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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2020
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<br />Note 16 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, 2020, there was one series of Multi-family Housing Revenue Bonds outstanding. The
<br />aggregate issued amount was $16,950,000 which consists of one 2013 issue of $16,950,000. The balance
<br />outstanding at December 31, 2020 is unavailable.
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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 2020 and 2019 is computed as follows:
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<br />December 31, December 31,
<br />2020 2019
<br />Market value:
<br />Ramsey County $381,988,800 $332,722,100
<br />Hennepin County 712,852,200 584,189,715
<br />Total market value 1,094,841,000 916,911,815
<br />Debt limit percentage 3% 3%
<br />Debt limit 32,845,230 27,507,354
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 29,135,000 29,170,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer) (580,000) (715,000)
<br />Tax abatement bonds (2,245,000) (2,425,000)
<br />Improvement bonds (17,985,000) (16,715,000)
<br />Tax increment bonds (5,795,000) (6,240,000)
<br />Cash and investments in applicable debt
<br />service funds (796,747) (824,814)
<br />Total amount of debt applicable to debt limit 1,733,253 2,250,186
<br />Legal debt margin $31,111,977 $25,257,168
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