c. As given later in Chapter 8 of this project, the assessed valuation of property within the City of Smithville is $314,727,270. Assuming the legal general obligation debt limit is 8 percent of assessed valuation, prepare in good form a schedule showing the legal debt limit, debt outstanding subject to the limit, and the legal debt margin of the city as of December 31, 2017, rounding the debt limit to the nearest whole dollar (see Illustration 6-3 for an example). A note at the bottom of the schedule should disclose that $40,000 of restricted fund balance in the debt service fund is restricted for payment of interest rather than principal repayment and therefore should be excluded from your schedule. In addition, the note should disclose the bonds authorized but unissued, as described in the introductory paragraph of Chapter 5 of the City of Smithville cumulative problem. This will inform the reader that additional debt issuances are pending.
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