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City of Ramsey <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />2001 2002 2003 2004 <br />Debt Limit* $ 20,043,646 $ 22,434,408 $ 25,767,906 $ 29,209,646 <br />Total net debt applicable to limit 1,469,506 1,592,213 2,147,668 2,474,766 <br />Legal debt margin $ 18,574,140 $ 20,842,195 $ 23,620,238 $ 26,734,880 <br />Total net debt applicable to limit <br />as a percentage of debt limit 7.33% 7.10% 8.33% 8.47% <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 />