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7.1.G. - Page 156
<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 /> 2003/04 418,067,529 418,067,529
<br /> 2004/05 433,746,574 433,746,574
<br /> 2005/06 454,105,241 454,105,241
<br /> 2006/07 491,468,701 491,468,701
<br /> 2007/08 534,863,468 534,863,468
<br /> 2008/09 578,075,493 578,075,493
<br /> 2009/10 586,805,199 586,805,199
<br /> 2010/11 579,346,467 579,346,467
<br /> 2011/12 577,068,246 577,068,246
<br /> 2012/13 597,012,561 597,012,561
<br /> Legal Debt Margin Calculation for FY 2012/13
<br /> Assessed value 15,154,216,639
<br /> Add back: exempt real property 766,118,316
<br /> Total assessed value 15,920,334,955
<br /> Debt limit (3.75% of total assessed value) 597,012,561
<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 597,012,561
<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.
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