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City Note and the interest thereon have been fully paid. There are hereby pledged and there shall <br />be credited to the Debt Service Account available funds of the City in an amount sufficient to <br />pay interest due on the City Note on February 1, 2017 and collections of all taxes herein or <br />hereafter levied by the City for the payment of the City Note and interest thereon and any and all <br />other moneys which are properly available and are appropriated by the governing body of the <br />City to the Debt Service Account. <br />5. As provided in the City Resolution for payment of principal and interest on the <br />City Note, there is hereby levied upon all of the taxable property in the City a direct annual ad <br />valorem tax which shall be spread upon the tax rolls and collected with and as part of other <br />general property taxes in the City for the years and in the amounts as follows: <br />Year of Tax Levy Year of Tax Collection Amount <br />2016-2024 <br />2017-2025 (See attached Levy Schedule) <br />The tax levies are such that if collected in full will produce the 105% of the amount <br />needed to meet when due the principal and interest payments on the City Note. The tax levies <br />shall be irrepealable so long as the City Note is outstanding and unpaid, provided that the City <br />reserves the right and power to reduce the levies in the manner and to the extent permitted by <br />Minnesota Statutes, Section 475.61, Subdivision 3. <br />Dated: April 14, 2016. <br />7575437v1 <br />By <br />By <br />2 <br />w. <br />Finance Director <br />