CCRes_90-09 - Laserfiche WebLink

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• the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Bond Fund when the balance therein is sufficient, and the Council covenants and agrees that it will each year levy a sufficient amount to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory tar limitation. 4.03. Additional Bonds. The City reserves the right to issue additional bonds payable from the Bond Fund as may be required to finance costs of the Improvements not financed hereby; provided that the City Council shall, prior to the delivery of such additional bonds, levy or agree to levy by resolution sufficient additional special assessments and ad valorem tares, if any, which, together with other moneys or revenues pledged for the payment of said additional obligations, will produce revenues at least five percent (5$) in ezcess of the amount needed to pay when due the principal and interest on all bonds payable from the Bond Fund. The additional special assessments, ad valorem tares and moneys or revenues so pledged, levied or agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner provided by Minnesota Statutes, Section 475.61. 4.04. Levy o Special Assessments. The City hereby . covenants and agrees that for payment of the cost of the Improvement it will do and perform all acts and things necessary for the full and valid levy of special assessments against all assessable lots., tracts and parcels of land benefited thereby and located within the area proposed to be assessed therefor, based upon the benefits received by each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent (20$) 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 ~ 103,042.00 payable in not more than 10 installments, the first installment to be collectible with tares during the year 19 91, and that deferred installments shall bear interest at the rate of not less than 8.3 percent (8_3$) per annum from the date of the resolution levying said assessment until December 31 of the year in which the installment is payable. -14-