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THE CITY' OF SOUTH BEND <br />COMPUTATION IDF LEGAL DEBT MARGIN <br />December 31, 2003 <br />CIVIL CITY <br />Net Assessed Value (2003 pay 2004) of Taxable Property in South Bend' <br />Debt limit: 2% of net assessed value <br />Amount of debt applicable to limit: <br />Total bonded debt subject to debt limit: EDIT" Bonds $ 9,650,000 <br />Less: Cash on hand designated for debt service 237,500 <br />Total debt applicable to debt limit <br />Legal debt margin -Civil City <br />REDEVELOPMENT AUTHORITY <br />Net Assessed Value (2003 pay 2004) of Taxable Property in South Bend" <br />Debt limit: 2% of net assessed value <br />Amount of debt applicable to limit: <br />Total bonded debt subject to debt limit: Studebaker Bond $ 1,525,000 <br />Less: Cash on hand designated for debt service 290,000 <br />Total debt applicable to debt limit <br />Legal debt margin -Redevelopment Authority <br />'Estimated at time of Printing <br />$ 925,291,187 <br />18,505,824 <br />9,412,500 <br />$ 9,093,324 <br />$ 925,291,187 <br />18,505,824 <br />1,235,000 <br />$ 17,270,824 <br />A 2% debt limit is established by the Constitution of the State of Indiana. This limit is established <br />for general obligation bonds, Economic Development Income Tax revenue bonds, tax revenue <br />notes and other types of indebtedness. This limitation does not include revenue bonds payable <br />from governmental funds (excluding EDIT bonds) shown on the previous debt schedules. Indiana <br />law allows the creation of separate municipal corporations to provide vital governmental functions. <br />Each of these municipal corporations (including the Redevelopment Authority and Redevelopment <br />Commission) has its own 2% debt limit, even if they have the same or similar boundaries. <br />D-61 <br />