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<br />City of Ramsey <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br /> <br />2000 <br /> <br />Fiscal Year <br />2001 2002 <br /> <br />2003 <br /> <br />Debt Limit* $ 17,876,774 $ 20,043,646 $ 22,434,408 $ 25,767,906 <br />Total net debt applicable to limit 1,608,155 1,469,506 1,592,213 2,147,668 <br />Legal debt margin $ 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 9.00% 7.33% 7.10% 8.33% <br /> <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 /> <br />* The statutory limit on debt of Minnesota municipalities increased June 30, 2008 from 2 to 3 percent. <br /> <br />- 104- <br />