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Summary of Debt Certain property tax levies are authorized outside of the new overall levy limitation ("special
<br /> levies"). Special levies include debt service levies for bonded indebtedness, excluding
<br /> Gross Less: Debt Net installment payments on conditional sales contracts, debt service on state-aid road bonds,
<br /> Debt Service Funds(a) Direct Debt payments on contracts for deed, any levies to pay debt service on tax increment revenue
<br /> bonds, and lease payments under certificates of participation. In order to receive approval for
<br /> G.O. Debt Supported Primarily by any special levy claims outside of the overall levy limitation, requests for such special levies
<br /> Special Assessments $5,645,000 $ (987,328) $4,657,672 must be submitted to the Property Tax Division of the Department of Revenue on or before
<br /> G.O. Debt Supported by Tax Increments 3,985,000 (282,809) 3,702,191 September 15th in the year in which the levy is to be made for collection in the following
<br />year.
<br /> G. O. Debt Supported by Revenues 2,560,000 (b) 2,560,000 The Department of Revenue has the authority to approve, reduce or deny a special levy
<br /> Revenue Debt 740,000 (c) 795,000 request. Final adjustments to all levies must be made by the Department of Revenue on or
<br /> (a) Debt service funds are as of December 31,2001 and include money to pay both principal and interest. before December 10th.
<br /> (b) State-Aid road bonds are paid from allotments from the State of Minnesota's Highway Fund, and
<br /> storm sewer bonds are paid from user fees. Debt Limitations
<br /> (c) Debt service is paid directly from net revenues of the City's Liquor Enterprise. All Minnesota municipalities (counties, cities, towns and school districts) are subject
<br />to statutory
<br /> "net debt" limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is
<br /> Indirect Debt defined as the amount remaining after deducting from gross debt the amount of current
<br /> revenues which are applicable within the current fiscal year to the payment of any debt and the
<br /> Debt Applicable to
<br /> aggregate of the principal of the following:
<br /> 2000 Taxable G.O. Debt Tax Capacity in City 1. Obligations issued for improvements which are payable wholly or partially from the
<br /> Taxing Unit(a) Net Tax Capacity As of 1-2-02(b) Percent Amount proceeds of special assessments levied upon benefited property.
<br /> Hennepin County $1,203,615,230 $309,820,000 0.4% $1,239,280 2. Warrants or orders having no definite or fixed maturity.
<br /> Ramsey County 404,818,171 120,125,000 0.5 600,625
<br /> ISD 282 (St. Anthony- 3. Obligations payable wholly from the income from revenue producing conveniences.
<br /> New Brighton) 8,136,033 4,920,000 82.5 4,059,000
<br /> Northeast Metro 4. Obligations issued to create or maintain a permanent improvement revolving fund.
<br /> Intermediate District 479,831,501 1,290,000 0.4 5,160 5. Obligations issued for the acquisition and betterment of public waterworks systems,
<br /> Ramsey County Library 214,851,525 4,480,000 0.9 40,320
<br /> Hennepin County and public lighting, heating or power systems, and any combination thereof, orfor any
<br /> Park District 894,636,440 31,425,000 0.5 157,125 other public convenience from which revenue is or may be derived.
<br /> Metropolitan Council 2,244,229,627(c) 29,660,000(d) 0.3 88,980 6. Certain debt service loans and capital loans made to school districts.
<br /> Metropolitan Transit
<br /> District 1,988,859,543(c) 144,715,000 0.3 434.145 7. Certain obligations to repay loans.
<br /> Total $6,624,635 8. Obligations specifically excluded under the provisions of law authorizing their
<br /> (a) Only those taxing units which have outstanding general obligation debt are presented here. issuance.
<br /> (b) Excludes general obligation debt supported by revenues and revenue-supported debt. 9. Certain obligations to pay pension fund liabilities.
<br /> (c) Represents 1999 taxable net tax capacity. 2000 values are not yet available. 10. Debt service funds for the payment of principal and interest on obligations other
<br />than
<br /> (d) Excludes general obligation debt supported by sewer system revenues, 911 user fees, and rental those described above.
<br /> housing revenues.
<br /> Levies for General Obligation Debt
<br /> Debt Ratios Including This Issue
<br /> (Sections 475.61 and 475.74, Minnesota Statutes)
<br /> G.O. Net G.O. Indirect & Any municipality which issues general obligation debt must, at the time of issuance, certify
<br /> Direct Debt` Net Direct Debt levies to the county auditor of the county(ies) within which the municipality is situated. Such
<br /> levies shall be in an amount that if collected in full will, together with estimates of other
<br /> To 2000 Indicated Market Value ($487,932,889) 1.71% 3.07% revenues pledged for payment of the obligations, produce at least five percent in excess of the
<br /> Per Capita (8,012- 2000 U.S. Census) $1,043 $1,870 amount needed to pay principal and interest when due. Notwithstanding any other limitations
<br /> upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior
<br /> ' Excludes revenue debt. levies for payment of general obligation indebtedness is without limitation as to rate or amount.
<br /> - 12 - III-3
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