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Year Levy Year Collection Amount <br /> <br />2017 2018 <br />2018 2019 <br />2019 2020 <br />2020 2021 <br />2021 2022 <br />2022 2023 <br />2023 2024 <br />2024 2025 <br />2025 2026 <br />2026 2027 <br />2027 2028 <br />2028 2029 <br />2029 2030 <br />2030 2031 <br /> <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 /> <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 funds shall be reimbursed therefor when sufficient <br />money is available to the Bond Fund. If on February 1 in any year the sum of the balance in the <br />Bond Fund plus the amount of taxes and special assessments theretofore levied for the <br />Improvements and collectible through the end of the following calendar year is not sufficient to <br />pay when due all principal and interest become due on all Bonds payable therefrom in said <br />following calendar year, or the Bond Fund has incurred a deficiency in the manner provided in <br />this Section 4.06, a direct, irrepealable, ad valorem tax shall be levied on all taxable property <br />within the corporate limits of the City for the purpose of restoring such accumulated or <br />anticipated deficiency in accordance with the provisions of this resolution. <br /> <br /> Section 5. Defeasance. When any Bond has been discharged as provided in this Section <br />5, all pledges, covenants and other rights granted by this resolution to the holders of such Bonds <br />shall cease, and such Bonds shall no longer be deemed outstanding under this Resolution. The <br />City may discharge its obligations with respect to any Bond which is due on any date by <br />30