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Fiscal Year
<br />2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
<br />Debt Limit*$ 29,209,646 $ 33,624,264 $ 38,434,834 $ 43,306,238 $ 68,652,672 $ 71,088,672 $ 65,717,394 $ 59,384,853 $ 57,200,676 $ 53,252,703
<br />Total net debt applicable to limit 2,474,766 20,027,702 19,572,702 20,073,569 19,046,615 17,825,537 16,465,049 12,206,870 15,675,147 15,993,070
<br />Legal debt margin $ 26,734,880 $ 13,596,562 $ 18,862,132 $ 23,232,669 $ 49,606,057 $ 53,263,135 $ 49,252,345 $ 47,177,983 $ 41,525,529 $ 37,259,633
<br />Total net debt applicable to limit
<br /> as a percentage of debt limit 8.47% 59.56% 50.92% 46.35% 27.74% 25.08% 25.05%20.56%27.40%30.03%
<br />Legal Debt Margin Calculation for Fiscal Year 2013
<br />Taxable Market value $ 1,775,090,100
<br />Debt limit (3%* of market value)53,252,703
<br />Debt applicable to limit:
<br />Total bonded debt $ 35,665,000
<br /> Less:
<br /> Obligations issued with special assessments (11,155,000)
<br /> Obligations issued with tax increments (7,620,000)
<br /> Amounts available in respective Debt Service Funds (896,930)
<br /> Total deductions (19,671,930)
<br />15,993,070
<br />Legal debt margin $ 37,259,633
<br />* The statutory limit on debt of Minnesota municipalities increased June 30, 2008 from 2 to 3 percent.
<br />City of Ramsey
<br />Legal Debt Margin Information
<br />Last Ten Fiscal Years
<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 debt subject to the limitation may be
<br />offset by amounts set aside for repaying general obligation bonds.
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