The Debt Limit for General Obligation Debt for Milos City

question 40

Essay

The debt limit for general obligation debt for Milos City is 1 percent of the assessed property valuation for the city.
$\begin{array}{lr}\text { Assessed property valuation } & \$ 10,863,511,000 \\ \text { Approved but unissued tax-supported debt } & 10,000,000 \\ \text { Revenue bonds issued } & 32,000,000 \\ \text { General obligation serial bonds issued } & 43,000,000 \\ \text { Leases outstanding } & 5,230,000\end{array}$
Calculate the city's debt limit and debt margin.

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