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• Principal Interest payable on
<br /> Year Amount April 1 October 1
<br /> 2001 $70,000 $36,153.75 $24,102.50
<br /> 2002 70,000 24,102.50 22,457.50
<br /> 2003 70,000 22,457.50 20,795.00
<br /> 2004 70,000 20,795.00 19,115.00
<br /> 2005 70,000 19,115.00 17,417.50
<br /> 2006 70,000 17,417.50 15,702.50
<br /> 2007 70,000 15,702.50 13,935.00
<br /> 2008 70,000 13,935.00 12,167.50
<br /> 2009 70,000 12,167.50 10,400.00
<br /> 2010 65,000 10,400.00 8,710.00
<br /> 2011 65,000 8,710.00 7,020.00
<br /> 2012 65,000 7,020.00 5,297.50
<br /> 2013 65,000 5,297.50 3,575.00
<br /> 2014 65,000 3,575.00 1,787.50
<br /> 2015 65,000 1,787.50
<br /> The Finance Director shall follow the procedure set forth in Minnesota Statutes, Section 162.18,
<br /> Subdivision 4, for obtaining such funds. If at any time the moneys in the Sinking Fund should be
<br /> insufficient to pay all principal and interest due on the Bonds, the Finance Director shall
<br /> • nevertheless pay the same from any moneys on hand in the general fund of the City, and the
<br /> moneys so used shall be restored to the general fund from the moneys next received by the City
<br /> from the Construction or Maintenance Account in the Municipal State-Aid Street Fund of the
<br /> State of Minnesota, which are not required for the payment of additional principal and interest.
<br /> There are hereby established two accounts in the Bond Fund, designated as the
<br /> "Debt Service Account" and the "Surplus Account." All money appropriated or to be deposited
<br /> in the Bond Fund shall be deposited as received into the Debt Service Account. On each April 1,
<br /> the City Finance Director shall determine the amount on hand in the Debt Service Account. If
<br /> such amount is in excess of one-twelfth of the debt service payable from the Bond Fund in the
<br /> immediately preceding 12 months, the City Finance Director shall promptly transfer the amount
<br /> in excess to the Surplus Account. The City appropriates to the Surplus Account any amounts to
<br /> be transferred thereto from the Debt Service Account as herein provided and all income derived
<br /> from the investment of amounts on hand in the Surplus Account. If at any time the amount on
<br /> hand in the Debt Service Account is insufficient to meet the requirements of the Bond Fund, the
<br /> City Finance Director shall transfer to the Debt Service Account amounts on hand in the Surplus
<br /> Account to the extent necessary to cure such deficiency.
<br /> 4.03. Pledge of Taxing Powers. For the prompt and full payment of the principal
<br /> of and interest on the Bonds as such payments respectively become due, the full faith, credit and
<br /> unlimited taxing powers of the City shall be and are hereby irrevocably pledged. However, it is
<br /> estimated that the state-aid street allotments appropriated for the payment of such principal and
<br /> • interest in Section 4.02 hereof will be not less than 5% in excess of such principal and interest
<br /> when due, and accordingly no tax is levied at this time. However, if an actual or anticipated
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