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CITY OF 20SEVILLE, D9INNESOTA Table 3(Continuedj COMPUTATION OF LEGAL DEBT P9ARGIN (CONTINUED) DECEMBER 31, 1982 Note (A) M.S.A. Section 475.53 et seq. Limit on Debt Debt "Subdivision 1. Generally. Except as otherwise provided in Section 475.51, no municipality, except a sdiool district or a city of the first class, shall incur or be subject to a net debt in excess of 6.67 percent of the assessed value." Note (B) M,S.A. Section 475.51 Definitions "Subdivision 4. 'Net Debt' means the amount remaining after deducting from its gross debt the amount o£ current revenues which are applicable within the current fiscal year to the payment of any debt, and tlie aggregate o£ the principai of the following: �1) Obligations issued for improvements which are payable wliolly or partly from the proceeds of speciai assessments levied upon property specially bene£ited thereby, including those which are general oUligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. (2) 1Varrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue producing conveniences. (4) Obligations issued to create or maintain a permanent improvement revolving fimd. (S) Obligations issued for the acquisition, and betterment of public waterworks systems, and public lighting, heating, or power systems, and of any combination thereof or for any other public convenience from which a revenue is or may be derived. (6) Debt service loans and capital loans made to a school district under the provisions o£ Sections 124.42 and 124.43. (7) Amount of all money and the face value of all securities held as a debt service fund for tlze extinguishment of obligations other than those deductible under this subdivision. (8) All other obligations which under the provisions of law authorizing their issuance are not to be included in computing the net debt of the municipality."