Laserfiche WebLink
Table 7 <br />CITY OF ORONO, MINNESOTA <br />Computation of Leg-».l Debt Margin <br />IX cembcr 31.1994 <br />Minncst>ta state law defines a city's legal debt margin as 2.0Cr of its estimated actual property valuation, <br />less all bonds repayable solely fh^n tax levies, plus all sinking funds on hand to retire s;ud debt. Rised <br />cm this formula, the City's leg^ debt margin is as follows: <br />I <br />Estimated total market siilue of taxable property <br />Debt limit (2.09^ of estimated actual property value) <br />Total Ixmded debt <br />Less txmds m>t rep;iid solely from tax levies <br />G.O. Improvement Bonds <br />G.O. Revenue Bonds <br />Public Facilities Revenue Bonds <br />Total amount of debt <br />applicable to debt limit <br />Legal debt margin <br />$ 8.195.000 <br />2.410.000 <br />1.950.(K)0 <br />3.835.(R)0 <br />8’lV5.(KK) <br />$ ^618,91JJ(|) <br />$ 13.178234 <br />$ 13.178.234 <br />-119-