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CITY OF ELK RIVER, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS <br />1997199819992000 <br />Debt limit11,311,798$ 12,918,329$ 14,245,424$ 15,548,354$ <br />Bonds748,750 700,675 645,425 612,450 <br />Reserves189,274 241,900 282,300 328,605 <br />Total net debt applicable to limit559,476 458,775 363,125 283,845 <br />Legal debt margin10,752,322$ 12,459,554$ 13,882,299$ 15,264,509$ <br />Total net debt applicable to the <br /> limit as a percentage of debt limit4.95%3.55%2.55%1.83% <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 />94 <br /> <br />