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<br />2015 2016 2017 2018 2019
<br />Debt limit 57,026,844$ 59,362,917$ 61,802,478$ 65,358,630$ 71,232,177$
<br />Bonds 28,986,667 25,706,667 15,331,667 14,220,000 13,076,667
<br />Reserves 10,673,852 10,560,614 1,377,746 1,457,117 1,528,399
<br />Total net debt applicable to limit 18,312,815 15,146,053 13,953,921 12,762,883 11,548,268
<br />Legal debt margin 38,714,029$ 44,216,864$ 47,848,557$ 52,595,747$ 59,683,909$
<br />Total net debt applicable to the
<br /> limit as a percentage of debt limit 32.11%25.51%22.58%19.53%16.21%
<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.
<br />Fiscal Year
<br />City of Elk River
<br />Legal Debt Margin Information
<br />Last Ten Fiscal Years
<br />Page 366 of 637
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