Question
Can you please help me complete this non-profit organization accounting please. Please see the attachment 2). Complete the following: - The legal debt limit is
Can you please help me complete this non-profit organization accounting please. Please see the attachment 2). Complete the following: - The legal debt limit is 10 percent of total assessed valuation. [Note: The City has no liability for the revenue bonds or the industrial development bonds.] - Bonds outstanding and bonds authorized are: ?Face Amount ?Description General obligation street construction Special assessment sidewalk construction General obligation park acquisition Water Utility Fund revenue Industrial development revenue Authorized 12,000,000 2,000,000 2,000,000 5,000,000 6,000,000 Outstanding 12,000,000 2,000,000 -0- 5,000,000 6,000,000 ????Total assessed valuation of property within the City of Brandon is $200,000,000. Required: a. Compute the legal debt margin for the City of Brandon given the following information regarding its bonded debt. b. What provision in a bond indenture or bond ordinance is necessary for long-term debt to be classified as a general obligation? Are all obligations properly reported as general long-term debt evidenced by bonds or notes? If not, give several examples of general long-term debt not evidenced by bonds or notes.
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