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necessary for the full and valid levy of special assessments against all assessable lots, tracts and <br />parcels of land benefited thereby and located within the area proposed to be assessed therefor, <br />based upon the benefits received by each such lot, tract or parcel, in an aggregate principal <br />amount not less than twenty percent (20%) of the cost of the Improvements. In the event that <br />any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of <br />land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by <br />the City or this Council or any of the City's officers or employees, either in the making of such <br />assessment or in the performance of any condition precedent thereto, the City and this Council <br />hereby covenant and agree that they will forthwith do all such further acts and take all such <br />further proceedings as may be required by law to make such assessments a valid and binding lien <br />upon such property. The Council presently estimates that the special assessments shall be in the <br />aggregate principal amount of $303,360 payable in not more than 15 installments, the first <br />installment to be collectible with taxes during the year 2015, and that deferred installments shall <br />bear interest at the rate of 3.90% per annum from the date of the resolution levying said <br />assessment until December 31 of the year in which the installment is payable. <br />4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are <br />irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds <br />as the same become respectively due. For the purpose there is hereby levied upon all of the <br />taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax <br />rolls prepared in each of the following years and collected with other taxes in the following years <br />and amounts as follows: <br />Levy Collection <br />Year Year Amount <br />See attached levy schedule <br />The foregoing tax levies together with special assessments are such that if collected in full they <br />will produce at least five percent (5%) in excess of the amount needed to pay when due the <br />principal of and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond <br />Fund as long as any of the Bonds are outstanding and unpaid; provided that the City reserves the <br />right and power to reduce the levies in the manner and to the extent permitted by Minnesota <br />Statutes. Section 475.61. <br />4.06. Full Faith and Credit Pledged. The full faith and credit of the City are irrevocably <br />pledged for the prompt and full payment of the principal of and the interest on the Bonds, and the <br />Bonds shall be payable from the Bond Fund in accordance with the provisions and covenants <br />contained in this resolution. It is estimated that the special assessments and ad valorem taxes <br />levied and to be levied for the payment of the Improvements will be collected in amounts not <br />less than five percent (5%) in excess of the annual principal and interest requirements of the <br />Bonds. If the money on hand in the Bond Fund should at any time be insufficient for the <br />payment of principal and interest then due, this City shall pay the principal and interest out of <br />any fund of the City, and such other fund or finds shall be reimbursed therefor when sufficient <br />money is available to the Bond Fund. If on October I in any year the sum of the balance in the <br />_17_ <br />