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DEBT <br />DIRECT DEBT' <br />General Obligation Debt (see schedules following) <br />Total g.o. debt being paid from taxes (the Bonds of this offering) $ 850,000 <br />Total g.o. debt being paid from special assessments 781,587 <br />Total General Obligation Debt $1,631,587 <br />DEBT LIMIT <br />The statutory limit on debt of Minnesota municipalities other than school districts or cities of the first class <br />(Minnesota Statutes, Section 475.53, subd. 1) is 2% of the Assessor's Taxable Market Value of all taxable property <br />within its boundaries. "Net debt" (Minnesota Statutes, Section 475.51, subd. 4) is the amount remaining after <br />deducting from gross debt: (1) obligations payable wholly or partly from special assessments levied against <br />benefitted property; (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; (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 />Assessor's Taxable Market Value <br />Multiply by 2% <br />Statutory Debt Limit <br />$91,266,800 <br />0.02 <br />$ 1,825,336 <br />Less: Long -Term Debt Outstanding Being Paid Solely from Taxes <br />(the Bonds of this offering) (850,000) <br />Unused Debt Limit <br />$ 975,336 <br />Outstanding debt is as of the dated date of the Bonds. <br />11 <br />