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CITY OF ELK RIVER <br />LEGAL DEBT MARGIN INFORMATION - LAST TEN FISCAL YEARS <br />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 />2010 <br />2011 <br />2012 <br />2013 <br />$ 64,126,188 <br />$ 61,599,050 <br />$ 58,316,472 <br />$ 52,752,858 <br />18,040,733 <br />17,120,000 <br />23,286,667 <br />32,141,667 <br />1,164, 060 <br />1,030,418 <br />1,202, 093 <br />10,819, 006 <br />16,876,673 <br />16,089,582 <br />22,084,574 <br />21,322,661 <br />$ 47,249,515 <br />$ 45,509,468 <br />$ 36,231,898 <br />$ 31,430,197 <br />26.32% <br />26.12% <br />37.87% <br />40.42% <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 $9,180,000 GO EDA Refunding Bonds, Series 2013A <br />are subject to the debt limit. The remaining 1/3 will be paid by the YMCA. <br />(135) <br />