Laserfiche WebLink
CITY OF RAMSEY <br /> <br />Computation of Legal Debt Margin <br />December 3 l, 2005 <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 properly value) <br /> <br /> Debt subject to limit <br /> Capital equipment certificates <br /> Capital Improvement Refunding Bonds <br /> Public Project Lease Revenue Bond <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 />$ 1,681,213,200 <br />$ 33,624,264 <br /> <br />$ 1,617,000 <br /> 1,385,000 <br /> 19,200,000 <br /> <br />(2,174,298) <br /> <br /> 20,027,702 <br /> <br />$ 13,596,562 <br /> <br />-87- <br /> <br /> <br />