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City of Ramsey
<br />Legal Debt Margin Information
<br />Last Ten Fiscal Years
<br />Fiscal Year
<br />2008 2009 2010 2011 2012 2013 2014 2015
<br />Debt Limit $ 68,652,672 $ 71,088,672 $ 65,717,394 $ 59,384,853 $ 57,200,676 $ 53,252,703 $ 52,910,907 $ 59,66:
<br />Total net debt applicable to limit 19,046,615 17,825,537 16,465,049 12,206,870 15,675,147 15,993,070 16,141,727 19,19'
<br />Legal debt margin $ 49,606,057 $ 53,263,135 $ 49,252,345 $ 47,177,983 $ 41,525,529 $ 37,259,633 $ 36,769,180 $ 40,47(
<br />Total net debt applicable to limit
<br />as a percentage of debt limit 27.74% 25.08% 25.05% 20.56% 27.40% 30.03% 30.51 % 3:
<br />Legal Debt Margin Calculation for Fiscal Year 2017
<br />Taxable Market value
<br />Debt limit (3% of market value)
<br />Debt applicable to limit:
<br />Total bonded debt and certificates
<br />Less:
<br />Obligations issued with special assessments
<br />Amounts available in respective Debt Service Funds
<br />Total deductions
<br />Legal debt margin
<br />Note: Under state finance law, the City of Ramsey's outstanding general obligation debt should not exceed 3 percent of total taxable market value. By law, the general obligation deb
<br />subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
<br />147
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