2019 City of Shakopee Comprehensive Annual Financial Report

CITY OF SHAKOPEE

LEGAL DEBT MARGIN INFORMATION Last Ten Fiscal Years

2010

2011

2012

2013

Market Value (Taxable)

3,710,814,056 $

3,570,069,500 $

3,347,179,800 $

3,064,695,700 $

Debt Limit - Percent of Market Value (Note A)

107,102,085

107,102,085

100,415,394

91,940,871

Amount of Debt Applicable to Debt Limit: G.O. Bonds

6,340,000 (786,306)

5,905,000 (826,957)

10,325,000 (4,974,768)

9,865,000 (4,836,597)

Available in Debt Service Funds

Total Debt Applicable to Debt Limit

5,553,694

5,078,043

5,350,232

5,028,403

Legal Debt Margin

101,548,391 $

102,024,042 $

$

95,065,162

$

86,912,468

NOTE (A): M.S.A. Section 475.53 (Limit on Net Debt) Subdivision 1. Generally, except of otherwise provided in Sections 475.51 to 475.75, no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of 3% of the market value of taxable property in the municipality." NOTE (B): M.S.A. Section 475.51 Definitions: Subdivision 4. "Net debt" means the amount remaining after deduction from its gross debt the aggregate of the principal of the following: (1) Obligations issued for improvements which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. (2) Warrants or orders having no definite or fixed maturity. (5) Obligation issued for the acquisition, and betterment of public waterworks systems, and public lighting, heating or power systems and on any combination thereof or for any other public convenience from which a revenue is or may be derived. (6) Amount of all money and the face value of all securities held as a sinking fund for the extinguishment of obligations other than those deductible under this subdivision. (3) Obligations payable wholly from the income of revenue-producing conveniences. (4) Obligations issued to create or maintain a permanent improvement revolving fund.

M.S.A. Section 469.178, subdivision 1. (tax increment bonds) "... The bonds are not included for purposes of computing the net debt of any municipality."

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