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16. It is hereby determined that no less than 100% of <br />the cost to the City of each Improvement financed hereunder <br />within the meaning of Minnesota Statutes, Section 475.58, <br />Subdivision 1(3) shall be paid by special assessments to be <br />levied against every assessable lot, piece and parcel of land <br />benefited by the Improvements. The City hereby covenants and <br />agrees that it will let all construction contracts not here- <br />tofore let within one year after ordering each Improvement <br />financed hereunder unless the resolution ordering the <br />Improvement specifies a different time limit for the letting of <br />construction contracts and will do and perform as soon as they <br />may be done, all acts and things necessary for the final and <br />valid levy of such special assessments, and in the event that <br />any such assessment be at any time held invalid with respect to <br />any lot, piece or parcel of land due to any error, defect, or <br />irregularity in any action or proceedings taken or to be taken <br />by the City or this Council or any of the City officers or <br />employees, either in the making of the assessments or in the <br />performance of any condition precedent thereto, the City and <br />this Council will forthwith do all further acts and take all <br />further proceedings as may be required by law to make the <br />assessments a valid and binding lien upon such property. The <br />special assessments have not heretofore been authorized, and <br />accordingly, for purposes of Minnesota Statutes, Section <br />475.55, Subdivision 3, the special assessments are hereby <br />authorized. Subject to such adjustments as are required by • <br />conditions in existence at the time the assessments are levied, <br />the assessments are hereby authorized and it is hereby <br />determined that the assessments shall be payable in equal, <br />consecutive, annual installments, with general taxes for the <br />years shown below and with interest on the declining balance of <br />all such assessments at a rate per annum not greater than the <br />maximum permitted by law and not less than 10 % per annum: <br />Improvement <br />Designation Amount Levy Years <br />Rice Lake Estates $1,828,264 1986 -2000 <br />Weber Improvements $ 21,736 1985 -1999 <br />16 <br />