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City of Orono s Capital Assets <br />(Net of Depreciation) <br />64 of this report. <br />Long-term Debt.At the end of the current fiscal year, the City had total bonded debt outstanding consisting of revenue <br />they are all backed by the full faith and credit of the City. <br />State statutes limit the amount of G.O. debt a Minnesota city may issue to 3 percent of total estimated market value. The <br />current debt limitation for the City is $147,070,777. Only the $17,110,000 in G.O. bonds is counted within the statutory <br />limitation. <br />City of Orono s Outstanding Debt <br />-term debt can be found in Note 3F starting on page 67 of this report. <br />Utility rate increases are scheduled to be around 2% per year. These sustainable increases were made possible <br />by analyzing the utility funds capital needs and making the difficult decision to increase rates significantly over <br />the past three years. <br />Property values continue to rise, but at a much lower rate than in previous years. With indications that interest <br />rates may remain at relatively high levels through next year, it is unlikely that the property tax base will expand as <br />dramatically as it has over the last three years. <br />The creation and equipping of the Orono Fire Department has resulted in short term spike in capital expenditures <br />so that large spikes in capital expenditures can be avoided in the future. <br />Requests for Information <br />Questions concerning any of the information provided in this report or requests for additional information should be <br />addressed by writing to the City of Orono, 2750 Kelley Parkway, Orono, Minnesota 55356 or by calling (952) 249-4600. <br />31 <br />City of OronoCity of Orono Outstanding DebtOutstanding Debt <br />66