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I <br />I <br />I <br />f <br />I <br />I <br />r <br />r <br />r <br />L <br />1 <br />L <br />L <br />E <br />Tabic 7 <br />CITY OF ORONO, MINNESOTA <br />Computation of Legal Debt Margin <br />December 31, 1998 <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 total market value of taxable property <br />Debt limit (2% of estimated actual property value) <br />Total bonded debt <br />Less bonds not repaid solely from tax levies <br />G O. Improvement Bonds <br />Public Facilities Revenue Bonds <br />Public Facilities Revenue Refunding Bonds <br />G.O. Refunding Bonds <br />Total amount of debt applicable to debt limit <br />Legal debt margin <br />-106- <br />$ 10,040,000 <br />3.290.000 <br />3.055.000 <br />2.400.000 <br />1.295.000 <br />10,040,000 <br />5 874.650,800 <br />$ 17,493,016 <br />$ 17.493.016