Laserfiche WebLink
Tabic 7 <br />CITY OF ORONO, MINNESOTA <br />Computation of Legal Debt Margin <br />December 31,1995 <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 ftind-s on hand to retire said debt. Based <br />on this formula, the City's legal debt margin is as follows: <br />Estimated total market value of taxable property <br />Debt limit (2.0% of estimated actual property value) <br />Total bonded debt <br />Less bonds not repaid solely from tax levies <br />G.O. Improvement Bonds <br />G.O. Revenue Bonds <br />Public Facilities Revenue Bonds <br />G.O. Refunding Bonds <br />Total amount of debt <br />applicable to debt limit <br />Legal debt margin <br />-117- <br />$ 9.205.000 <br />1.885.000 <br />1.750.000 <br />3.660.000 <br />1.910.000 <br />9,205,000 <br />$ 701,878,700 <br />$ 14.037,574 <br />$ 14,037,574