In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin and a schedule of direct and overlapping debt for the city as of the December $31$ year$-$end. You ascertain that the following bond issues are outstanding on that date:

You obtain other information that includes the following items:

Assessed valuation of real and taxable personal property in the city totaled $$270,000,000.$

The rate of debt limitation applicable to the City of Appleton was $6$ percent of total real and taxable personal property valuation.

Electric utility, water utility, and transit authority bonds were all serviced by enterprise revenues. By law, such self$-$supporting debt is not subject to debt limitation$.$

The convention center bonds and tax increment bonds are subject to debt limitation$.$

The amount of assets segregated for debt retirement at December $31$ is $$2,600,000.$

The city's residents are also taxed by Clyde County for $25$ percent of school district and health services debt. The school district has $$15,000,000$ in outstanding bonds, while health services has $$7,000,000$ in debt. Finally, one$-$third of the $$1,800,000$ of regional library outstanding debt is paid by taxes assessed on Appleton residents.

Required

a$-1.$ Prepare a statement of legal debt margin for the city as of December $31$ year$-$end.

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