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126 <br />2008 2009 2010 2011 <br />Debt limit 66,024,514$ 67,527,057$ 64,126,188$ 61,599,050$ <br />Bonds 18,391,033 17,471,716 18,040,733 17,120,000 <br />Reserves 1,318,186 1,418,700 1,164,060 1,030,418 <br />Total net debt applicable to limit 17,072,847 16,053,016 16,876,673 16,089,582 <br />Legal debt margin 48,951,667$ 51,474,041$ 47,249,515$ 45,509,468$ <br />Total net debt applicable to the <br /> limit as a percentage of debt limit 25.86%23.77%26.32%26.12% <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 />1 Only 2/3 of the $9,685,000 GO EDA Refunding Bonds, Series 2013A <br /> are subject to the debt limit. The Remaining 1/3 will be paid by the YMCA. <br />CITY OF ELK RIVER, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS