§ 10.14. Net debt limit of city.

The total net debt of the city shall not exceed three and one-third percent (3 1/3 ) of the market value of the taxable real and personal property comprising the taxable value of the city as determined by the county auditor, in accordance with law. After first deducting the amount of current revenues which are applicable within the current fiscal year to the payment of any debt including tax anticipation obligations in calculating the net debt, each of the following obligations shall be deducted from the city's gross debt:

(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 city, if the city 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.

(3)

Obligations payable wholly from the income from revenue-producing conveniences.

(4)

Obligations issued to create or maintain a special assessment revolving fund or funds.

(5)

Obligations issued for the acquisition and betterment of public waterworks systems, and public lighting, heating or power systems, and of any combination thereof, or for any public convenience from which a revenue is or may be derived.

(6)

The amount of all money and the face value of all securities held as debt service fund for the extinguishment of obligations other than those deductible under this subdivision.

(7)

All other obligations which under the provisions of the law authorizing their issuance are not to be included in computing the net debt of the city.

Editor's note

Section 10.14 amended by Ord. No. 16997, C.F. 279642, adopted Feb. 3, 1983, pursuant to Minnesota Statutes, Section 410.12.