Subtotal, Overlapping Debt City Direct Debt Total Direct and Overlapping Debt EA $ 7,000,000 13,249,950 Return to question 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 bonds Transit authority bonds $ 2,600,000 2,100,000 2,500,000 1,900,000 1,300,000 1,500,000 You obtain other information that includes the following items: 1. Assessed valuation of real and taxable personal property in the city totaled $190,000,000. 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 is $2,900,000. 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 $18,000,000 in outstanding bonds, while health services has $5,000,000 in debt. Finally, one-third of the $1,500,000 of 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 $18,000,000 in outstanding bonds, while health services has $5,000,000 in debt. Finally, one-third of the $1,500,000 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. > Answer is complete but not entirely correct. CITY OF APPLETON Assessed Value of Property Rate of Debt Limitation Amount of Debt Limitation Statement of Legal Debt Margin December 31 Outstanding Long-Term Indebtedness Subject to Debt Limit: $ 190,000,000 5 % 9,500,000 Prepare a schedule of direct and overlapping debt for the city as of December 31 year end. (Round Percentage answers to 2 decimal places.) > Answer is not complete. CITY OF APPLETON Schedule of Direct and Overlapping Debt December 31 General Estimated Estimated Governmental Unit Obligation Percentage Share of Debt Bonds Applicable Clyde County School District $18,000,000 0.25 % $ 4,500,000 Clyde County Health Services 500,000 0.25 % Regional Library 150,000 0.33 % 1,250,000 499,950 % 6,249,950 x % % Subtotal, Overlapping Debt 7,000,000 Subtotal, Overlapping Debt City Direct Debt Total Direct and Overlapping Debt EA $ 7,000,000 13,249,950