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• 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$309,101 payable in not more than 15 installments, the first <br /> installment to be collectible with taxes during the year 2003, and that deferred installments shall <br /> bear interest at the rate of not less than six and five hundredths percent(6.50%)per annum from <br /> the date of the resolution levying said assessment until December 31 of the year in which the <br /> 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 /> 2002 2003 $ <br /> 2003 2004 <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 /> 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 /> -14- <br />