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CITY OF LITTLE CANADA, MINNESOTA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (103) 2009 2010 2011 2012 2013 2014 2015 2016 2017 201730,063,165$ 28,924,557$ 27,113,499$ 25,275,198$ 23,841,330$ 23,710,188$ 24,835,854$ 25,847,019$ 27,269,130$ 29,733,702$ 900,000 820,000 740,000 660,000 575,000 3,060,000 1,447,097 2,274,769 2,169,769 2,059,974 29,163,165$ 28,104,557$ 26,373,499$ 24,615,198$ 23,266,330$ 20,650,188$ 23,388,757$ 23,572,250$ 25,099,361$ 27,673,728$ Total Net Debt Applicable to the Limit2.99% 2.83% 2.73% 2.61% 2.41% 12.91% 5.83% 8.80% 7.96% 6.93%Market Value991,123,400$ Debt Limit (3% of Market Value) (1)29,733,702$ Debt Applicable to Limit:General Obligation Bonds2,150,000 Less Amount Set Aside for Repayment of General Obligation Debt90,026 Total Net Debt Applicable to Limit2,059,974 Legal Debt Margin27,673,728$ (1) The debt limit percentage increased in 2008 from 2% to 3%.Note: Under the City's finance law, the City's outstanding general obligation debt should notexceed 3% of total market property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds. as a Percentage of Debt LimitLegal Debt Margin Calculation for Fiscal Year 2018Debt LimitTotal Net Debt Applicable to LimitLegal Debt MarginFiscal Year
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