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CITY OF MOUNDS VIEW <br /> Legal Debt Margin Information <br /> Last Ten Fiscal Years <br /> Fiscal Year <br /> 2016 2017 2018 2019 <br /> Debt limit $ 28,055,178 $ 29,919,492 $ 32,281,467 $ 35,268,009 <br /> Total net debt applicable to limit 1,476,315 6,802,815 6,241,907 5,831,368 <br /> Legal debt margin $ 26,578,863 $ 23,116,677 $ 26,039,560 $ 29,436,641 <br /> Total net debt applicable to the limit <br /> as a percentage of debt limit 5.26% 22.74% 19.34% 16.53% <br /> Note: Under state finance law, the City's outstanding general obligation debt should not exceed 3 percent of total market <br /> value. By law,the general obligation debt subject to the limitation may be offset by amounts set aside for repaying <br /> general obligation bonds.Tax increment bonds are not subject to the debt limit;therefore,they are not included. <br /> -110- <br />