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2576 may be transferred by the Council to the fund of any other improvement instituted pursuant to Chapter 429 M.S.A. There is hereby pledged and there shall be credited to the Sinking Fund Account, all collections of special assessments and taxes herein levied, all accrued interest received upon delivery of said bonds, and all funds remaining in said Construction Account after completion of the improvements and payment of the costs thereof, not so transferred to the fund of another improvement. The Sinking Fund Account shall be used solely to pay principal and interest on the bonds issued hereunder. 9. It is hereby determined that no less than $45.000 of the cost of improvements shall be paid by special assess- ments to be levied against every assessable lot, piece and parcel of land benefited by 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 assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregularity, in any action or proceedings taken or to be taken by the Village or this Council or any of the Village officers or employees, either in the making of such assessments or in the performance of any condition _ precendent thereto, the Village and this Council will forthwith do all such further acts and take all such further proceedings as may be required by law to make such assessments a valid and binding lien upon such property. a) Said assessments for the Sheldon Street improve- ments, consiting of street, curb, gutter, sanitary sewer and watermains and said watermain improvements along Hamline Avenue shall be payable in twenty (20) equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the year 1968, collectible with such taxes during the year 1968. To the first installment there shall be added interest at the rate of 6~ per annum on the entire assessment from the date of the resolution levying the assessment until December 31, 1968. To each subsequent instalment there shall be added interest at said rate for one year on all unpaid installments. b) Said assessments for the Hoyt Avenue improve- ments, consisting of sidewalks, curb and gutter, shall be payable in five (5) equal, consecutive, annual installments, the first of said installments to be payable with general taxes for the year 1968, collectible with such taxes during -6-