As discussed in the textbook a given parcel of real estate may be subject to assessments for the payment of taxes to retire bonds issued by two or more governments. To provide an example of overlapping debt for a large municipality, examine the Comprehensive Annual Financial Report for the City of San Francisco.

Required

Use the City of San Francisco’s most recent CAFR report (https://sfcontroller .org/comprehensive-annual-financial-report-cafr) to answer the following questions.

A. Other than the city itself, how many separate independent government units have the authority to issue bonds and levy taxes on real property within the City of San Francisco? List them.

B. For what percentage of each independent government unit’s debt are the City of San Francisco’s residents responsible?

C. What are the city’s legal debt limit and legal debt margin, in dollars?

D. What is the total net debt applicable to the limit as a percentage of the debt limit?

E. What portion of the direct and overlapping debt is subject to the City of San Francisco’s legal debt margin? Discuss why all direct debt is not subject the debt limitation.