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DIREST_ DEBT <br />GENER':126LIGATI4N_M T (See._ssIle-dulea_f4I wing) <br />Tota:. 3.o. debt being paid from revenue and special assessments $2,300,000 <br />(else Bonds of this offering) <br />Totai g.o. debt being paid from special assessments and taxes -.75 MQ <br />,T9T.A.L._QM LQUIGAT IQN MI $4,050,000 <br />Less funds on hand for debt redemption as of May 31, 1989 1) _1.171.262 <br />NET GEN1, OBLOATI9ILDUT L.878.738 <br />DEBT-L-111 T <br />The statutory limit on debt of Minnesota municipalities other than school districts <br />or cities of the first class (Minnesota Statutes, Section 475.53, subd. 1) is 2% of <br />the assessor's estimated market value of all taxable property within its <br />boundaries. "Net debt" (Minnesota Statutes, Section 475.51, subd. 4) is the amount <br />remaining after deducting from gross debt: (1) obligations payable wholly or <br />partly from special assessments levied against benefitted property; (2) warrants or <br />orders having no definite or fixed maturity; (3) obligations issued to finance any <br />public revenue producing convenience, i.e. ttje Bonds of this offering; (4) <br />obligations issued to create or maintain a permanent improvement revolving fund; <br />(5) funds held as sinking funds for payment of principal and Interest on debt other <br />than those deductible under 1-4 above; (6) other obligations which are not to be <br />included in computing the net debt of a municipality under the provis-ons of the <br />law authorizing their issuance. <br />The limit on debt of the City of Orono, based on the assessor's estimated market <br />value of taxable property ($481,129,780) is $9,626,596. None of the City of <br />Orono's outstanding debt constitutes debt to be deducted for debt limit purposes. <br />Neither the City nor a% of its overlapping units report pla,.; for additional <br />financing in the next three months. <br />1)Funds on for debt redemption (available for payment of privy ipal and <br />interest) hove been deducted from total g.o. debt to determine net g.o. <br />C. 13 —_w� <br />