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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2009 <br />Note 16 LEGAL DEBT MARGIN <br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable <br />principally from property taxes. The City's legal debt margin for 2009 is computed as follows: <br />Amount of debt applicable to debt limit <br />Total bonded debt <br />December 31, <br />Less nonapplicable debt: <br />2009 <br />Market value: <br />(2,825,000) <br />Ramsey County <br />$293,617,900 <br />Ilennepin County <br />532,318,700 <br />Total market value <br />825,936,600 <br />Debt limit percentage <br />3.00% <br />Debt limit <br />24,778,098 <br />Amount of debt applicable to debt limit <br />Total bonded debt <br />36,040,000 <br />Less nonapplicable debt: <br />Revenue bonds (liquor, water, sewer, storm sewer) <br />(2,825,000) <br />State aid street bonds <br />(385,000) <br />Tax abatement bonds <br />(2,005,000) <br />Improvement bonds <br />(14,310,000) <br />Tax increment bonds <br />(10,055,000) <br />Cash and investments in applicable debt <br />service funds <br />(1,049,796) <br />Total amount of debt applicable to debt limit <br />5,410,204 <br />Legal debt margin <br />$19,367,894 <br />Note 17 SUBSEQUENT EVENTS <br />The City issued the $1,375,000 General Street Reconstruction Bonds, Series 2010A on April 27, 2010 to <br />finance street reconstruction. <br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS <br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which <br />were not implemented for these financial statements: <br />Statement No. 51 Accoroiting and Fiiiarricial Reporting for- Ib7taiigible Assets. The provisions of this <br />Statement are effective for financial statements for periods beginning after June 15, 2009. <br />Statement No. 53 Accounting ai7dFiiaancial ReportiitgforDerivative Instruments. The provisions of this <br />Statement are effective for financial statements for periods beginning after June 15, 2009. <br />Statement No. 54 Fund Balcrnice Reporting and Goveriamental Fuiad Type Definitions. The provisions of <br />this Statement are effective for financial statements for periods beginning after June 15, 2010. <br />'fhe effect these standards may have on firture financial slalements is not determinable at this lime. <br />80 <br />