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• Levy Collection <br /> Year Year Amount <br /> 1986 1987 $68, 773 . 91 <br /> 1987 1988 71, 741 . 25 <br /> Said taxes shall be irrepealable as long as any of the <br /> Certificates herein authorized are outstanding and unpaid; <br /> provided that the City reserves the- right and power to reduce <br /> the levies in the manner and to the extent provided in <br /> Minnesota Statutes, Section 475 . 6.1 . <br /> 4 . 03 . Full Faith and Credit Pledged. The full faith <br /> and credit of the City are irrevocably pledged for the prompt <br /> and full payment of the principal of and interest on the <br /> Certificates, and the Certificates shall be payable from the <br /> Sinking Fund in accordance with the provisions and covenants <br /> contained in this resolution. It is estimated that the ad <br /> valorem taxes levied for the payment of the Certificates and <br /> other moneys legally available to the City for such purposes, <br /> will be collected in amounts not less than five percent in <br /> excess of the annual principal and interest requirements of the <br /> Certificates . If the money on hand in the Sinking Fund should <br /> at any time be insufficient to pay all principal and interest <br /> • due on all bonds payable therefrom, such amounts shall be paid <br /> from any other fund of the City and such other fund shall be <br /> reimbursed therefor when sufficient money is available in the <br /> Sinking Fund. If on October 1 in any year the sum of the <br /> balance in the Sinking Fund plus the amount of ad valorem taxes <br /> theretofor levied for the Certificates and collectible through <br /> the end of the following calendar year is not sufficient to pay <br /> when due all principal and interest to become due on all bonds <br /> payable therefrom in said following calendar year , or the <br /> Sinking Fund has incurred a deficiency in the manner provided <br /> in this Section 4 . 04 , an additional direct, irrepealable, ad <br /> valorem tax shall be levied on all taxable property within the <br /> corporate limits of the City for the purpose of restoring such <br /> accumulated or anticipated deficiency in accordance with the <br /> provisions of this resolution. <br /> Section 5 . Registration, Certification of <br /> Proceedings, Investment of Moneys and Arbitrage . <br /> 5 . 01 . Registration. The Finance Director is hereby <br /> authorized and directed to file a certified copy of this <br /> resolution with the County Auditors of Hennepin and. Ramsey <br /> Counties, together with such other information as such County <br /> Auditors shall require, and to obtain from each of said County <br /> Auditors a certificate that the Certificates have been entered <br /> on his bond register and the taxes described in Section 4 . 02 <br /> • hereof have been levied as required by law. <br /> -11- <br />