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CITY OF ELK RIVER, MINNESOTA <br />COMPUTATION OF LEGAL DEBT MARGIN <br />DECEMBER 31, 2000 <br />Market Value <br />Debt Limit: 2.0% of market value (Note A) <br />Total Bonded Debt $ 27,621,450 <br />Less: (Note B) <br />Special Assessment Bonds (13,640,000) <br />Revenue Bonds (11,732,500) <br />General Obligation Tax Increment Financing Bonds (1,636,500) <br />Total Debt Applicable to Debt Limit <br />Legal Debt Margin <br />Note (A): M.S.A. Section 475.53 (Limit on Net Debt) <br />1111F.11-411111mu# <br />$ 777,417,699 <br />$15,548,354 <br />6112,450 <br />$14,935,904 <br />"Subdivision 1. Generally. Except as otherwise provided in Sections 475.51 to 475.75, no <br />municipality , except a school district or a city of the first class, shall incur or be subject to <br />a net debt in excess of 2.0 percent of the market value of taxable property in the municipality." <br />Note (B): M.S.A. Section 475.51 (Definitions:) <br />"Subdivision 4, 'Net Debt' means the amount remaining after deducting from its gross debt the <br />aggregate of the principal of the following: <br />1. Obligations, issued for improvements which are payable wholly or partly from the proceeds of <br />special assessments levied upon property specially benefitted, thereby, including those which <br />are general obligations of the municipality issuing them, if the municipality is entitled to <br />reimbursement in whole or in part from the proceeds of the special assessments. <br />2. Warrants or orders having no definite or fixed maturity. <br />3. Obligations payable wholly from the income from revenue-producing conveniences. <br />4. Obligations issued to create or maintain a permanent improvement revolving fund. <br />5. Obligations issued for the acquisition and betterment of public water works systems, and <br />public lighting, heating or power systems and of any combination thereof, or for any other <br />public convenience from which a revenue is or may be derived. <br />6. Amount of all money and the face value of all securities held as a sinking fund for the <br />extinguishment of obligations other than those deductible under this, subdivision. <br />7. All other obligations which under the provisions of the law authorizing their issuance, are <br />not to be included in computing the net debt of the municipality." <br />104 <br />