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The City of Hays currently pays $7,234,352 in debt service annually with annual revenues totally $67,989,983. If the Citys benchmark debt ratio is 15%, can

The City of Hays currently pays $7,234,352 in debt service annually with annual revenues totally $67,989,983. If the Citys benchmark debt ratio is 15%, can the City issue more debt? Why? If so, how much additional debt can the City carry? Assume an annual interest rate of 6 percent and a twenty five-year maturity for the debt.

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