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3% of the assessor's estimated market value (EMV) for the city. The <br />City's Pay 2022 EMV is $3,345,686,400. As noted in the table below, the <br />City's debt subject to this requirement, including the proposed bond <br />issue, is within the required threshold: <br />Net Debt Limit <br />Assessor's Estimated Market Value <br />Multiply by 3% <br />Statutory Debt Limit <br />Less: Debt Paid Solely from Taxes <br />Less: Proposed Bond Issue(s) <br />Unused Debt Limit <br />3,345,686,400 <br />0.03 <br />100,370,592 <br />(23,195,000) <br />(25,000,000) <br />52,175,592 <br />Under the SROP, the City plans to issue up to $25,000,000 in general <br />obligation bonds. It is anticipated that they will issue $12,075,000 in <br />2023 to pay for the 2023 through 2025 projects listed in Appendix A and <br />an additional $12,540,000 in 2026 to pay for the 2026 and 2027 projects <br />also listed in Appendix A. The bond sizing is based upon funding the <br />estimated project amounts listed in Appendix A plus estimated issuance <br />costs. Current estimates of size and repayment of the general obligation <br />street reconstruction and overlay bonds under consideration is shown in <br />Appendix B. <br />VI. PLAN CONTINUATION <br />This SROP should be reviewed annually as needed by the City Council <br />using the process outlined in this document. It should review proposed <br />expenditures, make priority decisions, and seek funding for those <br />expenditures it deems necessary for the City. If deemed appropriate, the <br />Council should prepare an update to this SROP. <br />City of Ramsey, MN <br />Five -Year Street Reconstruction & Overlay Plan 5 <br />