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Annual_Report_1979_001
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Annual_Report_1979_001
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Table 8 (Continued) <br />CITY OF ROSEVZLLE, MINNESOTA <br />COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED) <br />DECEMBER 31, 1979 <br />Note (Aa � <br />1ui. S. A. Sectioa 475.53 et seq. Limit on Net Debt .� __. <br />"�Su6�Fivision 1. Generally. Except as otherwise provided in section 475.51, <br />no mcnnicipality, except a. school.district or a city of the�first class, shall <br />PncuL or be subject to a net debt in excess�of 6.67 percent�of the assessed <br />�raltt�.�� <br />NQte {3§) <br />M. S. A. Section 475.51 Definitions <br />1°Suhdivision 4. 'Net Debt' means the amount remaining after deducting from <br />its gross debt the amount of current revenues which are applicable within <br />t�ie �v�rrent �iscal year to the payment of any debt, and the aggregate of the <br />p-rancipal of the following: <br />��� flbligations issued for improvements which are payable wholly or partly <br />fro� the proceecis of special assessments levied upon property specially <br />6e�efzted tiiPreby, including those which are general obligations of the <br />munacipality issuing them, if the municipality is entitled to reimbursement <br />ia whc�ie or in part from the proceeds of the special assessments. <br />(2} 'klarrants or orders having no definite or fixed maturity. <br />(3)� t�bligatiaas payable wholly from the income from revenue producing <br />con�r�eniences. <br />(4j �7bligations issued to create��or-maintain a permanent improvement <br />reva�ving fund. <br />(S� �ibligations issued for the acquisition, and betterment of public <br />watea-vaorks systems, and public lighting, heating or power systems, and of <br />anp eombinatioa thereof or for any other public convenience from which a <br />reveca�ce is ar may be derived. <br />(Er) �?ebt service loans and capital loans made to a school district under <br />the p,rovisions of sections 124.42 and 124.43. <br />(7) ,FS.mount oP all money and the face value of all securities held as a <br />debt s�ervice fund for the extinguishment of obligations other than those <br />ded2ac�ible uader this subdivision. . <br />(8) n3.1 other obligations which under the provisions of law authorizing <br />their issuance are not to be included in computing the net debt of the <br />municipality." <br />105 <br />
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