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HUDSON CITY SCHOOL DISTRICT
                                             SUMMIT COUNTY, OHIO

                                     LEGAL DEBT MARGIN INFORMATION
                                             LAST TEN FISCAL YEARS

Fiscal          Unvoted  Voted       Total Debt     Debt Service                 Net Debt          Voted      Total Net Debt
Year              Debt   Debt        Applicable       Available                 Applicable      Legal Debt  Applicable to Limit
                 Limit   Limit                         Balance
                                      to Limit                                   to Limit         Margin      as a Percentage
                                                                                                               of Debt Limit

2015    $926,899 $ 83,420,949 $ 20,470,000 $                               - $ 20,470,000 $ 62,950,949      24.54%

2014            897,322  80,758,994  21,690,000                      302,335    21,387,665      59,371,329  26.48%

2013            891,363  80,222,708  24,830,000                      1,311,307  23,518,693      56,704,015  29.32%

2012            885,534  79,698,074  28,885,000                      4,469,722  24,415,278      55,282,796  30.63%

2011            891,363  85,479,642  30,634,964                      3,828,701  26,806,263      58,673,379  31.36%

2010            947,791  85,301,216  31,606,086                      3,730,347  27,875,739      57,425,477  32.68%

2009            948,337  85,350,292  27,531,600                      3,661,877  23,869,723      61,480,569  27.97%

2008            897,950  80,815,484  28,167,134                      3,449,296  24,717,838      56,097,646  30.59%

2007            897,794  80,801,473  31,772,507                      3,412,070  28,360,437      52,441,036  35.10%

2006            930,068  83,706,091  29,439,692                      3,618,489  25,821,203      57,884,888  30.85%

Legal Debt Margin Calculation for Fiscal Year 2015

Assessed value                                                                  $ 926,899,430

Debt limit (9% of assessed value)                                                83,420,949
Add: debt service fund equity                                                                -
Less: debt applicable to limit
                                                                                (20,470,000)

Legal debt margin                                                               $ 62,950,949

Source: Summit County Fiscal Officer and District financial records

Note: Ohio Bond Law sets a limit of 9% for voted debt and 1/10 of 1% for unvoted debt.

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