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• Any (a) earnings or net profits derived fro m <br />investment or deposit of the proceeds of said bonds not <br />expended for said project, ( fa) accrued interest and premium <br />received upon .the sale of said bona:., a.nd C c ) any other <br />-bond proceeds not expended for said project will be applied <br />a gainst interest and/or principal due on said bonds within <br />three. years of their date of issue. <br />10. To provide moneys for the pay ment of said <br />principal and interest there is hereby levied upon all of <br />the taxable property in the City a direct annual ad valorem <br />-tax which shall be spread upon the tax rolls and collected <br />with and as part of, other general property taxes in said <br />City for the years and in the amounts as follows: <br />r~ <br />LJ <br />Year of Tax Year of Ta x <br />Levy Collection Amount <br />1974 1975 $11,500 <br />1975 1976 11,700 <br /> 8 <br />1977 197 11,700 <br />1978 1979 11,700 <br />1979 1980 11,700 <br />1980 1981 ~ 11,700 <br />1981 1982 11,700 <br />1982 1983 11, 700 <br />1983 1884 11,700 <br />' 1984 1885 11,700 <br />1985 1986 11,.700 <br />1986 1987 11,700 <br />1987 1988 11,700 <br />Said tax levies are such that if collected in full <br />they, together with estimated collections of other revenues <br />pledged for the payment of said bonds, will produce at least <br />five per cent in excess of the amount needed to meet when <br />due the principal and interest payments on the bonds. <br />Said tax levies shall be irrepealable so long as <br />any of said bonds are outstanding and unpaid, provided that <br />the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Sec. 475.61( 3) <br />M.S.A. <br /> <br />