Reference no: EM13946121
(a). Compute the legal debt margin for the City of Brandon given the following information regarding its bonded debt.
The legal debt limit is 10 percent of total assessed valuation. [Note: The City has no liability for the revenue bonds or the industrial development bonds.]
Bonds outstanding and bonds authorized are:
Face Amount
Description Authorized Outstanding
General obligation street construction 12,000,000 12,000,000
Special assessment sidewalk construction 2,000,000 2,000,000
General obligation park acquisition 2,000,000 -0-
Water Utility Fund revenue 5,000,000 5,000,000
Industrial development revenue 6,000,000 6,000,000
Total assessed valuation of property within the City of Brandon is $200,000,000.
(b). What provision in a bond indenture or bond ordinance is necessary for long-term debt to be classified as a general obligation? Are all obligations properly reported as general long-term debt evidenced by bonds or notes? If not, give several examples of general long-term debt not evidenced by bonds or notes.
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