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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 />2016 2015 2014 2013 2012 <br />$ 42,502 $ 43,322 $ 36,634 $ 34,940 $ 36,356 <br />558 <br />$ 41,944 <br />1.31% <br />809 1,094 1,391 1,767 <br />$ 42,513 $ 35,540 $ 33,549 $ 34,589 <br />1.87% 2.99% 3.98% 4.86% <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 special <br />assessment, tax increment and tax abatement bonds. <br />106 <br />