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<br /> TABLE 2
<br />General Oblisation Debt-
<br />~nnual Maturity Schedule
<br />
<br /> Outstandin~ This Issue(l)
<br />Year Principal Interest Principal Interest Total
<br />
<br />1984 $ 85,000 $ 65,208 $ -0- $ -0- $ 150,208
<br />1985 385,000 281,946 -0- 174,760 841,706
<br />1986 480,000 243,960 -0- 174,760 898,720
<br />1987 500,000 206,376 300,000 163,135 1,169,511
<br />1988 545,000 165,596 300,000 139,510 1,150,106
<br />1989 570,000 121,042 300,000 115,135 1,106,177
<br />1990 385,000 79,014 300,000 90,010 854,024
<br />1991 210,000 42,643 300,000 64,135 616,778
<br />1992 220,000 18,226 125,000 45,385 408,611
<br />1993 30,000 4,265 110,000 34,700 178,965
<br />1994 10,000 1,525 110,000 24,470 145,995
<br />1995 10,000 513 100,000 14,500 125,013
<br />1996 -0- -0- 100,000 4,850' 104,850
<br /> $3,420,000 $1,230,314 $2,045,000 $1,045,350 $7,750,664
<br />
<br />(1) Calculated Using Assumed Rates of Interest
<br />
<br />OTHER FINANCIAL COMMITMENTS
<br />
<br />In July, 1984, the City entered into a five-year $55,000 lease
<br />purchase agreement with Fleet Credit corporation for the lease with
<br />intent to purchase of a computer system and peripheral hardware. The
<br />interest rate is 10.7%; the annual lease payment is approximately
<br />$14,200.
<br />
<br />DEBT LIMIT
<br />
<br />The statutory limit on the net deb~ of a Minnesota city is 6-2/3% of
<br />the current assessed valuation of all taxable property within its
<br />boundaries. Table 3 shows the debt limit computation for the City of
<br />Ramsey.
<br />
<br /> TABLE 3
<br />Debt Limit Computation
<br />
<br />1983/84 Assessed Value
<br />
<br />$50,074,271
<br /> X 6-2/3%
<br />
<br />$ 3,338,284
<br /> 80,640
<br />
<br />Debt Limit (100%)
<br />Current Debt Subject to Debt Limit (2.42%)
<br />
<br />Remaining Debt Margin (97.58%)
<br />
<br />~3,257,644
<br />
<br />OVERLAPPING DEBT
<br />
<br />There are four taxing jurisdictions which overlap the City and which
<br />had general obligation debt outstanding as of July 31, 1984. Table 4
<br />sets forth the general obligation debt for those jurisdictions and the
<br />amount of that debt allocable to the City.
<br />
<br />
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