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6.C. - Page 184 of 196
<br />Schedule 11
<br />CITY OF REDWOOD CITY, CALIFORNIA
<br />LEGAL DEBT MARGIN INFORMATION
<br />Last Ten Fiscal Years
<br />Fiscal Year
<br />Debt Limit
<br />2010-11
<br />579,346,467
<br />2011-12
<br />577,068,246
<br />2012-13
<br />597,012,561
<br />2013-14
<br />636,545,042
<br />2014-15
<br />671,536,104
<br />2015-16
<br />729,301,290
<br />2016-17
<br />799,541,510
<br />2017-18
<br />865,100,991
<br />2018-19
<br />931,087,175
<br />2019-20
<br />1,002,450,286
<br />Legal Debt Margin Calculation for FY 2018-19
<br />Assessed value
<br />Add back: exempt real property
<br />Total assessed value
<br />Debt limit (3.75% of total assessed value)
<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
<br />Total
<br />Net Debt
<br />Applicable to Limit
<br />25,410,439,349
<br />1,321,568,277
<br />26,732,007,626
<br />1,002,450,286
<br />1,002,450,286
<br />Total
<br />Legal Debt
<br />Margin
<br />579,346,467
<br />577,068,246
<br />597,012,561
<br />636,545,042
<br />671,536,104
<br />729,301,290
<br />799,541,510
<br />865,100,991
<br />931,087,175
<br />1,002,450,286
<br />Total Net Debt
<br />Applicable to Limit
<br />as % of Debt Limit
<br />Note: Under state finance law, the city's outstanding general obligation debt should not exceed 15% of total assessed
<br />property value. However, the city has established a more conservative internal limit of not more than 3.75%. By law, the
<br />general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation
<br />bonds.
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