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E. Overlapping <br /> The Town 's proportionate share of debt of other governmental units <br /> which provide services within the Town 's boundaries, and which must <br /> be borne by the resources of the Town, is summarized below (in thous- <br /> ands of dollars) (unaudited): <br /> Total Town 's Town 's <br /> Related Entity Principal Percent Share <br /> Barnstable County $ 2,163 5.18% $ 112 <br /> This liability is appropriately not reported in the accompanying financial <br /> statements. <br /> F. 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 the Town may <br /> have outstanding to 5 percent of the valuation of taxable property as <br /> last equalized by the Commonwealth's Department of Revenue. The <br /> following is a computation of the legal debt margin as of June 30, 1997 <br /> (in thousands of dollars): <br /> Equalized valuation - January 1, 1996 $ 1.298.761 <br /> Debt limit - 5% of equalized valuation $ 64,938 <br /> Total debt outstanding 36,032 <br /> Less: debt exempt from limit (31,764) 4,268 <br /> Legal Debt Margin $ 60.670 <br /> G. Changes in General Long-Term Liabilities <br /> During the year ended June 30, 1997, the following changes occurred <br /> in liabilities reported in the general long-term debt account group (in <br /> thousands): <br /> Balance Balance <br /> July 1, 1996 Additions Reductions June 30, 1997 <br /> Notes payable $ - $ 64 $ - $ 64 <br /> Landfill closure cost 1,758 100 - 1,858 <br /> General obligation debt 7,784 30,360 2,176 35,968 <br /> Accrued employee benefits 789 14 - 803 <br /> Totals $ 10.331 $30.538 $2M $38.693 <br /> 16 <br />