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Exhibit 2
<br />CITY OF HUGO, MINNESOTA
<br />COMPUTATION OF DIRECT AND INDIRECT GENERAL OBLIGATION BONDED DEBT
<br />June 7, 2010
<br />Sources: Tax capacity data to estimate applicable percentages provided by Washington County.
<br />Debt outstanding data provided by each governmental unit.
<br />Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. This schedule
<br />estimates the portion of the outstanding debt of those overlapping governments that is bome by the residents and businesses
<br />of the City of Hugo. This process recognizes that, when considering the city's ability to issue and repay long-term debt,
<br />the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply
<br />that every taxpayer is a resident, and therfore responsible for repaying the debt, of each overlapping government.
<br />t8) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using tax capacity values.
<br />Applicable percentages were estimated by determining the portion of another governmental unit's tax capacity value that is
<br />within the city's boundaries and dividing it by each unit's total tax capacity value.
<br />Estimated
<br />Estimated
<br />Share of
<br />Debt
<br />Percentage
<br />Overlapping
<br />Governmental Unit
<br />Outstanding
<br />Applicable (a)
<br />Debt
<br />Debt repaid with property taxes
<br />Independent School District #624
<br />$113,940,000
<br />14.20%
<br />$ 16,179,480
<br />Independent School District #831
<br />38,145,000
<br />3.50%
<br />1,335,075
<br />Independent School District #832
<br />23,186,793
<br />5.10%
<br />1,182,526
<br />Independent School District #834
<br />71,755,000
<br />1.00%
<br />717,550
<br />Other debt
<br />Washington County
<br />117,060,000
<br />4.90%
<br />5,735,940
<br />Metropolitan Council
<br />36,150,000
<br />0.40%
<br />144,600
<br />Regional Transit
<br />193,960,000
<br />0.50%
<br />969,800
<br />Subtotal, overlapping debt
<br />26,264,971
<br />City direct debt
<br />14,102,890
<br />14,102,890
<br />Total direct and overlapping debt
<br />$ 40,367,861
<br />Sources: Tax capacity data to estimate applicable percentages provided by Washington County.
<br />Debt outstanding data provided by each governmental unit.
<br />Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. This schedule
<br />estimates the portion of the outstanding debt of those overlapping governments that is bome by the residents and businesses
<br />of the City of Hugo. This process recognizes that, when considering the city's ability to issue and repay long-term debt,
<br />the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply
<br />that every taxpayer is a resident, and therfore responsible for repaying the debt, of each overlapping government.
<br />t8) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using tax capacity values.
<br />Applicable percentages were estimated by determining the portion of another governmental unit's tax capacity value that is
<br />within the city's boundaries and dividing it by each unit's total tax capacity value.
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