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0 <br />-11- <br />Table 3 <br />LOCAL GOVERNMENT DEBT OWED BY THE METROPOLITAN <br />SEWER SERVICE BOARD AT DECEMBER 31, 1970 <br />Service Area No. 1 $ 7,570,038 <br />2 3,819,621 <br />3 719,685 <br />4 2,094,790 <br />5 759,487 <br />6 6,494,231 <br />$21,457,852 <br />The last of the presen <br />will be retired during <br />five year intervals is <br />service (principal and <br />Table 4, decrease from <br />throughout the life of <br />tly outstanding local government debt <br />1997. The balance outstanding at <br />shown in Table 4. The annual debt <br />interest) payments, also shown in <br />the high of $2.4 million in 1970 <br />the local bonds. <br />Table 4 <br />LOCAL GOVERNMENT DEBT OUTSTANDING <br />(Dollars in millions) <br />Year End Percent Annual <br />Balance of 1970 Payments <br />1970 $21.46 -- $2.38 <br />1975 14.89 69.4 2.04 <br />1980 11.92 55.6 1.88 <br />1985 6.02 28.1 1.32 <br />1990 2.12 9.9 .66 <br />1995 .34 1.6 .29 <br />e. Current Value Credits <br />At the time that the Legislature authorized the MSSB to <br />assume the ownership of the various locally owned facili- <br />ties, a formula to determine their value was enacted. This <br />formula is more fully described in Appendix 5. <br />The Legislature stated that the current value should be <br />credited to the local governments including interest on the <br />uncredited principal balance over a period of 30 years. See <br />the current value credit example in Appendix 6. <br />Currently the current values being credited to local <br />'.: governments are about $4.1 million per year. This will <br />continue until the year 2000, subject to any additional <br />local facilities which may be added to the regional system. <br />