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236:' 5. It is hereby determined that n6~less than 20/ of the cost of said improvement shall be paid by special assessments to be levied against; every assessable lot, piece and parcel of land benefited by the said improvements. The Village hereby covenants and agrees that it will do and perform, as soon as they may be done, all acts and things necessary for the final and valid levy of such special asses- sments, and in the event that any such assessment be at any time held invalt~d with respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by the Village or this Council or any of the Village's officers or employees, either in the making of such assessment or in the per- formance of any condition precedent thereto, the Village and this Council will forthwith do and perform, all such further acts and take all such further proceedings as may be required by law to make such assessment a valid and binding lien upon such property. Said assess- ments shall be payable in 16 equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the year 1966 collectible with such taxes during the year 196 7. To the firstinstallment there shall be added interest at the rate of s_ix per cent per annum on the entire assessment from the date of the resolution levying the assessment until December 31, 196 7. To each subsequent installment there shall be added interest at said rate for one year on all unpaid installments. 6. To provide moneys for the payment of principal and inter- est there is hereby levied upon all of the taxable property in the Village a direct general annual ad valorem tax, which shall be spread upon the tax rolls and colll.ected with and as apart of other general property taxes in the said Village for the years and in the amounts as '~ follows : _ . Year Amount Year _ Amount Year Amount 1968 $2, o00 197~~ 2000 197. 2, o00 11969 2,000 1972 2,000 1975 2,500 Said tax shall be irrepealable so long as any of said bonds are outstanding and unpaid, provided that the Village reserves the right and power to reduce the levies in the manner and to the extent permitted by x+75.61(3) M.S.A. 7. The full faith and credit of the Village is hereby pledged for the payment of the principal and interest of said bonds . 8. The Village Clerk is hereby directed to file a certified copy of this resolution with the County Auditor of Ramsey County, Minnesota, together with such other information as he shall require, and to obtain from. said Auditor a certificate that said bonds have been entered in the Auditor's Bo~id Register. 9. The offer of Juran and Moody, Irc . , of St . Paul, Minnesota, to purchase the bonds hereunder at par and accrued interest, is hereby accepted and when said bonds have been printed, the same shall be delivered to the purchaser in accordance with said offer.