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• <br />• <br />• <br />benefited by the improvements. The City hereby covenants and <br />agrees that it will let all construction contracts not here- <br />tofore let within one year after ordering each improvement <br />financed hereunder unless the resolution ordering the <br />improvement specifies a different time limit for the letting of <br />construction contracts and will do and perform as soon as they <br />may be done, all acts and things necessary for the final and <br />valid levy of such special assessments, and in the event that <br />any such assessment be at any time held invalid with respect to . <br />any lot, piece or parcel of land due to any error, defect, or <br />irregularity, in any action or proceedings taken or to be taken <br />by the City or this Council or any of the City officers or <br />employees, either in the making of the assessments or in the <br />performance of any condition precedent thereto, the City and <br />this Council will forthwith do all further acts and take all <br />further proceedings as may be required by law to make the <br />assessments a valid and binding lien upon such property. The <br />assessments have not heretofore been authorized, and <br />accordingly, for purposes of Minnesota Statutes,. Section <br />475.55, Subdivision 3, the assessments are hereby authorized. <br />Subject to such adjustments as are required by conditions in <br />existence at th° time the assessments are leable~in elu lereby <br />determined. that the assessments shall be pay q <br />consecutive, annual installments, with general taxes for the <br />years shown below and with interest on the declining balance of <br />all such assessments at a rate per annum not greateertannum e <br />maximum permitted by law and not less than 1Q _~ p <br />Improvement Levy Years <br />Designation Amount - <br />1982/1991 <br />Pascal $143,816:.80 <br />At the time the assessments are in fact .levied the <br />City Council shall, based on the then current estimated col- <br />lections of the assessments, make any adjustments in any ad <br />valorem taxes required to be levied in order to assure that the <br />City continues to be in compliance with Minnesota Statutes, <br />Section 475.61, Subdivision 1. <br /> <br />