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Schedule 12 CITY OF HUGO, MINNESOTA COMPUTATION OF DIRECT AND INDIRECT GENERAL OBLIGATION BONDED DEBT AND LEGAL DEBT MARGIN December 31, 2015 Estimated Estimated Share of Debt Percentage Overlapping Governmental Unit Outstanding Applicable (a) Debt Debt repaid with property taxes Independent School District #624 $ 93,420,000 15.07% $ 14,078,394 Independent School District #831 30,325,000 3.44% 1,043,180 Independent School District #832 50,740,000 4.62% 2,344,188 Independent School District #834 136,865,000 0.90% 1,231,785 Other debt Washington County 164,020,000 5.40% 8,857,080 Regional Transit 206,020,000 0.52% 1,071,304 Subtotal, overlapping debt 28,625,931 City direct debt 8,802,587 8,802,587 Total direct and overlapping debt $ 37,428,518 Sources: Tax capacity data to estimate applicable percentages provided by Washington County. Debt outstanding data provided by each governmental unit. Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the city. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City of Hugo. This process recognizes that, when considering the city's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therfore responsible for repaying the debt, of each overlapping government. (a) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using tax capacity values. Applicable percentages were estimated by determining the portion of another governmental unit's tax capacity value that is within the city's boundaries and dividing it by each unit's total tax capacity value. 104