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CIT'� Oc RCSE/II.;.E. MI'.�^7ESCTA Table 8(Continued) CC'.ro[ITATICY Or r�[�,�, pEBT'^ARGIN (CC�T?`IUi:�I pcC:'"A:.^4 3:. '�87 Note (A) M.S.A. Section 475.53 et sea. Limit o� Debt "Subdivision 1. Generally. Except as otherwise provided in Section 475.51, no municipality, except a school district or a city of the firsc class, shall 6e subject to a net deht 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 artrount remaining after deducting from its gross debt the amount of current revenues which aze applicable within the current fiscal yeaz to the payment oT any dent, and the aggregate of the principal of the following: (1) Cbliqations issued for improvements which are oaya6le wholly or partly from the proceeds of special assessments levied upon property specially henefited thereby, includinq those which aze general obligations of the municipality issuing theJn, if the municipality is entitled to reur.nurseir:ent in whole or in pazt from the proceeas of the speciai assessmenLs. (2) Wazrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue producing canveniences. (4) Obliqations issued to create or maintain a permanent improve�nent ievolving fund. (5) Obligations issued for the acquisition, and 6ettenrent of public waters+orics sysCems, and public lighting, heatina, or power systems, and of any cembination thereof or for any ocher public convenience from wnich a revenue is or may be derived. (6) Amount of ail money and the face value of all securities held as a de1�t service fund for the extinwishment of obligations other than those deductible under this suk�division. (7) All other obligations which under the provisions of law authorizing their issuance aze not to he included in computing the net d�t of the municipality." ��