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Question - Compute the legal debt margin for Armstrong County given the following information regardin its bonded debt.
1) The total assessed valuation of property within Armstrong County is $800,000,000
2) The legal debt limit is 10 percent of total assessed valuation
3) Bonds authorized/outstanding are:
Serial bonds issued for new library construction 10,000,000
Term bonds issued for new fire station construction 10,000,000
Less: Amount accumulated for debt retirement 1,800,000
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