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CITY OF ELK RIVER,MINNESOTA <br /> LEGAL DEBT MARGIN INFORMATION <br /> LAST TEN FISCAL YEARS <br /> 2004 2005 2006 2007 <br /> Debt limit $ 26,212,519 $ 30,805,499 $ 35,728,238 $ 40,258,348 <br /> Bonds 10,060,967 10,040,201 13,124,334 17,792,017 <br /> Reserves 925,148 950,793 1,003,315 861,726 <br /> Total net debt applicable to limit 9,135,819 9,089,408 12,121,019 16,930,291 <br /> Legal debt margin $ 17,076,700 $ 21,716,091 $ 23,607,219 $ 23,328,057 <br /> Total net debt applicable to the <br /> limit as a percentage of debt limit 34.85% 29.51% 33.93% 42.05% <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 /> r Only 213 of the$10,000,000 GO EDA Bonds, Series 2007 and the$645,000 GO EDA Bonds, Series 2008A <br /> are subject to the debt limit. The Remaining 113 will be paid by the YMCA. <br /> 107 <br />