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CITY OF RAMSEY <br />Computation of Legal Debt Margin <br />December 31, 1998 <br />Table 8 <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 <br />formula, the City's legal debt margin is as follows: <br />Estimated actual property value <br />Debt limit (2% of estimated actual property value) <br />Total bonded debt <br />Less <br />Bonded debt not repayable solely from tax levies <br />Improvement bonds paid, in part, <br />by special assessments <br />Tax increment improvement bonds <br />Total amount of debt <br />applicable to debt limit <br />Legal debt margin <br />$ 4,695,000 <br />115,000 <br />4,580,000 <br />$ 712,463,000 <br />$ 14,249,260 <br />$ 14,249,260 <br />-111- <br />