Annual_Report_1995_001 - Laserfiche WebLink

Home

Table Fs �conc.) CTI'Y OF ROSEVII..LE. MIIdN&SOTA COMPiTI'ATION OF LEGAL DEBT MARGIN DECEMBER 31. 1995 Note (A) M.S.A. Sution 475.53 et seq. Limit on Debt "Subdivision 1. Generally, except as otherwise provided in Secaon 4'75.51, no m�micipality, except a school district or a city of the first class, shall be subject to a net debt ia 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 afrer deducting from its gross debt the amount of current revenues w}uch are applicable within the current fiscal year to the payment of any debt, and the aggregate of the principal of the following: (1) Obliga�ons issued fos impsovements vihich 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 mwicipality issuiag them, if the municipality is entitled m reimbursement in whole or ia 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 impzovement revolviag 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 obligations other than those deduc[ible under this subdivision. ('7) All other obligations which under the provisions of law authorizing their issuance aze aot to be included in computing the net debt of the municipality." 112