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C. Legal Debt Margin <br /> The Town is subject to the General Laws of the Commonwealth of <br /> Massachusetts, which limits the amount of bonded debt (exclusive <br /> of several categories of general obligation debt issues exempt from !' <br /> the debt limit) the Town may have outstanding to 5 percent of the <br /> valuation of taxable property as last equalized by the Commonwealth's <br /> Department of Revenue. The following is a computation of the legal <br /> debt margin as of June 30, 1995. <br /> Equalized valuation - June 30, 1995 $ 1.300.459.500 <br /> i <br /> Debt limit - 5% of equalized valuation $ 65,022,975 <br /> Total debt outstanding 9,675,600 <br /> Less: debt exempt from limit (5.844,000) 3.831,600 <br /> Legal Debt Margin $ 61.191.375 <br /> D. Overlapping Debt <br /> The Town's proportionate share of debt of other governmental units which <br /> provide services within the Town's boundaries and which must be borne <br /> by the resources of the Town is summarized below: !" <br /> i <br /> Total Town's Town's <br /> Related Entity Principal Percent Share <br /> Barnstable County $ 1.275.000 5.5 $ 70.125 <br /> E. Bond Authorizations <br /> Long-term debt authorizations which have not been issued or rescinded <br /> as of June 30, 1995 are as follows: <br /> Date Authorized Purpose Amount <br /> 12/04/93 Mashpee High School Construction $ 28,700,000 <br /> 05/07/93 Regional Septage Treatment Plant 3,250,000 <br /> 05/02/94 Scituite Road 338,000 <br /> 05/02/94 Contuit Corners 253,000 <br /> Total $ 32.541.000 <br /> 7. Contingent Liabilities <br /> Litigation - There are various claims and suits pending against the Town <br /> which arose in the normal course of the Town's activities. There are also <br /> 16 <br />