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CITY OF ELK RIVER, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS <br />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 />1998 1999 2000 2001 <br /> <br />$ 12,918,329 $ 14,245,424 $ li,548,354 $ 17,343,802 <br />700,675 645,425 612,450 559,925 <br />241,900 282,300 328,605 199,967 <br />458,775 363,125 283,845 359 <br />958 <br /> , <br />$ 12,459,554 S 13,882,299 S 15,264,509 $ 16,983,844 <br /> <br />3.55% 2.55% 1.83% 2.08% <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 />96 <br />