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