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                                                                        City of Muskegon

                                              RATIO OF NET BONDED DEBT TO ASSESSED VALUE

                                                           NET BONDED DEBT PER CAPITA

                                                                      Last Ten Fiscal Years




                                                                                                Payable From                                   Net Bonded          Net
                                                      Gross               Less Debt               Enterprise                   Net              Debt to         Bonded
Fiscal                          Assessed             Bonded                 Service             Revenues and                Bonded             Assessed         Debt Per
Year          Population         Value (1)              Debt                Funds                Assessments                  Debt               Value           Capita

1993               40,283 $     524,228,600
                                                $       37,723,060
                                                                       $         1,388,993
                                                                                              $           28,679,633
                                                                                                                        $         7,654,434
                                                                                                                                                 1.5%        $          190.02
                                                                                                                                                                      
1994               40,283        521,288,400          37,572,438              1,195,831                27,988,995              8,387,612         1.6%                208.22
1995               40,283        533,369,306          35,971,939              1,267,264                27,059,441              7,645,234         1.4%                189.79
1996               40,283        574,549,100          37,014,462              1,946,649                27,111,865              7,955,948         1.4%                197.50
1997               40,283        603,484,900          35,001,068              2,199,516                26,050,247              6,751,305         1.1%                167.60
1998               40,283        614,982,400          35,483,833              1,918,272                25,786,747              7,778,814         1.3%                193.10
1999               40,283        676,710,100          39,169,600              2,407,563                30,160,507              6,601,530         1.0%                163.88
2000               40,283        724,062,800          36,697,731              2,974,730                27,387,710              6,335,291         0.9%                157.27
2001               40,105        812,923,900          32,429,103                   981,748             21,797,203              9,650,152         1.2%                240.62
2002               40,105        826,017,850          34,024,914                   250,798             19,623,014             14,151,102         1.7%                352.85

 (1)  See exhibit titled "Assessed and Estimated Actual Value of Taxable Property".

SOURCE:  City of Muskegon Finance Department and Muskegon County Equalization Department