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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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<br />Note 15 CONDUIT DEBT OBLIGATION
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<br />From time to time, the City has issued Multi-family Housing Revenue Bonds to provide financial assistance to
<br />private-sector entities for the acquisition and construction of rental housing deemed to be in the public interest.
<br />The bonds are secured by the property financed and are payable solely from payments received on the
<br />underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the
<br />private-sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision
<br />thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as
<br />liabilities in the accompanying financial statements.
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<br />As of December 31, 2019, there were seven series of Multi-family Housing Revenue Bonds outstanding. The
<br />aggregate issued amount was $71,685,000, including two 1996 issues totaling $7,200,000, a 2002 issue of
<br />$7,775,000, three 2004 issues of $39,760,000, and one 2013 issue of $16,950,000. The balance outstanding at
<br />December 31, 2019 is unavailable.
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<br />Note 16 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 2019 and 2018 is computed as follows:
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<br />December 31, December 31,
<br />2019 2018
<br />Market value:
<br />Ramsey County $372,282,800 $332,722,100
<br />Hennepin County 651,404,400 584,189,715
<br />Total market value 1,023,687,200 916,911,815
<br />Debt limit percentage 3% 3%
<br />Debt limit 30,710,616 27,507,354
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 29,170,000 31,730,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer) (715,000) (845,000)
<br />Tax abatement bonds (2,425,000) (1,460,000)
<br />Improvement bonds (16,715,000) (19,165,000)
<br />Tax increment bonds (6,240,000) (6,660,000)
<br />Cash and investments in applicable debt
<br />service funds (824,814) (857,154)
<br />Total amount of debt applicable to debt limit 2,250,186 2,742,846
<br />Legal debt margin $28,460,430 $24,764,508
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