I-1 - Preliminary Official Statement Series 2021A Refunding

SUMMARY OF DEBT AND DEBT STATISTICS Statutory Debt Limit Article XI, Section 3 of the State of Iowa Constitution limits the amount of debt outstanding at any time of any county, municipality or other political subdivision to no more than five percent (5%) of the actual value of all taxable property within the corporate limits, as taken from the last certified state and county tax list. The debt limit for the County, based on its most recent certified (2019) valuation, is as follows: Computation of Legal Debt Limit as of February 2, 2021: 2019 [2020/2021] Gross Valuation of 100% Actual Value of Property $ 353,945,190 Less Military Exemption ( 150,012) Add Captured Tax Increment Value 54,103,665 Actual Value for Debt Limit Calculation $ 407,898,843 Times 5% of Actual Value for Debt Limit Calculation x .05 Legal Debt Limit $ 20,394,942 Outstanding bonds applicable to debt limit: $4,430,000 G.O. Annual Appropriation Corporate Purpose Bonds, Series 2015A 330,000(1) $5,140,000 G.O. Corporate Purpose Bonds, Series 2017A 4,580,000 $1,100,000 G.O. Annual App. Fire Truck Acquisition Bonds, Series 2018A 40,000(1) $4,500,000 G.O. Corporate Purpose Bonds, Series 2019A 4,500,000 $7,670,000 G.O. Urban Renewal and Refunding Bonds, Series 2020A 7,670,000 $2,650,000 G.O. Annual App. Corporate Purpose Refunding Bonds, Series 2021A 0(1) TIF Rebate Agreements 54,150(2) Total debt applicable to debt limit $ 17,174,150 Legal Debt Margin $ 3,220,792 [remainder of page left blank intentionally] (1) Only the annual appropriation debt coming due in the current year applies to the City’s statutory debt limit. (2) These rebate agreements count against the City’s statutory debt limit to the extent of the current fiscal year rebate amount. A-11