The debt limit for general obligation debt for Milos City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt margin.
|
Assessed property valuation |
$10,863,511,000 |
|
Approved but unissued tax supported debt |
10,000,000 |
|
Revenue bonds issued |
32,000,000 |
|
General obligation serial bonds issued |
43,000,000 |
|
Capital leases outstanding |
5,230,000 |