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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
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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. The
<br />bonds are secured by the property financed and are payable solely from payments received on the underlying
<br />mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector
<br />entity served by the bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in
<br />any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
<br />financial statements.
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<br />As of December 31, 2023, there was one series of Multi-family Housing Revenue Bonds outstanding. The
<br />aggregate issued amount was $16,950,000. The balance outstanding at December 31, 2023 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 principally
<br />from property taxes. The City’s legal debt margin for 2023 and 2022 is computed as follows:
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<br /> December 31, December 31,
<br /> 2023 2022
<br />Market value:
<br /> Ramsey County $489,648,800 $428,489,400
<br />Hennepin County 871,731,200 798,681,700
<br />Total market value 1,361,380,000 1,227,171,100
<br />Debt limit percentage 3% 3%
<br />Debt limit 40,841,400 36,815,133
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<br />Amount of debt applicable to debt limit:
<br /> Total bonded debt 23,655,000 27,000,000
<br /> Less nonapplicable debt:
<br /> Revenue bonds (water, sewer) (155,000) (300,000)
<br /> Tax abatement bonds (1,475,000) (1,740,000)
<br /> Improvement bonds (13,870,000) (15,445,000)
<br /> Tax increment bonds (4,375,000) (4,870,000)
<br />Total amount of debt applicable to debt limit 3,780,000 4,645,000
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<br />Legal debt margin $37,061,400 $32,170,133
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