Assuming that the assessed valuation of property within the City of Bingham is $1,409,090,909, and the legal general obligation debt limit is 5 percent of assessed valuation, compute the legal debt margin of the city as of December 31, 2023. Prepare a schedule in good form showing calculation of the legal debt limit, debt subject to the limit, and debt margin. There is no requirement stating what amount of the restricted fund balance must be dedicated to principal versus interest payment, so in this instance treat the entire amount of restricted fund balance as restricted for principal when performing your calculations.  

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1 Assessed Valuation 1409090909 2 Legal General Obligation Debt Limit 5 of assessed ... View the full answer