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6.1.D. - Page 167
<br />Schedule 11
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />LEGAL DEBT MARGIN INFORMATION
<br />Last Ten Fiscal Years
<br />Legal Debt Margin Calculation for FY 2015-16
<br />Assessed value 18,716,550,566
<br />Add back: exempt real property 731,483,833
<br />Total assessed value 19,448,034,399
<br />Debt limit (3.75% of total assessed value) 729,301,290
<br />Debt applicable to limit:
<br />General obligation bonds
<br />Less: Amount set aside for repayment
<br />of general obligation debt
<br />Total net debt applicable to limit
<br />Legal debt margin 729,301,290
<br />Note: Under state finance law, the city's outstanding general obligation debt should not exceed 15% of total
<br />assessed property value. However, the city has established a more conservative internal limit of not more than
<br />3.75%. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying
<br />general obligation bonds.
<br />140
<br />Total
<br />Total
<br />Total Net Debt
<br />Net Debt
<br />Legal Debt
<br />Applicable to Limit
<br />Fiscal Year
<br />Debt Limit
<br />Applicable to Limit
<br />Margin
<br />as % of Debt Limit
<br />2006-07
<br />491,468,701
<br />491,468,701
<br />2007-08
<br />534,863,468
<br />534,863,468
<br />2008-09
<br />578,075,493
<br />578,075,493
<br />2009-10
<br />586,805,199
<br />586,805,199
<br />2010-11
<br />579,346,467
<br />579,346,467
<br />2011-12
<br />577,068,246
<br />577,068,246
<br />2012-13
<br />597,012,561
<br />597,012,561
<br />2013-14
<br />636,545,042
<br />636,545,042
<br />2014-15
<br />671,536,104
<br />671,536,104
<br />2015-16
<br />729,301,290
<br />729,301,290
<br />Legal Debt Margin Calculation for FY 2015-16
<br />Assessed value 18,716,550,566
<br />Add back: exempt real property 731,483,833
<br />Total assessed value 19,448,034,399
<br />Debt limit (3.75% of total assessed value) 729,301,290
<br />Debt applicable to limit:
<br />General obligation bonds
<br />Less: Amount set aside for repayment
<br />of general obligation debt
<br />Total net debt applicable to limit
<br />Legal debt margin 729,301,290
<br />Note: Under state finance law, the city's outstanding general obligation debt should not exceed 15% of total
<br />assessed property value. However, the city has established a more conservative internal limit of not more than
<br />3.75%. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying
<br />general obligation bonds.
<br />140
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