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Year of Tax Year of Tax <br />Levy <br />Collection Amount <br />1983 1984 $50,000 <br />1984 1985 53,000 <br />1985 1986 56,000 <br />1986 1987 59,000 <br />1987 1988 62,000 <br />1988 1989 65,000 <br />1989 1990 68,000 <br />1990 1991 72,000 <br />1991 1992 74,000 <br />1992 1993 76,000 <br />1993 1994 79,000 <br />1994 1995 48,000 <br />The tax levies are such that if collected in full <br />they, together with estimated collections of special assess- <br />ments and other revenues herein pledged for the payment of the <br />bonds, will produce at least five percent in excess of the <br />amount needed to meet when due the principal and interest <br />payments on the bonds. The tax levies shall be irrepealable so <br />long as any of the bonds are outstanding and unpaid, provided <br />that the City reserves the right and power to reduce the levies <br />in the manner and to the extent permitted by Minnesota <br />Statutes, Section 475.61(3). <br />For the prompt and full payment of the principal and <br />interest on the bonds, as the same respectively become due, the <br />full faith, credit and taxing powers of the City shall be and <br />are hereby irrevocably pledged. If the balance in the Debt <br />Service Account is ever insufficient to pay all principal and <br />interest then due on the bonds payable therefrom, the <br />deficiency shall be promptly paid out of any other funds of the <br />City which are available for such purpose, and such other funds <br />may be reimbursed with or without interest from the Debt <br />Service Account when a sufficient balance is available <br />therein." <br />5. The $1,060,000 General Obligation Temporary <br />Improvement Bonds of 1981 of the City shall be redeemed and <br />prepaid on April 1, 1984 at par and interest accrued to the <br />date of prepayment and the City Clerk is hereby authorized and <br />directed to cause notice of the call to be published in <br />Commercial West prior to April 1, 1984, the date of prepayment, <br />and to give mailed notice of call to the bank where said bonds <br />are payable and to the holders of the bonds, if any, who have <br />registered their names, addresses and bond numbers with the <br />City Clerk, but published notice shall be effective without <br />44 <br />