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Schedule 12 <br />CITY OF HUGO, MINNESOTA <br />COMPUTATION OF DIRECT AND INDIRECT GENERAL OBLIGATION BONDED DEBT <br />AND LEGAL DEBT MARGIN <br />December 31, 2016 <br />Estimated <br />Estimated Share of <br />Debt Percentage Overlapping <br />Governmental Unit Outstanding Applicable (a) Debt <br />Debt repaid with property taxes <br />Independent School District #624 <br />$ 86,195,000 <br />Independent School District #831 <br />162,965,000 <br />Independent School District #832 <br />53,720,033 <br />Independent School District #834 <br />113,990,000 <br />Other debt <br />Washington County 177,010,000 <br />Regional Transit 189,226,614 <br />Subtotal, overlapping debt <br />14.28% $ <br />3.28% <br />4.37% <br />0.88% <br />12, 308, 646 <br />5,345,252 <br />2,347,565 <br />1,003,112 <br />5.12% 9,062,912 <br />0.48% 908,288 <br />30,975,775 <br />City direct debt 7,231,850 7,231,850 <br />Total direct and overlapping debt $ 38,207,625 <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 borne 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 />(a) 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 />105 <br />