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52 <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$ payable in not more than installments, the <br /> first installment to be collectible with taxes during the year 2004, and that deferred installments <br /> shall bear interest at the rate of not less than percent L %)per <br /> annum from the date of the resolution levying said assessment until December 31 of the year in <br /> which the installment is payable. <br /> 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of the City <br /> are irrevocably pledged for the prompt and full payment of the principal of and interest in the <br /> 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 Amount <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 /> 2013 2014 <br /> 2014 2015 <br /> 2015. 2016 <br /> 2016 2017 <br /> 2017 2018 <br /> 2018 2019 <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 <br /> irrevocably pledged for the prompt and full payment of the principal of and the interest on the <br /> -14- <br />