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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
<br />Legal Debt Margin Information
<br />Last Ten Fiscal Years
<br />Fiscal Year
<br />2013
<br />2014
<br />2015
<br />2016
<br />2017
<br />$ 52,752,858
<br />$ 53,892,054
<br />$ 57,026,844
<br />$ 59,362,917
<br />$ 61,802,478
<br />32,141,667
<br />30,071,667
<br />28,986,667
<br />25,706,667
<br />15,331,667
<br />10, 819,006
<br />10,743,409
<br />10,673,852
<br />10,560,614
<br />1,377,746
<br />21,322,661
<br />19,328,258
<br />18,312,815
<br />15,146,053
<br />13,953,921
<br />$ 31,430,197
<br />$ 34,563,796
<br />$ 38,714,029
<br />$ 44,216,864
<br />$ 47,848,557
<br />40.42%
<br />35.86%
<br />32.11%
<br />25.51%
<br />22.58%
<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 $7,050,000 GO EDA Refunding Bonds, Series 2013A
<br />are subject to the debt limit. The remaining 1/3 will be paid by the YMCA.
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