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DEBT LIMIT <br />The statutory limit on debt of Minnesota municipalities other than school districts or cities of the first class <br />(Minnesota Statutes, Section 475.53, subd. 1) is 2% of the Assessor's Taxable Market Value of all taxable property <br />within its boundaries. "Net debt" (Minnesota Statutes, Section 475.51, subd. 4) is the amount remaining after <br />deducting from gross debt: (1) obligations payable wholly or partly from special assessments levied against <br />benefitted property; (2) warrants or orders having no definite or fixed maturity; (3) obligations issued to finance any <br />public revenue producing convenience; (4) obligations issued to create or maintain a permanent improvement <br />revolving fund (e.g. the Bonds of this offering); (5) funds held as sinking funds for payment of principal and interest <br />on debt other than those deductible under 1 -4 above; (6) other obligations which are not to be included in computing <br />the net debt of a municipality under the provisions of the law authorizing their issuance. <br />Assessor's Taxable Market Value $881,709,300 <br />Multiply by 2% 0.02 <br />Statutory Debt Limit $ 17,634,186 <br />Less: Long -Term Debt Outstanding Being Paid Solely from Taxes 0 <br />Unused Debt Limit $ 17,634,186 <br />14 <br />