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Overlapping Debt as of February 16, 2012
<br />Issuer
<br />Anoka County
<br />ISD No. 11, Anoka -Hennepin
<br />ISD No. 728, Elk River
<br />Metropolitan Council
<br />2010/2011
<br />Tax
<br />Capacity
<br />Value
<br />$ 264,429,080
<br />167,195,612
<br />64,928,008
<br />2,895,036,782
<br />2010/2011
<br />Tax
<br />Capacity
<br />Value
<br />in City)
<br />$16,904,385
<br />14,774,689
<br />2,129,696
<br />16,904,385
<br />Percentage
<br />Applicable
<br />in City
<br />Taxpayers'
<br />Share
<br />Net Debt of Debt
<br />6.39% $148,100,000 $ 9,463,590
<br />8.84 122,817,927 10,857,105
<br />3.28 183,424,659 6,016,329
<br />.58 0 0
<br />V. FINANCING THE CAPITAL IMRPOVEMENT PLAN
<br />TotallndirectDebt: $ 26,337,024
<br />In the financing of the CIP, two statutory limitations apply. Under Chapter 475, with
<br />few exceptions, cities cannot incur debt in excess of 3% of the assessor's Taxable
<br />Market Value (TMV) for the City. In the City, the estimated TMV is $1,776,038,835.
<br />Therefore, the total amount of outstanding debt cannot exceed $53,281,165. As of
<br />February 16, 2012, the City had $18,470,000 of debt subject to the legal debt limit
<br />leaving a debt margin of approximately $34,811,165.
<br />Another limitation on bonding under the Act is that without referendum, the total
<br />amount that can be used for principal and interest in any one year for CIP debt
<br />cannot exceed 0.16% of the TMV for the City, using the values for the tax -payable
<br />year in which bonds are sold. In the City, the amount is estimated to be
<br />$2,841,662.13 ($1,776,038,835 x .0016) for estimated taxes payable in 2012.
<br />The outstanding capital improvement plan bond obligations include the General
<br />Obligation Capital Improvement Plan Bonds, Series 2004A which have a maximum
<br />principal and interest payment of $140,400 and the Series 2012A Bonds will have a
<br />maximum annual payment of approximately $1,098,532. The total combined
<br />maximum debt service if $1,238,932, which is within the limitation.
<br />Under the CIP, the City will issue approximately $17,735,000 in 20 year general
<br />obligation capital improvement plan bonds in the year 2012 to finance the purchase
<br />of the Municipal Center from the EDA. The par amount of the Series 2012A bonds is
<br />subject to change and based on the amounts listed in Appendix A.
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