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CITY OF RAMSEY, MINNESOTA <br />COMPUTATION OF LEGAL DEBT MARGIN <br />December 31, 1996 <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 <br />Debt Limit (2.0% of estimated actual property value) <br />Total Bonded Debt $ 5,530,000 <br />Less: <br />Bonded debt not repayable solely from tax levies <br />Improvement bonds paid, in part, <br />by special assessments 215,000 <br />Tax increment improvement bonds 5,315,000 <br />Total amount of debt <br />applicable to debt limit <br />Legal Debt Margin <br />$ 564,733,300 <br />$ 11,294,666 <br />$ 11,294,666 <br />Table 8 <br />-107- <br />