Assuming that the assessed valuation of property within the City of Smithville is $323,913,790 and the legal general obligation debt limit is 8 percent of assessed valuation, prepare the schedule in good form showing calculation of the legal debt limit, debt subject to the limit, and debt margin at the end of 2020. A note at the bottom of the schedule should disclose the bonds authorized but unissued, as described in the introductory paragraph of Chapter 5 of the City of Smithville cumulative problem.This will inform the reader that additional debt issuances are pending.

Chapter 5 introductory paragraph:

Street Improvement Capital Projects Fund and Governmental Activities at the Government-wide Level

During late 2019, the voters of the City of Smithville authorized tax-supported bond issues totaling $8,000,000 as partial financing for projects to construct the extension of streets and the related curbs, culverts, and storm sewers in the city. The estimated total cost of the projects, which are expected to extend over the next three years, was $11,200,000. In addition to the bond financing, voters also approved a special 1 cent sales tax to assist in financing the projects.The sales tax begins January 1, 2020 and will continue for seven years.The sales tax is projected to generate $550,000 each year.