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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. <br />