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way; constructing, extending and improving streets and avenues; constructing, extending and improving <br />sanitary or storm sewer systems; or purchasing or constructing waterworks or electric light plants. <br /> <br /> A four-sevenths approving vote of the qualified voters is required to authorize the issuance of ad <br />valorem tax supported bonds if the vote is held on a general municipal, primary or general election day. A <br />two-thirds approving vote is required in all other elections. Principal and interest of general obligation bonds <br />are payable from ad valorem taxes which may be levied by the City Council without limitation as to rate or <br />amount upon all taxable property within the City's territorial limits. <br /> <br /> Based on the City's 1996 final assessed valuation, which was $ , its current legal debt <br />margin is $ , with an additional debt margin of $ for the purpose of acquiring rights- <br />of-way; constructing, extending and improving streets and avenues; constructing, extending and improving <br />sanitary or storm sewer systems; or purchasing or constructing waterworks or electric light plants. <br /> <br />Overlapping Indebtedness <br /> <br /> The following table sets forth the approximate overlapping indebtedness of other political <br />subdivisions in the City as of December 15, 1996. The table was compiled from information furnished by the <br />jurisdictions responsible for the debt, and the City has not independently verified the accuracy or completeness <br />of such information. Furthermore, political subdivisions may have ongoing programs requiring the issuance of <br />substantial additional bonds, the amounts of which cannot be determined at this time. <br /> <br /> Percent <br />Gross Debt Applicable to <br />Outstanding Universit~ City(l) <br /> <br />University City's <br />Share of Debt <br /> <br />University City School District <br />St. Louis County <br />Metropolitan St. Louis Sewer District <br /> <br />$ 100.00% $ <br /> 165,785,000 2.33 3,862,790 <br /> 12,035,000 3.82 459,787 <br /> <br />Total Overlapping Debt <br /> <br />$ $ <br /> <br />Lease Obligations <br /> <br />The City has no long-term municipal lease agreements for the purchase of assets, other than the Lease. <br /> <br />[Remainder of this page intentionally left blank.] <br /> <br />-27- <br /> <br /> <br />