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i <br /> CITY OF ELK RIVER,MINNESOTA <br /> LEGAL DEBT MARGIN INFORMATION <br /> LAST TEN FISCAL YEARS <br /> I <br /> 2003 2004 2005 2006 <br /> Debt limit $ 23,100,596 $ 26,212,519 $ 30,805,499 $ 35,728,238 <br /> Bonds 10,307,950 10,060,967 10,040,201 13,124,334 <br /> Reserves 837,754 925,148 950,793 1,003,315 <br /> Total net debt applicable to limit 9,470,196 9,135,819 9,089,408 12,121,019 <br /> Legal debt margin $ 13,630,400 $ 17,076,700 $ 21,716,091 $ 23,607,219 <br /> Total net debt applicable to the <br /> limit as a percentage of debt limit 41.00% 34.85% 29.51% 33.93% <br /> I <br /> I <br /> i <br /> I <br /> I <br /> i <br /> Note: Under state law,the City of Elk River's outstanding general obligation debt should not exceed <br /> 3 percent of the market value of taxable property. By law,the general obligation debt subject to the <br /> limitation may be offset by amounts set aside for the extinguishment of those obligations. <br /> t Only 2/3 of the$10,000,000 GO EDA Bonds,Series 2007 and the$945,000 GO EDA Bonds, Series 2008A <br /> are subject to the debt limit. The Remaining 1/3 will be paid by the YMCA. <br /> 108 <br />