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City of Ramsey <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />1 <br />1 <br />Fiscal Year <br />1999 2000 2001 2002 2003 <br />Debt Limit* $ 15,945,420 $ 17,876,774 $ 20,043,646 $ 22,434,408 $ 25,767,906 i <br />Total net debt applicable to limit 1,608,155 1,469,506 1,592,213 2,147,668 <br />Legal debt margin $ 15,945,420 $ 16,268,619 $ 18,574,140 $ 20,842,195 $ 23,620,238 <br />Total net debt applicable to limit <br />as a percentage of debt limit 0.00% 9.00% 7.33% 7.10% 8.33% 1 <br />Note: Under state finance law, the City of Ramsey's outstanding general obligation debt should not <br />exceed 3 percent of total taxable market value. By law, the general obligation debt subject <br />to the limitation may be offset by amounts set aside for repaying general obligation bonds. <br />* The statutory limit on debt of Minnesota municipalities increased June 30, 2008 from 2 to 3 percent. <br />- 97 - <br />1 <br />1 <br />1 <br />1 <br />r <br />1 <br />1 <br />