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Table B (conc.) <br />C1TY OF ROSEVII.LE. MIIdNESOTA <br />COMPUTATION OF LEGAL DEBT MARGIN <br />DECEMHER 31. 1991 <br />' Note (A) <br />M.S.A. Section 4�5.53 et eeq. Limit on Debt <br />'Subdivision 1. Genenlly, ezccpt u otherwise provided ia Secbon <br />475.51, ao municipality, ezcept a school dichiot or a ciry of the first <br />cLss, thall be cubject tc a net debt ia exceas of 2 percent of <br />tLe estimated market value. <br />Note (B) <br />M.S.A. Section 475.51 Defiaifions <br />'Subdivision 4. 'Net DebY meaas the amo�mt remainiag aRer deductiag <br />from its gross debt the amount of curreat tevenuec wluch are applicable <br />withia the current fiscal year w the payment of aay debt, md the <br />•ggregste of the priacipal of flu following: <br />(1) Obligations issued for improvements which ue payable wholly or <br />pirUy from the praceeds of cpecial uussments levied upon property <br />specially beaefitad tLenby, includiag thoae which are geaenl obligadons <br />of the muaicipaiity issuing them, if the munieip�liry is entided w <br />reimbursement in whole or in part from the praceedc of the special <br />usessmeats. <br />(2) Warrants or orders having no defiaite or fized maturity. <br />(3) Obligations payable wLolly from tLe income from reveaue produciag <br />coaveniences. <br />(4) Obligations issued to create or maintain a permaaent improvemeat <br />tevolving fimd. <br />(5) Obligations issued for the acquisition, and bettermeat of public <br />waterworks rysums, aad public lighting, heating, or power rystems, aad <br />of any combination thereof or for any othcr public convenience from which <br />a revenue is or may be de:ivcd. <br />(6) Amount of all money and the face value of all securities held aa a <br />debt cervice fvnd for tLe exaeguishmeat of obligations other than those <br />deductiblc wder @ric subdivisioa. <br />('� All other obligations which imder the provisiona of law tuthorizing <br />their issuance an not to be induded in computing the net debt of the <br />municip�lity.' <br />96 <br />