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City of St. Anthony, MN <br />Five-Year Street Reconstruction & Overlay Plan 5 <br />3% of the assessor’s estimated market value (EMV) for the city. The <br />City’s Pay 2020 EMV is $1,099,223,200. As noted in the table below, the <br />City’s debt subject to this requirement, including the proposed bond <br />issue, is within the required threshold: <br /> <br />Assessor's Estimated Market Value 1,099,223,200 <br />Multiply by 3% 0.03 <br />Statutory Debt Limit 32,976,696 <br />Less: Debt Paid Solely from Taxes (1,920,000) <br />Less: Proposed Bond Issue(s)(3,000,000) <br />Unused Debt Limit 28,056,696 <br />Net Debt Limit <br /> <br /> <br />Under the SROP, the City plans to issue up to $3,000,000 in general <br />obligation bonds in the year 2020 to finance the 2020 Road <br />Reconstruction and Bituminous Overlay project. No future financing is <br />anticipated under this SROP at this time. The bond sizing is based upon <br />funding the estimated project amounts listed in Appendix A plus <br />estimated issuance costs. Current estimates of size and repayment of the <br />general obligation street reconstruction and overlay bonds under <br />consideration is shown in Appendix B. <br /> <br />VI. PLAN CONTINUATION <br /> <br />This SROP should be reviewed annually as needed by the City Council <br />using the process outlined in this document. It should review proposed <br />expenditures, make priority decisions, and seek funding for those <br />expenditures it deems necessary for the City. If deemed appropriate, the <br />Council should prepare an update to this SROP. <br /> <br />28