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5.02. Levy of Special Assessments. For the payment of the cost of each of the <br /> improvements financed by the Series 2004A Bonds and the Series 2005A Bonds the City has <br /> levied special assessments against all assessable lots, tracts and parcels of land benefited thereby <br /> and located within the area proposed to be assessed therefor, based upon the benefits received by <br /> each such lot, tract or parcel, in an aggregate principal amount not less than twenty percent <br /> (20%) of the cost of the improvements. In the event that any such assessment shall be at any <br /> time held invalid with respect to any lot, piece or parcel of land, due to any error, defect or <br /> irregularity in any action or proceeding taken or to be taken by the City or this Council or any of <br /> the City's officers or employees, either in the making of such assessment or in the performance <br /> of any condition precedent thereto, the City and this Council hereby covenant and agree that they <br /> will forthwith do all such further acts and take all such further proceedings as may be required by <br /> law to make such assessments a valid and binding lien upon such property. <br /> 5.03. Pledge of Taxing Powers. For the prompt and full payment of the principal of and <br /> 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. In order to <br /> produce, together with the anticipated collections of the special assessments levied with respect <br /> to the improvements financed by the Series 2004A Bonds and the Series 2005A Bonds, <br /> aggregate amounts not less than 5% in excess of the amounts needed to meet when due the <br /> principal and interest payments on the Bonds, ad valorem taxes are hereby levied on all taxable <br /> property in the City, the taxes to be levied and collected in the following years and amounts: <br /> Levy Years Collection Years Amount <br /> 2011 2012 <br /> 2012 2013 <br /> 2013 2014 <br /> 2014 2015 <br /> 2015 2016 <br /> 2016 2017 <br /> 2017 2018 <br /> 2018 2019 <br /> 2019 2020 <br /> 2020 2021 <br /> The taxes shall be irrepealable as long as any of the Bonds are outstanding and unpaid, <br /> provided that the City reserves the right and power to reduce the tax levies from other legally <br /> available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61. <br /> Section 6. Defeasance. When all of the Bonds have been discharged as provided in <br /> this section, all pledges, covenants and other rights granted by this resolution to the holders of <br /> the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which <br /> are due on any date by depositing with the Registrar on or before that date a sum sufficient for <br /> the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be <br /> discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with <br /> interest accrued from the due date to the date of such deposit. The City may also discharge its <br /> obligations with respect to any prepayable Bonds called for redemption on any date when they <br /> -12- <br />