| Table 9 | |||||||||
| CITY OF LAWRENCE, KANSAS | |||||||||
| Computation of Legal Debt Margin | |||||||||
| December 31, 2005 | |||||||||
| Unaudited | |||||||||
| Assessed value – January 1, 2005 | $ | 848,569,778 | |||||||
| Debt limitation (1) | $ | 254,570,932 | |||||||
| Total bonded debt (including notes) | 125,118,000 | ||||||||
| Less revenue bonds | 25,910,000 | ||||||||
| Total debt applicable to limitation | 99,208,000 | ||||||||
| Legal debt margin | $ | 155,362,932 | |||||||
| (1) | Debt limitation is 30% of assessed value | ||||||||