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City of Orono, Minnesota <br />Statistical Section (Unaudited) <br />Legal Debt Margin Information <br />Last Ten Fiscal Years <br />2014 2015 2016 2017 <br />Debt Limit 72,492,057$ 72,942,051$ 75,942,705$ 81,932,428$ <br />Total Net Debt Applicable to Limit 6,319,308 10,660,892 8,714,780 8,062,670 <br />Legal Debt Margin 66,172,749$ 62,281,159$ 67,227,925$ 73,869,758$ <br />Total Net Debt Applicable to the Limit <br />as a Percent of Debt Limit 8.72% 14.62% 11.48% 9.84% <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. <br />146 181