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Table ll (Continued) <br />CITY OF ROSE�%ILLE, MINNESOTA <br />COMPUTATION OF LHGAL DEBT �1ARG�.N (CONTINUED) <br />DECEMBER 31, 1978 <br />Note (A) <br />M. S. A. Section 475.53 et seq. Limit on Net Debt <br />"Subdivision l. Generally. Except as otherwise provided itt sectioa 475.51, <br />no municipality, except a school district or a city of the first class, shall <br />incur or be subject to a net debt in excess of 6.67 percent of the assessed <br />value." <br />Note (B} <br />M. 5. A. Section 475.51 Definitions <br />"Subdivision 4. 'Net Debt' means the anount remaining after deducting from <br />its gross debt the amount of current revenues which are applicable within <br />the current fiscal year to the payment of any debt, and the aggregate of the <br />principal of Che following: � <br />(1) Obligations issued for improvements wttich are payable wholly or partly <br />from the proceeds of special assessments levied upon property specially <br />benefited thereby, including those which are general obligations of the <br />�— municipality issuing them, if the municipality is entitled to reimbursement <br />' in whole or in part from the proceeds of the special assessments. <br />(2) Warrants or orders having no defi�ite or fixed maturity. <br />(3) Obligations payable wholly from tne income from revenue producing � <br />conveniences. - <br />(4) Obligations issued to create or maintain-a permanent improvement <br />revolving fund. <br />(5) Obligations issued for the acquisition, and betterment of public <br />waterworks systems, and public lighting, heating or power systems, and of <br />any combination thereof or for any other nublic convenience from which a <br />revenue is or may be derived. _ - <br />(6) Debt service loans and capital loans made to a school district under <br />the provisions of sections 124.42 and 12'�,.43. <br />(7) Amount of all money and the face value of all securities held as a <br />debt service fund for the extinguishmeat of obligations other than those <br />deductible under this subdivision. <br />(8) All other obligations which under tne provisions of lac� authorizing <br />their issuance are not to be included in computing the net debt of the <br />municipality." <br />93 <br />