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DEBT STRUCTURE OF THE CITY <br /> <br />Financial Overview <br /> <br /> The following table summarizes certain financial information concerning the City. This information <br />should be reviewed in conjunction with the information contained in this section and the City's financial <br />statements in Appendix B hereto. <br /> <br />1997 Assessed Valuation (1) <br />1997 Estimated Actual Valuation (2) <br />1996 Estimated Population <br />Total Direct Debt <br />Per Capita Direct Debt <br />Ratio of Direct Debt to Assessed Valuation <br />Ratio of Direct Debt to Estimated Actual Valuation <br />Overlapping Indebtedness (3) <br />Total Direct and Overlapping Debt <br />Per Capita Direct and Overlapping Debt <br />Ratio of Direct and Overlapping Debt to Assessed Valuation <br />Ratio of Direct and Overlapping Debt to Estimated Actual Valuation <br /> <br />$ <br />$ <br /> 40,778 <br /> $3,770,000 <br /> $92.45 <br /> % <br /> % <br />$ <br />$ <br />$ <br /> % <br /> % <br /> <br />(1) Includes 1997 real, personal and state assessed railroad and utility property. <br />(2) Estimated actual valuation is calculated by dividing different classes of property by the corresponding <br /> assessment ratio. <br />(3) For further details, see the caption "Overlapping Indebtedness" below. <br /> <br />General Obligation Indebtedness <br /> <br /> The City has currently outstanding general obligation indebtedness in the principal amount of <br />$3,770,000. The City has never in its history defaulted on the payment of any of its debt obligations. <br />Following is a schedule of the remaining debt service requirements for payment of the District's outstanding <br />general obligation indebtedness: <br /> <br />Fiscal Total <br />Year Principal Interest Requirements <br /> <br />1997 $390,000 $186,755 $576,755 <br />1998 415,000 169,985 584,985 <br />1999 435,000 151,517 586,517 <br />2000 455,000 122,155 577,155 <br />2001 480,000 100,770 580,770 <br />2002 505,000 78,210 583,210 <br />2003 530,000 53,970 583,970 <br />2004 560,000 28,000 588,000 <br /> <br />Debt Limitation <br /> <br /> The City is authorized to issue general obligation bonds payable from ad valorem taxes to finance <br />capital improvements. The Missouri Constitution provides that the amount of bonds payable out of tax <br />receipts may not exceed 10% of the total assessed valuation of the taxable property in the City. The <br />Constitution permits cities to become indebted for an additional 10% for the purpose of acquiring rights-of- <br /> <br />-26- <br /> <br /> <br />