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APR 08 '93 12 :00PM EHLERS ASSOCIATES P.18/23 <br /> acts and things necessary for the full and valid levy of special amts against all <br /> assessable lots, exacts and parcels of land benefited thereby and located within the <br /> area proposed to be assessed therefor, for, based upon the benefits received by each such <br /> lot, tract or parcel, in an aggregate principal amount not less than twenty percent <br /> (20%) of the cost of the Improvement. In the event that any such assessment shall <br /> be at any time held invalid with respect to any lot, piece or parcel of land, due to any <br /> error, defect or irregularity in any action or proceeding taken or to be taken by the <br /> City or this Council or any of the City's officers or employees, either in the making <br /> of such assessment or in the performance of any condition precedent thereto, the <br /> City and this Council hereby covenant and agree that they will forthsvith do all such <br /> further acts and take all such further proceedings as may be ire' by law to make <br /> such assessments a valid and binding lien upon such property. The Council <br /> presently estimates that the special assessments shall be in the principal amount of <br /> payable in not more than installments, the first installment to be <br /> collectible with taxes during the year 19 and that deferred installments shall bear <br /> interest at the rate of not less than percent per annum from the date of the <br /> resolution levying said assessment until December 31 of the year in which the <br /> installment is payable. <br /> 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of <br /> the City are irrevocably pledged for the prompt and full payment of the principal of <br /> and interest in the Bonds as tbe same become respectively due. For the purpose <br /> there is hereby levied upon all of the taxable property of the City a direct, annual ad <br /> valorem tax, which shah be spread upon the tax rolls prepared in each of the <br /> following years and collected with other taxes in the following years and amounts as <br /> follows_ <br /> Levy Collection <br /> Year Year Amount <br /> 1993 1994 <br /> 1994 1995 <br /> 1995 1996 <br /> 1996 1997 <br /> 1997 1998 <br /> 1998 1999 <br /> 1999 2(X)0 <br /> 2000 2001 <br /> 2001 2002 <br /> 2t '2 2003 <br /> The foregoing tax levies are such that if collected in full they will produce at least <br /> five percent (5%) in excess of the amount needed to pay when due the principal of <br /> and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond <br /> -15- <br />