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Bonds as the same become respectively due. For the purpose there is hereby levied upon all of <br /> the taxable property of the City a direct,annual ad valorem tax, which shall be spread upon the <br /> tax rolls prepared in each of the following years and collected with other taxes in the following <br /> years and amounts as follows: <br /> Levy Collection <br /> Year Year Amoun t <br /> 1998 1999 $ <br /> 1999 2000 <br /> 2000 2001 <br /> 2001 2002 <br /> 2002 2003 <br /> 2003 2004 <br /> 2004 2005 <br /> 2005 2006 <br /> 2006 2007 <br /> 2007 2008 <br /> 2008 2009 <br /> 2009 2010 <br /> 2010 2011 <br /> 2011. 2012 <br /> 2012 2013 <br /> The foregoing tax levies are such that if collected in full they will produce at least five percent <br /> (5%) in excess of the amount needed to pay when due the principal of and interest on the Bonds. <br /> This tax shall be irrevocably appropriated to the Bond Fund as long as any of the Bonds are <br /> outstanding and unpaid;provided that the City reserves the right and power to reduce the levies <br /> in the manner and to the extent permitted by Minnesota Statutes,Section 475.61. <br /> 4.06. Full Faith and Credit Pledged. The full faith and credit of the City are <br /> irrevocably pledged for the prompt and full payment of the principal of and the interest on the <br /> Bonds, and the Bonds shall be payable from the Bond Fund in accordance with the provisions <br /> and covenants contained in this resolution. It is estimated that the special assessments and ad <br /> valorem taxes levied and to be levied for the payment of the Improvements will be collected in <br /> amounts not less than five percent(5%) in excess of the annual principal and interest <br /> requirements of the Bonds. If the money on hand in the Bond Fund should at any time be <br /> insufficient for the payment of principal and interest then due,this City shall pay the principal <br /> and interest out of any fund of the City, and such other fund or funds shall be reimbursed therefor <br /> when sufficient money is available to the Bond Fund. If on October 1 in any year the sum of the <br /> balance in the Bond Fund plus the amount of taxes and special assessments theretofore levied for <br /> the Improvements and collectible through the end of the following calendar year is not sufficient <br /> -15- <br />