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Table 8 (Continued) CITY OF ROSEVILLE, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN jCONTINUEDI DECEMBER 31,_ 1989 Note (A) M.S.A. Section 475.53 et seq. Limit on Debt lm. 20" "Subdivision 1. Generally. Except as otherwise provided in Section 475.51, no municipality, except a school district or a city of the first class, shall be subject to a net debt in excess of 2 percent of the estimated market 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 reve- nues 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 reimburse- ment 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 obliga- tions 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 comput- ing the net debt of the municipality." 94