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$20 <br />$15 <br />O <br />$10 <br />$5 <br />2012 <br />City of Roseville — 2012 Budget <br />Outstanding Bonded Debt Schedule <br />2014 2016 2018 2020 2022 2024 2026 2028 <br />The following graph depicts the remaining balance of the City's outstanding debt by year. <br />Legal Debt Limit <br />Minnesota State Statutes Section 475.51 generally limits net debt to no more than three percent of the <br />estimated market value of the taxable property within the municipality. However, a number of <br />categories of debt are not included within the net debt calculation. The City's debt limit is calculated as <br />follows: <br />Estimated market value <br />$ 4,288,071,400 <br />Debt Limit (3% of total estimated market value) <br />128,642,142 <br />Total Outstanding Debt <br />20,13500 <br />Less amount exempted <br />(1,769,000) <br />Total net debt applicable to limit <br />$ 18,366,000 <br />As shown in the above table, the City is well below its allowable debt limit. <br />Debt Retirement Strategy <br />The City has established and is maintaining a relatively rapid debt retirement schedule to provide both a <br />better bond rating in the future (currently Aaa Moody's and AA S &P) and to provide for future debt <br />capacity. The city's debt on a per capita basis at the end of 2011 will be $592. The debt repayment <br />schedule remains on a steady pace and the city is well below the median debt level as established by the <br />rating agencies. The median level is currently at $750 for cities the size of Roseville. <br />78 <br />