The debt limit for general obligation debt for Milos City is 1 percent of the assessed property
Question:
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
Step by Step Answer:
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus