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Debt Limit* <br />Total net debt applicable to limit <br />Legal debt margin <br />Total net debt applicable to limit <br />as a percentage of debt limit <br />City of Ramsey <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />2002 2003 2004 2005 <br />$ 22,434,408 $ 25,767,906 $ 29,209,646 $ 33,624,264 <br />1,592,213 2,147,668 <br />2,474,766 20,027,702 <br />$ 20,842,195 $ 23,620,238 $ 26,734,880 $ 13,596,562 <br />7.10% 8.33% <br />8.47% 59.56% <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 />