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• Levy Collection <br /> Year Year Amount <br /> 2001 2002 $78,298 <br /> 2002 2003 81,408 <br /> 2003 2004 79,920 <br /> 2004 2005 78,433 <br /> 2005 2006 76,945 <br /> 2006 2007 80,708 <br /> 2007 2008 78,931 <br /> 2008 2009 77,155 <br /> 2009 2010 75,299 <br /> 2010 2011 78,615 <br /> 2011 2012 76,372 <br /> 2012 2013 79,210 <br /> 2013 2014 76,467 <br /> 2014 2015 78,707 <br /> 2015 2016 75,434 <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 <br /> therefor when sufficient money is available to the Bond Fund. If on October 1 in any year the <br /> sum of the balance in the Bond Fund plus the amount of taxes and special assessments <br /> theretofore levied for the Improvements and collectible through the end of the following calendar <br /> year is not sufficient to pay when due all principal and interest become due on all Bonds payable <br /> therefrom in said following calendar year, or the Bond Fund has incurred a deficiency in the <br /> manner provided in this Section 4.06, a direct, irrepealable, ad valorem tax shall be levied on-all <br /> taxable property within the corporate limits of the City for the purpose of restoring such <br /> accumulated or anticipated deficiency in accordance with the provisions of this resolution. <br /> • Section 5. Defeasance. When any Bond has been discharged as provided in this <br /> Section 5, all pledges, covenants and other rights granted by this resolution to the holders of such <br /> -14- <br />