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Schedule 16

CITY OF MYRTLE BEACH, SOUTH CAROLINA LEGAL DEBT MARGIN INFORMATION Last Ten Fiscal Years

2001

2002

Fiscal Year 2003

2004

$

18,759,582 $

19,262,342 $

19,663,652 $

20,140,066

(13,640,000)

(14,945,000)

(13,595,000)

(12,365,000)

7,775,066

6,068,652 $

4,317,342 $

5,119,582 $

Debt Limit

Total Net Debt Applicable to Debt Limit

Legal Debt Margin

$

Total Net Debt Applicable to Debt Limit as a Percentage of Debt Limit

72.71%

77.59%

69.14%

61.40%

Note: Article Ten, Section Fourteen of the South Carolina Constitution of 1895 as amended provides that a City or Town shall incur general obligation debt over the eight percent limit when approved by a majority vote of the qualified electors of the political subdivision voting in a referendum authorized by law. There shall be no conditions or restrictions limiting the incurring of such indebtedness except:

  • a.

    those restrictions and limitations imposed in the authorization to incur such indebtedness,

  • b.

    the provisions of Article Ten, Section Fourteen and

  • c.

    such general obligation debt shall be issued within five years of the date of such referendum and shall

mature within forty years from the time such indebtedness shall be incurred.

UNAUDITED

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