minnesota Statutes, §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 <br /> ad valorem taxes. <br /> Computation of Legal Debt Margin as of October 17, 2000, plus this issue: <br /> 1999/2000 Estimated Market Value $131,591,000 <br /> Times 2% of Estimated Market Value x .02 <br /> Statutory Debt Limit $ 2,631.820 <br /> • Amount of debt applicable to debt limit: <br /> Total Bonded Debt (includes this issue) $ 2,625,000 <br /> Less: General Obligation Water Revenue Bonds ( 345,000) <br /> General Obligation Improvement and Refunding Bonds (includes this issue) ( 255,000) <br /> General Obligation Sewer and Water Revenue Bonds ( 660,000) <br /> General Obligation Refunding Bonds ( 150,000) <br /> General Obligation Improvement Bonds ( 1,215,000) <br /> Total debt applicable to debt limit $ 0 <br /> 0 Legal debt margin $ 2,631,820 <br /> I 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 /> 11 <br />