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CITY OF LITTLE CANADA, MINNESOTA
<br />LEGAL DEBT MARGIN INFORMATION
<br />Last Ten Fiscal Years
<br />2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
<br />Debt limit 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$ 31,887,282$
<br />Total net debt applicable to limit 820,000 740,000 660,000 575,000 3,060,000 1,447,097 2,274,769 2,167,769 2,059,974 1,950,566
<br />Legal debt margin 28,104,557$ 26,373,499$ 24,615,198$ 23,266,330$ 20,650,188$ 23,388,757$ 23,572,250$ 25,101,361$ 27,673,728$ 29,936,716$
<br />Total net debt applicable to the limit
<br /> as a percentage of debt limit 2.83%2.73%2.61%2.41%12.91%5.83%8.80%7.95%6.93%6.12%
<br />Legal Debt Margin Calculation for Fiscal Year 2019:Taxable Market Value 1,062,909,400$
<br />Debt limit (3% of market value) (1)31,887,282
<br />Debt Applicable to Limit:
<br /> General Obligation Bonds 2,040,000
<br /> Less amount set aside for repayment
<br /> of General Obligation Debt 89,434
<br /> Total Debt applicable to limit 1,950,566
<br />Legal debt margin 29,936,716$
<br />(1) Minnesota State Statutes, Section 475 prescribes the statutory debt limit that outstanding principal of debt cannot exceed 3% of taxable market value. General obligation
<br />debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
<br />Fiscal Year
<br />124
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