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2020-2024 Capital Improvement Plan <br />Page 5 <br /> <br />City of Hugo Capital Improvement Bond - Calendar Year Limit <br />Current Estimated Market Value (2019/2020): $ 1,915,856,300.00 <br />Debt Service Limitation: 0.16% <br />Max Annual Calendar Year Debt Service Authority: $ 3,065,370 <br /> <br />Max Annual Calendar Year Debt Service Estimate: $ 532,767 <br /> <br /> <br />M.S. 475 limits the amount of debt municipalities can have outstanding to there percent of the estimated <br />market value. Debt repaid in whole or partially with sources other than property taxes are excluded from <br />the calculation. Additionally, M.S. 475.521 excludes debt from the three percent debt limit for cities with <br />populations under 2,500. Table 2 below shows the City's statutory debt limit. <br /> <br /> <br />Legal Debt Limit and Debt Margin* <br />Legal Debt Limit (3% of 2019/20 Estimated <br />Market Value) $ 60,732,702 <br />Less: Outstanding Debt Subject to Limit $ - <br />Legal Debt Margin as of July 6, 2020 $ 60,732,702 <br />*The legal debt margin is referred to statutorily as the "Net Debt Limit" and may be increased by debt <br />service funds and current revenues which are applicable to the payment of debt in the current fiscal <br />year. <br /> <br />