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<br />CITY OF ELK RIVER, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS <br /> <br /> 1996 1997 1998 1999 <br />Debt limit $ 10,382,114 $ 11,311,798 $ 12,918,329 $ 14,245,424 <br />Bonds 568,825 748,750 700,675 645,425 <br />Reserves 189,144 189,274 241,900 282,300 <br />Total net debt applicable to limit 379,681 559,476 458,775 363,125 <br />Legal debt margin $ 10,002,433 $ 10,752,322 $ 12,459,554 $ 13,882,299 <br />Total net debt applicable to the <br />limit as a percentage of debt limit 3.66% 4.95% 3.55% 2.55% <br /> <br />Note: Under state law, the City of Elk River's outstanding general obligation debt should not exceed <br />2 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 /> <br />91 <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />