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In preparation for a proposed bond sale, the city manager requested that you prepare a statement of direct and overlapping debt for the city as

In preparation for a proposed bond sale, the city manager requested that you prepare a statement of direct and overlapping debt for the city as of December 31, 2014. You determine that the following city bond issues are outstanding on that date:

Convention center bonds $8,800,000

Electric utility bonds 3,400,000

General obligation serial bonds 9,000,000

Tax increment bonds 2,400,000

Water utility bonds 3,300,000

Transit authority bonds 2,600,000

Other information is as follows:

a. Electric utility, water utility, and transit authority bonds were all serviced by enterprise revenues.

b. Assets segregated for debt retirement total $1,200,000.

c. Another bond issue to be paid from general tax revenues has been approved by city tax payers in the amount of $2,000,000.

g. The citys residents are also responsible for 25% of the countys bonded debt of $30,000,000 and 30% of the school districts bonded debt of $12,000,000.

Required: prepare a statement of direct and overlapping debt

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