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Debt limit <br />Bonds <br />Reserves <br />Total net debt applicable to limit <br />Legal debt margin <br />Total net debt applicable to the <br />limit as a percentage of debt limit <br />CITY OF ELK RIVER, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS <br />2006 2007 2008 2009 <br />$ 35,728,238 <br />$ 40,258,348 <br />$ 66,024,514 <br />$ 67,527,057 <br />13,124,334 <br />17,792,017 <br />18,391,033 <br />17,471,716 <br />1,003,315 <br />861,726 <br />1,318,186 <br />1,418,700 <br />$ 23,607,219 $ 23,328,057 $ 48,951,667 $ 51,474,041 <br />33.93% 42.05% 25.86% 23.77% <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 />' Only 2/3 of the $10,000,000 GO EDA Bonds, Series 2007 is subject to the debt limit. The Remaining 1/3 will be paid by the YMCA <br />-152- <br />