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~~ ~- <br />15. It is hereby determined that no less than 20$ of <br />the cost of the City of each public improvement financed <br />• hereunder within the meaning of Minnesota Statutes, Section <br />475.58, Subdivision 1(3) shall be paid by special assessments. <br />to be levied against every assessable lot, piece and <br />land benefited b the parcel of <br />covenants and agrees thatlit willoleteall•constructionereby <br />contracts not heretofore let within one year after ordering <br />each improvement financed hereunder unless the resolution <br />ordering the improvement specifies a different time limit for <br />the letting of construction contracts and will do and perform <br />as soon as they may be done, all acts and things necessary for <br />the final and valid levy of such special assessments, and in <br />the event that any such assessment be at any time held invalid <br />with respect to any lot, piece or parcel of land due to any <br />error, defect, or irregularity, in any action or proceedings <br />taken or to be taken by the City or this Council or any of the <br />City officers or employees, either in the making of the <br />assessments or in the performance of any condition precedent <br />thereto, the City and this Council will forthwith do all <br />further acts and take all further proceedings as may be <br />required by law to make the assessments a valid and binding <br />lien upon such property. The assessments have not heretofore <br />been authorized, and accordingly, for purposes of Minnesota <br />Statutes, Section 475.55, Subdivision 3, the special <br />assessments are hereby authorized. Subject to such adjustments <br />as are required by conditions in existence at the time the <br />• assessments are levied, the assessments are hereby authorized <br />and it is hereby determined that the assessments shall be <br />payable in equal, consecutive, annual installments, with <br />general taxes for the years shown below and_with interest on <br />the declining balance of alI such assessments at a rate per <br />annum not greater than the maximum permitted by law and not <br />less than c~_$ per annum: <br />Improvement <br />Designation Amount <br />--- ----- Levy Years <br />See attached "Computation of Levy and Assessments" <br />U <br />~. <br />`: <br />_~ <br />