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Table 8 (cont.) CTI'Y OF ROSEVII.LE MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31, 1992 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 municipaliry, 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 merket value. Note B) M.S.A. Section 475.51 Definitions "Subdivision 4. 'Net Debt' means the amount remeining after deducting from its gross debt the amount of current revenues wluch are applicable within the cunent fiscal year to the payment of any debt, and the aggregate of the principal of the foliowing: (1) Obiigations 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 speciai assessments. (2) Warrants or orders having no definite or SxeA maturity. (3) Obligations payable wholly from the income from revenue producing conveniences. (4) Obligations issued to create or meintain 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 moaey and the face value of all securities held as a debt service fund for the extinguishment of obligations o[hez tLan those deductible under t6is subdivision. (7) All other obligations wLich under the provisions of law authorizing their issuance are not to be included in computing the net debt of the municipality." 92