CC PACKET 07131993 - Laserfiche WebLink

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taken or to be taken by the City or this Council or any of the City's officers or employees, either in the making of such assessment or in the performance of any condition precedent thereto,the City and this Council hereby covenant and agree that they will forthwith do all such further acts and take all such further proceedings as may-be required by law to make such assessments a valid and binding lien upon such property. The Council presently estimates that the special assessments shall be in the aggregate principal amount of $ payable in not more than installments, the first installment to be collectible with taxes during the year 19 and that deferred installments shall bear interest at the rate of not less than ,percent %) per annum from the date of the resolution levying said assessment until December 31 of the year in which the installment is payable. 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City are irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds as the same become respectively due. For the purpose there is hereby levied upon all of the taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax rolls prepared in each of the following years and collected with other taxes in the'following years and amounts as follows: Levy Collection Year Year Amount 1993 1994 1994 1995 1995 1996 1996 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 The foregoing tax levies are such that if collected in full they will produce at least five percent (5%) in excess of the amount needed to pay when due the principal of and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds are outstanding and unpaid; provided that the City -13-