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 December 31, 2016. You ascertain that the following bond issues are outstanding on that data:

Convention center bonds $2,100,000

Electric utility bonds 1,600,000

General obligation serial bonds 2,000,000

Tax increment bonds 1,300,000

Water utility bonds 500,000

Transit authority bonds 700,000

You obtain other information that includes the following items:

1. Assessed valuation of real and taxable personal property I the city totaled $130,000,000.
2. The rate of debt limitation applicable to the City of Appleton was 5 percent of total real and taxable personal property valuation.
3. 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.
4. The convention center bonds and tax increment bonds are subject to debt limitation.
5. The amount of assets segregated for debt retirement at December 31, 2016, is $2,300,000.
6. 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 $9,000,000 in debt. Finally, one-third of the $900,000 of regional library outstanding debt is paid by taxes assessed on Appleton residents.

Prepare a statement of legal debt margin for the city as of December 31, 2016.

City of Appleton

Statement of Legal Debt Margin

December 31, 2016

	Debit	Credit
Assessed Value of Property
Rate of Debt Limitation			%
Amount of Debt Limitation		0
Outstanding Long-Term Indebtedness
Subject to Debt Limit:
Total Long-Term Debt	0
Less Deductions:
Net Debt Subject to Limitation			0
Legal Debt Margin: Amount Available for Future Indebtedness			$

Prepare a schedule of direct and overlapping debt for the city as of December 31, 2016. (Round Percentage answers to 2 decimal places.)

City of City of Appleton

Statement of Legal Debt Margin

December 31, 2016

Governmental Unit	General Obligation Bonds	Estimated Percentage Applicable	Estimated Share of Overlapping Debt
		%
		%
		%
		%
		%
		%
Subtotal, Overlapping Debt
City Direct Debt
Total Direct and Overlapping Debt