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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2022
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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, 2022, 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, 2022 is $15,780,000.
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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 2022 and 2021 is computed as follows:
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<br />December 31, December 31,
<br />2022 2021
<br />Market value:
<br />Ramsey County $489,648,800 $428,489,400
<br />Hennepin County 798,681,700 747,604,900
<br />Total market value 1,288,330,500 1,176,094,300
<br />Debt limit percentage 3% 3%
<br />Debt limit 38,649,915 35,282,829
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 27,000,000 27,925,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer) (300,000) (440,000)
<br />Tax abatement bonds (1,740,000) (1,995,000)
<br />Improvement bonds (18,690,000) (18,170,000)
<br />Tax increment bonds (4,870,000) (5,345,000)
<br />Cash and investments in applicable debt
<br />service funds (621,872) (748,130)
<br />Total amount of debt applicable to debt limit 778,128 1,226,870
<br />Legal debt margin $37,871,787 $34,055,959
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