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' ‘■.i <br />% <br />■J <br />J <br />Table 7 <br />CITY OF ORONO, MINNESOTA <br />Computation of Legal Debt Margin <br />December 31,1996 <br />Minnesota state law defines a city's legal debt margin as 2.0% of its estimated actual property valuation, <br />less all bonds repayable solely from tax levies, plus all sinking funds on hand to retire said debt. Based <br />on this formula, the City's legal debt margin is as followf: <br />Estimated total market value of taxable property $ 761.212.100 <br />Debt limit (2.0% of estimated actual property value)$ 15,224,242 <br />Total bonded debt $ 7,155,000 <br />Less bonds not repaid solely from tax levies <br />G O. Improvement Bonds <br />Public Facilities Revenue Bonds <br />G.O. Refimding Bonds <br />1.775.000 <br />3.470.000 <br />1.910.000 <br />7,155,000 <br />Total amount of debt applicable to debt limit <br />Legal debt margin $ 15^224,242 <br />5 <br />-114-