In preparation for a proposed bond sale, the city manager of theCity of Appleton requested that you prepare a statement of legaldebt margin and a schedule of direct and overlapping debt for thecity as of the December 31 year end. You ascertain that thefollowing bond issues are outstanding on that date:

Convention center bonds	$	2,800,000
Electric utility bonds		2,300,000
General obligation serial bonds		2,700,000
Tax increment bonds		1,900,000
Water utility bonds		1,300,000
Transit authority bonds		1,400,000

You obtain other information that includes the followingitems:

1. Assessed valuation of real and taxable personal property in thecity totaled $190,000,000.
2. The rate of debt limitation applicable to the City of Appletonwas 4 percent of total real and taxable personal propertyvaluation.
3. Electric utility, water utility, and transit authority bondswere all serviced by enterprise revenues. By law, suchself-supporting debt is not subject to debt limitation.
4. The convention center bonds and tax increment bonds are subjectto debt limitation.
5. The amount of assets segregated for debt retirement at December31 is $2,000,000.
6. The city’s residents are also taxed by Clyde County for 25percent of school district and health services debt. The schooldistrict has $18,000,000 in outstanding bonds, while healthservices has $5,000,000 in debt. Finally, one-third of the$1,200,000 of regional library outstanding debt is paid by taxesassessed on Appleton residents.

Prepare a statement of legal debt margin for the city asof December 31 year end.

Prepare a schedule of direct and overlapping debt for thecity as of December 31 year end