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6.1 B
<br /> Page135
<br /> Schedule 11
<br /> CITY OF REDWOOD CITY, CALIFORNIA
<br /> LEGAL DEBT MARGIN INFORMATION
<br /> Last Ten Fiscal Years
<br /> Total Total Total Net Debt
<br /> Net Debt Legal Debt Applicable to Limit
<br /> Fiscal Year Debt Limit Applicable to Limit Margin as � of Debt Limit
<br /> $ $ $ �
<br /> 2000/01 331,223,646 0 331,223,646 0
<br /> 2001/02 384,896,150 0 384,896,150 0
<br /> 2002/03 412,321,408 0 412,321,408 0
<br /> 2003/04 418,067,529 0 418,067,529 0
<br /> 2004/05 433,746,574 0 433,746,574 0
<br /> 2005/06 454,105,241 0 454,105,241 0
<br /> 2006/07 491,468,701 0 491,468,701 0
<br /> 2007/08 534,863,468 0 534,863,468 0
<br /> 2008/09 578,075,493 0 578,075,493 0
<br /> 2009/10 586,805,199 0 586,805,199 0
<br /> Legal Debt Margin Calculation for FY 2009/10
<br /> Assessed value 14,984,119,770
<br /> Add back: exempt real property 664,018,869
<br /> Total assessed value 15,648,138,639
<br /> Debt limit (3.75% of total assessed value) 586,805,199
<br /> Debt applicable to limit:
<br /> General obligation bonds 0
<br /> Less: Amount set aside for repayment
<br /> of general obligation debt 0
<br /> Total net debt applicable to limit
<br /> Legal debt margin 586,805,199
<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 /> 112
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