CCRes_90-09 - Laserfiche WebLink

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• 4.05. Ad Valorem Tazes. The full faith and credit and tazing 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 tazable property of the City a direct, annual ad valorem taa, which shall be spread upon the taz rolls prepared in each of the following years and collected with other tazes in the following years and amounts as follows: Levy Collection 1990 1991 $ 0 1991 1992 0 1992 1993 0 1993 1994 0 1994 1995 0 1995 1996 0 1996 1997 0 1997 1998 4,100 1998 1999 5,800 1999 2000 5,600 The foregoing taa levies are such that if collected in full they will produce at least five percent (5$) in ezcess of the • amount needed to pay when due the principal of and interest on the Bonds. This taz shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds are outstanding and unpaid; provided that the City reserves the right and power to reduce the levies in the manner and to the eztent permitted by Minnesota Statutes, Section 475.61. 4.06. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants contained in this resolution. It is estimated that the special assessments and ad valorem tazes levied and to be levied for the payment of the Improvement will be collected in amounts not less than five percent (5$) in ezcess of the annual principal and interest requirements of the Bonds. If the money on hand in the Bond Fund should at any time be insufficient for the payment of principal and interest then due, this City shall pay the • -15-