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C. Legal Debt Marqin <br /> I ! <br /> The Town is subject to the General Laws of the Commonwealth of Massa- j <br /> chusetts, which limits the amount of bonded debt (exclusive of several <br /> categories of general obligation debt issues exempt from the debt limit) <br /> the Town may have outstanding to 5 percent of the valuation of taxable <br /> property as last equalized by the Commonwealth's Department of <br /> Revenue. The following is a computation of the legal debt margin as of <br /> June 30, 1994. i <br /> i <br /> Equalized valuation - June 30, 1994 $ 1,511,711,000 <br /> Debt limit - 5% of equalized valuation $ 75,585,550 <br /> Total debt outstanding $ 12,149,500 <br /> Less: debt exempt from limit (7,261,500) 4,888,000 <br /> Legal Debt Margin $ 70,697,550 <br /> D. Bond Authorizations <br /> Long-term debt authorizations which have not been issued or rescinded <br /> as of June 30, 1994 are as follows: <br /> Date Authorized Purpose Amount <br /> I <br /> 12/04/93 Mashpee High School Construction 28,700,000 <br /> 05/07/94 Regional Septage Treatment Plant 3,250,000 <br /> Total <br /> $ 31,950,000 � <br /> 7. Financial Reporting Entity <br /> i <br /> The Town of Mashpee, for financial reporting purposes, includes all the funds <br /> and account groups relevant to the operations of the Town. The financial <br /> statements presented herein do not include agencies which have been <br /> formed under applicable state laws as separate and distinct units of govern- <br /> ment apart from the Town of Mashpee. <br /> i <br /> 8. Retirement Systems <br /> i <br /> i <br /> Substantially all employees of the Town (except teachers and administrators <br /> under contract employed by the School Department) are members of the <br /> Barnstable County Retirement System. The retirement system is partially <br /> funded by employee contributions. <br /> i <br /> i <br /> 15 <br />