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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
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<br />Note 17 LEGAL DEBT MARGIN
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<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 2015 and 2014 is computed as follows:
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<br />December 31, December 31,
<br />2015 2014
<br />Market value:
<br />Ramsey County $255,155,300 $244,282,700
<br />Hennepin County 461,515,606 429,940,030
<br />Total market value 716,670,906 674,222,730
<br />Debt limit percentage 3.00% 3.00%
<br />Debt limit 21,500,127 20,226,682
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 32,610,000 33,705,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer, storm sewer) (1,215,000) (1,480,000)
<br />State aid street bonds - (60,000)
<br />Tax abatement bonds (1,090,000) (1,225,000)
<br />Improvement bonds (18,010,000) (16,910,000)
<br />Tax increment bonds (7,865,000) (7,920,000)
<br />Cash and investments in applicable debt
<br />service funds (819,672) (2,078,937)
<br />Total amount of debt applicable to debt limit 3,610,328 4,031,063
<br />Legal debt margin $17,889,799 $16,195,619
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<br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS
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<br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
<br />were not implemented for these financial statements:
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<br /> Statement No. 72 Fair Value Measurement and Application. The provisions of this Statement are effective
<br />for financial statements for periods beginning after June 15, 2015.
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<br /> Statement No. 73 Accounting and Financial Reporting for Pensions and Related Assets That Are Not
<br />within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67
<br />and 68. The provisions in Statement 73 are effective for fiscal years beginning after June 15, 2015 – except
<br />those provisions that address employers and governmental nonemployer contributing entities for pensions
<br />that are not within the scope of Statement 68, which are effective for fiscal years beginning after June 15,
<br />2016.
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<br /> Statement No. 74 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The
<br />provisions in Statement 74 are effective for fiscal years beginning after June 15, 2016.
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