Assume the following facts about a local government. Determine the Tax Limit Exhausted and the Debt Limit

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Assume the following facts about a local government. Determine the Tax Limit Exhausted and the Debt Limit Exhausted ratios.

Tax Limit $\$ 11$ million Debt Limit $\$ 13$ million Tax Levy $\$ 8.5$ million Total Debt subject to Limit $\$ 9$ million

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