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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 debt 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 /> 1984/85 Assessed Value <br /> <br />Debt Limit (100%) <br />Current Debt Subject to Debt Limit (2.27%) <br /> <br />Remaining Debt Margin (97.73%) <br /> <br />$53,301,844 <br /> X 6-2/3% <br /> <br />$ 3,553,456 <br /> 80,700 <br /> <br />$ 3,472,756 <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 />Anoka County <br />I.S.D. #11 <br />I.S.D. #728 <br />Metropolitan <br /> Council <br /> <br />(i) <br />(2) <br />(3) <br /> <br /> TABLE 4 <br />Overlapping Debt to the City of Ramsey <br /> <br />General <br />Obligation <br /> Debt <br /> <br />$ 7,797,000(1) <br /> 15,860,702 (2) <br /> 12,693,188(1) <br /> <br />% of Debt <br />Allocable <br />to the City <br /> <br /> Portion <br />Allocable <br />to the City <br /> <br />4.597% $ 358,428 <br />8.348% 1,324,051 <br />7.481% 949,577 <br /> <br /> 9,607,026(3) .344% 33,048 <br /> <br /> $2,665,104 <br />Net debt as of July 31, 1984 <br />Net debt as of June 30, 1984 <br />Excludes $140,900,000 of sewer bonds issued by the Metropolitan <br />Council and sewer bonds issued by various government units now <br />within the metropolitan sewer system, which debt has been assumed <br />by the Metropolitan Council. These bonds are supported from sewer <br />service charges to the governmental units within the metropolitan <br />sewer system. Includes Metropolitan Council bonds for parks and <br />open space. <br /> <br />MN220.85a/27 <br /> <br /> <br />