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CITY OF RAMSEY, MINNESOTA <br />COMPUTATION OF LEGAL DEBT MARGIN <br />December 31, 1997 <br />Minnesota State Statutes defines a City's legal debt limit as 2.0% of its estimated actual property valuation, <br />less all bonds payable solely from tax levies, plus all sinking funds on hand to retire said debt. Based on this <br />formula, the City of Ramsey's legal debt margin is as follows: <br />Estimated Actual Property Value $ 618,386,300 <br />Debt Limit (2.0% of estimated actual property value) $ 12,367,726 <br />Total Bonded Debt $ 5,110,000 <br />Less: <br />Bonded debt not repayable solely from tax levies <br />Improvement bonds paid, in part, <br />by special assessments 165,000 <br />Tax increment improvement bonds 4,945,000 <br />Total amount of debt <br />applicable to debt limit <br />Legal Debt Margin <br />$ 12,367,726 <br />Table 8 <br />-105- <br />