Annual_Report_1990_001 - Laserfiche WebLink

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Z'able 8 (conq CITY OF ROSEVTLLE, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31 1990 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 firs[ class, shall be subjec[ to a net debt in excess of 2 percent of the estimated marke[ value. Note (B) M.S.A. Section 475.51 Definitions "Subdivision 4. 'Net Debt' means the amount remaining after deducting from i[s gross debt the amoun[ of curren[ revenues which are applicable within the current fiscal year to the payment of any debt, and [he aggregate of the principal of the following: (1) Obligations issued for improvemen[s which are payable wholly o� par[ly from the proceeds of special assessments levied upon property specially bene£tted [hereby, including those which are general ob(igations of the municipality issumg them, if the municipality is enti[led 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, heatlng, or power systems, and of any combination thereof or for any other public comenience 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 compu[ing the net debt of the municipa I i Cy. " L`Y.?