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CITY OF HUGO, MINNESOTA <br />LEGAL DEBT MARGIN INFORMATION <br />LAST TEN FISCAL YEARS <br />(Dollars in Thousands) <br />Debt limit <br />Total net debt applicable to limit <br />Legal debt margin <br />Total net debt applicable to the limit <br />as a percentage of debt limit <br />Fiscal Year <br />2015 <br />2014 <br />2013 <br />2012 <br />2011 <br />$ 43,322 <br />$ 36,634 <br />$ 34,940 <br />$ 36,356 <br />$ 39,099 <br />809 <br />1,094 <br />1,391 <br />1,767 <br />2,179 <br />$ 42,513 <br />$ 35,540 <br />$ 33,549 <br />$ 34,589 <br />$ 36,920 <br />1.87% 2.99% 3.98% 4.86% 5.57% <br />The legal debt limit for municipalities in Minnesota was increased in 2008 from 2% to 3% of the market value of <br />taxable property. This limit applies only to the City's general obligation tax levy bonds and excludes specia <br />assessment, tax increment and tax abatement bonds. <br />105 <br />