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i aoie a �wm.� C�I' Y OF ROSEVII. �,.._M_LN�H�SOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31 997 Note (A) M.S.A. Section 475.53 et seq. Limit on Debt "Subdivision I. Generally, exczpt as °then+'�s� Provided in Section 475.51, no municipality, except e school disVict or a city of the fust class, shall be subject to e net debt in excess of 2 percent of the estimated market velue. No[e (B) M.S.A. Section 475.51 Definitions "Subdivision 4. Net DebY means the amount remaining aBcT deductmg from its gross debt the amount of current revenues which ere applicable withu� lhe cwrent fiscal year to the payment of any debt, end lhe aggregate of the pnncipal of the following: � (1) Obligations issued for improvements which are payable wholly or partly from lhe proceeds of special assessments levied upon property specially benefited ihereby, including those which are general obligations of the municipality issuing them, if the municipality is entided to rcimbursemen! in svhole or i� rar[ 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 crea[e or maintain a permanent improvement revolving fund. (5) Obligations issued for the acquisition, and bettertnent of public waterworks systems, end 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 denved. (6) Amount of all money end the face value of all secunties held as a debt service fund for the e#inguishment of obligations other than Ihose deductible under this subdivision. (7) All other obligations which under the provisions of law authonzing their issuence are not to be included in computing the net debt of the municipality." 112