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Table 8 (Continued) <br />CITY OF ROSEVILLL-, MINNESOTA <br />COMPllTATION OF LEGAL DEBT MARGIN (CONTINUED) <br />DECrA1BER "sl, 1981 <br />Note (A) <br />M.S.A. Section 475.53 et seq. Limit on Net Debt <br />"Subdivision l. Generally. �xcept as otherwise provided in section 475.51, <br />no municipality, except a school district or a city of the first class, shali <br />incur or be subject to a net debt in excess of 6.67 percent of the assessed <br />value." <br />Note (B) <br />D4.S.A, Section 475.51 Definitions <br />"Subdivision 4. 'Net Debt' means the amount 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 the folloiving: <br />(1) Obligations issued for improvements which are payable wholly or partly <br />-- from the proceeds of special assessments levied upon property specially <br />benefited thereby, including those which are general oUligations of the <br />municipality issuing them, if tlze municipality is entitled to reimbursement <br />' in iahole or in part from the proceeds of the special assessments. <br />(2) {Varrants or orders having no definite or fixed maturity. <br />(3) Obligations payable wholly from the 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 public convenience from wlzich a <br />revenue is or may be derived. <br />(6) Debt service loans and capital loans made to a school district under <br />tlie provisions of sections 124.42 and 124.43. <br />(7) Amount of all money and the face value of all securities held as a <br />deUt service fund for the extinguishment of obligations other than those <br />deductible under this subdivision. <br />(8) All other obligations which under the provisions of la��� authorizing <br />their issuance are not to be included in computi.ng tlle net debt of the <br />municipality." <br />97 <br />