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Table 8 <br />CITY OF RAMSEY <br />Computation of Legal Debt Margin <br />December 31, 2001 <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, <br />the City's legal debt margin is as follows: <br />Estimated actual property value $ 1,002,182,300 <br />Debt limit (2% of estimated actual property value) $ 20,043,646 <br />Debt subject to limit <br />Lease revenue bonds $ 1,625,000 <br />Capital equipment certificates 196,000 <br />Less amounts available in <br />Respective Debt Service Funds (351,494) <br />Net debt applicable to limit 1,469,506 <br />Legal debt margin $ 18,574,140 <br />-105- <br />