Laserfiche WebLink
CITY OF SOUTH BEND, INDIANA <br />COMPUTATION OF LEGAL DEBT MARGIN <br />December 31, 2006 <br />CIVIL CITY <br />Net Assessed Valuation (2006 pay 2007) of Taxable Property in South Bend* $ 949,317,041 <br />Debt limit: 2% of net assessed value 18,986,341 <br />Amount of debt applicable to limit: <br />Total bonded debt subject to debt limit: EDIT Bonds <br />Less: Cash on hand designated for debt service <br />Total debt applicable to debt limit <br />Legal debt mazgin -Civil City <br />Amouut of debt subject to limit/debt limit <br />$ 7,440,000 <br />72,175 <br />7,367,825 <br />$ 11,618,516 <br />38.51% <br />~, REDEVELOPMENT AUTHORITY <br />rn <br />0 <br />Net Assessed Valuation (2006 pay 2007) of Taxable Property in South Bend* $ 949,317,041 <br />Debt limit: 2% of net assessed value 18,986,341 <br />Amount of debt applicable to limit: <br />Total bonded debt subject to debt limit: Studebaker Bond $ 0 <br />Less: Cash on hand designated for debt service 0 <br />Total debt applicable to debt limit 0 <br />Legal debt mazgin -Redevelopment Authority $ 18,986,341 <br />Amouut of debt subject to limit/debt limit 0.00% <br />*The 2006 pay 2007 assessed valuation is not available at time of printing. The amount calculated is an estimation. <br />A 2% debt limit is established by the Constitution of the State of Indiana. This limit is established for general <br />obligation bonds, Economic Development Income Tax revenue bonds, tax revenue notes and other types of <br />indebtedness. This limitation does not include revenue bonds payable from governmental funds (excluding <br />EDIT bonds) shown in the general long teen debt account goup. Indiana law allows the creation of sepazate <br />municipal corporations to provide vital governmental functions. Each of these municipal corporations (including <br />the Redevelopment Authority and Redevelopment Commission) has its own 2% debt limit, even if they have the <br />same or similaz boundaries. <br />