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CITY OF RAMSEY <br /> <br />Computation of Legal Debt Margin <br />December 31, 2004 <br /> <br />Table 8 <br /> <br />Minnesota state law defines a city's legal debt margin as 2% of its estimated actual property valuation, less all <br />bonds repayable solely from tax levies, plus all sinking funds on hand to retire said debt. Based on this formula, the <br /> <br />City's legal debt margin is as follows: <br /> <br /> Estimated actual property value <br /> <br /> Debt limit (2% of estimated actual property value) <br /> <br /> Debt subject to limit <br /> Capital equipment certificates <br /> Capital Improvement Refunding Bonds <br /> <br /> Less amounts available in <br /> Respective Debt Service Funds <br /> <br /> Net debt applicable to limit <br /> <br /> Legal debt margin <br /> <br />$ 1,460,482,300 <br /> <br />$ 29,209,646 <br /> <br />$ 1,146,000 <br /> 1,480,000 <br /> <br />(151,234) <br /> <br /> 2,474,766 <br />$ 26,734,880 <br /> <br />-79- <br /> <br /> <br />