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The Southside City has $95 million of debt recorded in its Schedule of Changes in Long-term Obligations, made up of $60 million of general obligation debt, $2 million of compensated absences payable, $8 million claims and judgments, and $25 million of obligations under capital leases. The State limits the amount of general obligation debt that can be issued by a City to 20% of the assessed value of its taxable property. The assessed value of property in Southside City is $500 million. The legal debt margin for Southside City is

a) $ 5 million.

b) $ 40 million.

c) $ 60 million.

d) $100 million.

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