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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2013 Note 16 LEGAL DEBT MARGIN The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable principally from property taxes. The City's legal debt margin for 2013 is computed as follows: Amount of debt applicable to debt limit Total bonded debt December 31, Less nonapplicable debt: 2013 Market value: (1,735,000) Ramsey County $243,533,600 Hennepin County 431,040,057 Total market value 674,573,657 Debt limit percentage 3.00% Debt limit 20,237,210 Amount of debt applicable to debt limit Total bonded debt 34,560,000 Less nonapplicable debt: Revenue bonds (water, sewer, storm sewer) (1,735,000) State aid street bonds (120,000) Tax abatement bonds (1,355,000) Improvement bonds (12,105,000) Tax increment bonds (8,545,000) Cash and investments in applicable debt service funds (1,914,814) Total amount of debt applicable to debt limit 8,785,186 Legal debt margin $11,452,024 Note 17 RECENTLY ISSUED ACCOUNTING STANDARDS The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were not implemented for these financial statements: Statement No. 67 Financial Reporting for Pension Plans — an amendment of GASB Statement No. 15. The provisions of this Statement are effective for financial statements for fiscal years beginning after June 15, 2013. Statement No. 68 Accounting and Financial Reportingfor Pensions — an amendment of GASB Statement 27. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2014. Statement No. 69 Government Combinations and Disposals of Government Operations. The provisions of this Statement are effective for government combinations and disposals of government operations occurring in financial reporting periods beginning after December 15, 2013, and should be applied on a prospective basis. 84