2012-2013 Budget - City of Saginaw MI

OVERLAPPING DEBT:Net DebtCity's Share74.44% Saginaw School District $60,275,000 $42,457,71010.54% Saginaw County 31,744,332 3,345,85310.68% Saginaw I/S/D 2,465,000 263,2624.58% Delta Community College 0 0TOTAL OVERLAPPINGDEBT $ 46,066,825NET DIRECT AND OVERLAPPING DEBT $ 59,651,825DEBT RATIOSDEBTRATIOPer Capita 2012 State Equalized Valuation $ 10,545Per Capita 2012 True Cash Value $ 21,090Per Capita 2012 Net Direct Debt $ 263.75Per Capita Combined Net Direct and Overlapping Debt $ 1,158.11Percent of Net Direct Debt of 2012 State Equalized Valuation 2.50%Percent of Net Direct and Overlapping Debt of 2012 State Equalized Valuation 10.98%Percent of Net Direct Debt of 2012 True Cash Value 1.25%Percent of Net Direct and Overlapping Debt of 2012 True Cash Value 5.49%LEGAL DEBT MARGINThe net indebtedness of the City shall not exceed 10% of the State Equalized Valuation of allassessed real and personal property. Obligations which are not included in the computation of legal debtmargin are:(1) Special Assessment Bonds;(2) Mortgage Bonds;(3) Michigan Transportation Bonds;(4) Revenue Bonds;(5) Bonds issued, or contracts or assessment obligations, incurred, to comply with an order of theWater Resources Commission (now the Department of Environmental quality) or a court ofcompetent jurisdiction;(6) Other obligations incurred for water supply, sewage, drainage or refuse disposal projectsnecessary to protect the public health by abutting pollution.241