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PLEASE MAKES SURE NUMBERS ARE CORRECT !!! In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you
PLEASE MAKES SURE NUMBERS ARE CORRECT !!! 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: Convention center bonds Electric utility bonds General obligation serial bonds Tax increment bonds Water utility bonde Transit authority bonds $ 3,100,000 2,900,000 3,100,000 2,500,000 2,000,000 2,100,000 les You obtain other information that includes the following items: 1. Assessed valuation of real and taxable personal property in the city totaled $250,000,000 2. The rate of debt limitation applicable to the City of Appleton was 8 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 is $2,000,000 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 $17,000,000 in outstanding bonds, while health services has $7,000,000 in debt. Finally, one-third of the $1,200,000 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 year end. CITY OF APPLETON Statement of Legal Debt Margin December 31 Assessed Value of Property Rate of Debt Limitation Amount of Debt Limitation Outstanding Long-Term indebtedness Subject to Debt Limit Prepare a statement of legal debt margin for the city as of December 31 year end. CITY OF APPLETON Statement of Legal Debt Margin December 31 Assessed Value of Property Rate of Debt Limitation Amount of Debt Limitation Outstanding Long Term Indebtedness Subject to Debt Limit Total Long-Term Debt Less Deductions: Net Debt Subject to Limitation Legal Debt Margin: Amount Available for Future Indebtedness Prepare a schedule of direct and overlapping debt for the city as of December 31 year end (Round Percentage answers to 2 decimal places.) CITY OF APPLETON Schedule of Direct and Overlapping Debt December 31 General Estimated Governmental Unit Obligation Percentage Ilonde Annable Estimated Share of Debt Total Long-Term Debt Less Deductions: Net Debt Subject to Limitation Legal Debt Margin: Amount Available for Future Indebtedness Prepare a schedule of direct and overlapping debt for the city as of December 31 year end. (Round Percentage answers to 2 decimal places.) CITY OF APPLETON Schedule of Direct and Overlapping Debt December 31 General Estimated Governmental Unit Obligation Percentage Bonds Applicable Estimated Share of Debt % X % % % Subtotal, Overlapping Debt City Direct Debt Total Direct and Overlapping Debt
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PLEASE MAKES SURE NUMBERS ARE CORRECT !!!
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