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acts and things necessary for the full and valid levy of special assessments against all • assessable lots, tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent (20%) of the cost of the Improvement. In the event that any such assessment shall 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 proceeding taken or to be taken by the City or this Council or any of the City's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto, the City and this Council hereby covenant and agree that they 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. The Council presently estimates that the special assessments shall be in the principal amount of $215 , 000 payable itt not more than 10 installments, the first installment to be collectible with taxes during the year 19 94 and that deferred installments shall bear interest at the rate of not less than ~ percent L%) per annum from the date of the resolution levying said assessment until December 31 of the year in which the installment is payable. 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds as the same become respectively due. For the purpose there is hereby levied upon all of the taxable property of the City a direct, annual ad • valorem tax, which shall be spread upon the tax rolls prepared in each of the following years and collected with other taxes in the following years and amounts as follows: Levy Collection Year Year Amount 1993 1994 $101,400. 1994 1995 108,700 1995 19% 106,900 19% 1997 110,000. 1997 1998 1.12,700 1998 1999 114,900 1999 2000 116,600 2000 2001 112,900 2001 2002 114,100 2002 2003 120,200 The foregoing tax levies are such that if collected in full they will produce at least five percent (5%) in excess of the amount needed to pay when due the principal of and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond • -15-