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DEBT LIMIT <br />The statutory limit on debt of Minnesota municipalities other than school districts or cities of the first class (Minnesota <br />Statutes, Section 475.53, subd. 1) is 3% of the Assessor's Estimated Market Value of all taxable property within its <br />boundaries. "Net debt" (Minnesota Statutes, Section 475.51, subd. 4) is the amount remaining after deducting from <br />gross debt: (1) obligations payable wholly or partly from special assessments levied against benefitted property <br />(includes the Bonds); (2) warrants or orders having no definite or fixed maturity; (3) obligations issued to finance any <br />public revenue producing convenience; (4) obligations issued to create or maintain a permanent improvement <br />revolving fund; (5) funds held as sinking funds for payment of principal and interest on debt other than those <br />deductible under 1-4 above; and (6) other obligations which are not to be included in computing the net debt of a <br />municipality under the provisions of the law authorizing their issuance. <br />2017/18 Assessor's Estimated Market Value <br />Multiply by 3% <br />Statutory Debt Limit <br />Less: Long -Term Debt Outstanding Being Paid Solely from Taxes <br />Unused Debt Limit <br />OVERLAPPING DEBT' <br />2017/18 <br />Adjusted <br />Taxable Net <br />% In <br />Taxing District <br />Tax Capacity <br />City <br />Ramsey County <br />$ 586,968,191 <br />0.1962% <br />I.S.D. No. 624 (White Bear Lake) <br />84,528,102 <br />1.3622% <br />Metropolitan Council <br />3,971,779,581 <br />0.0290% <br />City's Share of Total Overlapping Debt <br />$110,008,600 <br />0.03 <br />$ 3,300,258 <br />(655,000) <br />$ 2,645,258 <br />City's <br />Total Proportionate <br />G.O. Debt' Share <br />$162,035,000 <br />85,805,000 <br />148,045,000 <br />$ 317,913 <br />1,168,836 <br />42,933 <br />$1,529,681 <br />Overlapping debt is as ofthe dated date of the Bonds. Only those taxing jurisdictions with general obligation debt <br />outstanding are included in this section. Does not include non -general obligation debt, self-supporting general <br />obligation revenue debt, short-term general obligation debt, or general obligation tax/aid anticipation certificates <br />of indebtedness. <br />' Outstanding debt is based on information in Official Statements obtained on EMMA and the Municipal Advisor's <br />records. <br />3 The above debt includes all outstanding general obligation debt supported by taxes of the Metropolitan Council. <br />The Council also has general obligation sewer revenue, wastewater revenue, and radio revenue bonds and lease <br />obligations outstanding all of which are supported entirely by revenues and have not been included in the <br />Overlapping Debt or Debt Ratios sections. <br />15 <br />