Compute the legal debt margin for Mountain City given the fo…
Compute the legal debt margin for Mountain City given the following information regarding its debt. 1) The legal debt limit is 10 percent of total assessed valuation. 2) Bonds outstanding are: General obligation bonds for $14,000,000, and Serial bonds for $2,000,000. 3) Total assessed valuation of property within Mountain City is $200,000,000.
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