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City of Orono, Minnesota <br />Statistical Section (Unaudited) <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />2011 2012 2013 2014 <br />Debt Limit 77,063,427$ 71,461,659$ 72,492,057$ 72,942,051$ <br />Total Net Debt Applicable to Limit 9,014,895 6,898,136 6,319,308 10,660,892 <br />Legal Debt Margin 68,048,532$ 64,563,523$ 66,172,749$ 62,281,159$ <br />Total Net Debt Applicable to the Limit <br />as a Percent of Debt Limit 11.70%9.65%8.72%14.62% <br />Fiscal Year <br />Note: Under state law, the City's outstanding general obligation debt should not exceed 3 percent of the market value of <br />taxable property. Net debt is payable solely from ad valorem taxes and, therefore, excludes debt financed partially or <br />entirely by special assessments, enterprise fund revenues, or tax increments. Prior to 2008, state law provided that <br />general obligation debt should not exceed 2 percent. By law, the general obligation debt subject to the limitation may be <br />offset by amounts set aside for the extinguishment of those obligations.