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Long-term Debt.At the end of the current fiscal year, the City had total bonded debt outstanding of $6,995,000. All of the <br />City’s bonds are backed by the full faith and credit of the City. <br />State statutes limit the amount of G.O. debt a Minnesota city may issue to 3 percent of total estimated market value. The <br />current debt limitation for the City is $95,106,635. Only the $6,995,000 in G.O. bonds is counted within the statutory <br />limitation. <br />City of Orono’Outstanding Debt <br />Increase Increase <br />2019 2018 (Decrease) 2019 2018 (Decrease) <br />G.O. Revenue Bonds 6,110,000$ 7,000,000$ (890,000)$ 885,000$ 965,000$(80,000)$ <br />Bond Premium 143,851 169,801 (25,950) 14,101 15,586 (1,485) <br />Total 6,253,851$ 7,169,801$ (915,950)$ 899,101$ 980,586$(81,485)$ <br />Governmental Activities Business-type Activities <br />Additional information on the City’s long-term debt can be found in Note 3E starting on page 74 of this report. <br />Economic Factors and Next Year’s Budgets and Rates <br />Requests for Information <br />Questions concerning any of the information provided in this report or requests for additional information should be <br />addressed by writing to the City of Orono, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323 or by calling <br />(952) 249-4600. <br />Requests for InformationRequests for Information <br />Questions concerning any of the information provided in this report or requests for additional information should be Questions concerning any of the information provided in this report or requests for additional information should be <br />addressed by writing to the City of Orono, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323 or by calling addressed by writing to the City of Orono, 2750 Kelley Parkway, P.O. Box 66, Crystal Bay, Minnesota 55323 or by calling <br />37