INTRODUCTION
Legal Debt Margin Under state law, the City has a legal debt limitation not to exceed 15 percent of the total adjusted assessed valuation of taxable property within the City boundaries. In accordance with California Government Code Section 43605, only the City’s general obligation bonds are subject to that legal debt limit.
Computation of Debt Limit Margin Years ended 2021 through 2024
FY 2020-2021
FY 2021-2022
FY 2022-23
FY 2023-24
Assessed Valuation
$ 89,979,276,432
$ 94,912,704,120
$ 99,990,080,533
$ 107,641,160,442
Conversion Percentage
25%
25%
25%
25%
Adjusted Assessed Valuation
22,494,819,108 $
$ 23,728,176,030
$ 24,997,520,133
$ 26,910,290,111
Debt Limit Percentage
15%
15%
15%
15%
Debt Limit
$
3,374,222,866
$
3,559,226,405
$
3,749,628,020
$
4,036,543,517
Total Net Debt Applicable to Limit: General Obligation Bonds
$ $
-
$ $
-
$ $
-
$ $
-
Legal Debt Margin
3,374,222,866
3,559,226,405
3,749,628,020
4,036,543,517
The City has no outstanding general obligation bond debt.
FY 2023-25 Adopted Budget
27
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