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149 <br />action or proceedings taken or to be taken by the Village or this Council <br />or any of the Village's officers or employees, either in the making of <br />such assessment or in the performance of an.y condition precedent thereto, <br />the Village and this Council hereby covenant and agree that they will for'~~i- <br />with do all such further acts and take all such further proceedings as may <br />be required b;T law to make such assessment a valid and binding lien upon <br />such property. Said .assessments shall be payable in twenty (20), equal, <br />consecutive, annual installments, the first of said installments to be <br />payable with general taxes for the .year 1960 collectible with such taxes <br />during the .year 1861. Deferred installments shall bear interest at the <br />rate of six (6~) percent per annum. To the first installment shall be <br />added interest on the entire assessment from the date of the resolution <br />levying the assessment until December 31st of the ,year in which the first <br />installment is payable. To each subsequent installment when due shall <br />be added interest for one ,year on all unpaid installments. <br />6. It is hereby determined that to provide monies to produce <br />with said assessments amounts not less than 5°~' in excess of the sums <br />required to pa,y when due the principal of and interest on said bonds, <br />there is hereby levied upon all of the taxable property in the Village <br />a direct, annual, ad valorem tax, which shall be spread upon the tax <br />rolls for the .years and in the amounts as indicated below, and collected <br />together with and as a part of other general property taxes in the re- <br />spective ensuing .years: <br />Year <br />1 0 Levy <br />1500 Year <br />~q~G Lev, <br />$~ Year <br />1~ Levy <br />$25Z~ <br />1861 1500 1867 2000 1973 2500 <br />1962 1500 1g6~ 2000 197+ 3000 <br />1863 2000 1969 2000 1975 3000 <br />1g61~ 2000 1970 2000 1976 3000 <br />1965 2000 1971 2500 1977 3000 <br /> 1978 3000 <br />Said tax shall be irrepealable as long as,any of said bonds are out- <br />standing and unpaid; provided, that the Village reserves the right and <br />power to reduce said levies b,y the amount of any monies irrevocably <br />appropriated to and actually paid into said Sinking Fund Account in <br />accordance with the provisions of Minnesota Statutes, Section x+75.61. <br />7. The Village Clerk is here'cy authorized and directed to <br />file a certified copy of this resolution with the County Auditor of <br />Ramsey County, together with such other information as he shall re- <br />quire, and to obtain from said County Auditor a certificate that said <br />bonds have been entered on his bond register and that the tax required <br />b.y law for the payment of said bonds has been levied. <br />8. The full faith and credit of the Village is hereby pledged <br />for the payment of the principal and interest of said bonds. <br />9. The officers of the Village and the County Auditor of ` <br />Ramsey County are hereby authorized and directed to prepare and furnish <br />to the purchaser of said bonds aad to the attorneys approving the legality <br />- 5 - <br />