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City of Roseville — 2013 Budget <br />The following graph depicts the remaining balance of the City's outstanding debt by year. <br />$ <br />$ <br />$25 <br />• $ <br />15 <br />$1 <br />Remaining Debt Service <br />Year 2014 2016 2018 2020 2022 2024 2026 2028 <br />Legal Debt Limit <br />Minnesota State Statutes Section 475.1 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 />3198 5,073,200 <br />Debt Limit 3% of total estimated market value <br />119,552,196 <br />Total Outstanding Debt <br />20,13 5,000 <br />Less amount exempted <br />290459000) <br />Total net debt applicable to limit <br />10194625196 <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 cleft retirement schedule to provide both a <br />better bond rating in the future (currently Aaa body's and AA SP and to provide for future debt <br />capacity. The city's debt on a per capita basis at the end of 2012 will be $1,020. <br />76 <br />