5.2. SR 06-19-2006 - Laserfiche WebLink

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I I CITY OF ELK RIVER, MINNESOTA COMPUTATION OF DIRECT AND OVERLAPPING DEBT DECEMBER 31, 2005 I I Percent of Debt City's Outstanding Applicable Share Debt to Cityl of Debt Direct Debt: City of Elk River $ 35,650,927 100.00% $ 35,650,927 Overlapping Debt: Sherburne County 28,375,000 25.05 7,106,859 School District #728 220,765,000 37.33 82,409,146 Total overlapping debt 249,140,000 89,516,005 Total direct and overlapping debt $ 284,790,927 $ 125,166,932 I I I I I I Debt Ratios: Ratio of debt per capita (21,548 population) Ratios of debt to estimated taxable market value of$I,540,274,950 $5,809 8.13% I Source: Sherburne County and School District #728 I I I Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and business of the City of Elk River. This process recognizes that, when considering the city's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt of each overlapping government. I I 1 The percentage of overlapping debt applicable is estimated using taxable market property values. Applicable percentages were estimated by determining the portion of the county's and school district's taxable market value that is within the city's boundaries and dividing it by the county's and school district's total taxable market value. I I I 90