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CITY OF ROSEVILLE, MINNESOTA Table 8(Continued) COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED) DECEMBER 31, 1985 Note (A) M.S.A. Section 475.53 et seq. Limit on Debt "Subdivision 1. Generally. Except as otherwise provided in Section 475.51, no municipality, except a school district or a city of the first class, sha11 incur or be subject to a net debt in excess of 7.333 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 of current revenues which are applicable within the current fiscal year to the payment of any debt, and the aggregate of the principal of the following: (1) Obligations issued for improvements which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations 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) Warrants 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 fund. (5) 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) Amount of all money and the face value of all securities held as a debt service fund for the extinguishment of obligations other than those deductible under this subdivision. (7) 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." -93-