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Table 8 (cont.) CTI'Y OF ROSEVILLE MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31. 1993 Note (A) M.S.A. Secfion 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 [he estima[ed market value. No[e (B) M.S.A. Section 475.51 Definitions "Subdivision 4. 'Net Debt' means the amount remaining afrer deducting from its gross debt the amount of current revenues which are applicable within the current fiscal year [o the payment of any debt, and the aggregate of the principal of the following: (1) Obligations issued for improvemen[s which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those wLich are general obligations of the municipality issuiag them, if the municipaliry is entitled 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, aad betterment of public waterv✓orks systems, and public lighting, heating, or power systems, and of any combination thereof or foz any other public convenience from wluch a revenue is or may be derived. (6) Amount of all money and the face value of all securi[ies held as a debt service fund for the extinguishment of obliga[ions o[her 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 computing the net debt of the municipaliry." 93