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principal amount not less than twenty percent (20%) of the cost of the improvements. The City <br /> hereby covenants and agrees that for payment of the cost of each of the Improvements and each <br /> of the improvements refinanced by the Series 2006A Bonds and the Series 2007A Bonds it will <br /> do and perform all acts and things necessary for the full and valid levy of special assessments <br /> against all assessable lots, tracts and parcels of land benefited thereby and located within the area <br /> proposed to be assessed therefor, based upon the benefits received by each such lot, tract or <br /> parcel, in an aggregate principal amount not less than twenty percent (20%) of the cost of the <br /> Improvements and each of the improvements refinanced by the Series 2006A Bonds and the <br /> Series 2007A Bonds. In the event that any such assessment shall be at any time held invalid with <br /> respect to any lot, piece or parcel of land, due to any error, defect or irregularity in any action or <br /> proceeding 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 condition <br /> precedent thereto, the City and this Council hereby covenant and agree that they will forthwith <br /> do all such further acts and take all such further proceedings as may be required by law to make <br /> such assessments a valid and binding lien upon such property. <br /> 4.04. 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. In order to produce, together with the anticipated <br /> collections of the special assessments levied with respect to the Improvements and each of the <br /> improvements refinanced by the Series 2006A Bonds and the Series 2007A Bonds, aggregate <br /> amounts not less than 5% in excess of the amounts needed to meet when due the principal and <br /> interest payments on the Bonds, ad valorem taxes are hereby levied on all taxable property in the <br /> City, the taxes to be levied and collected in the following years and amounts: <br /> Lev, Years Collection Years Amount <br /> SEE ATTACHED SCHEDULE <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 /> 4.05. 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 taxes and special assessments <br /> levied and to be levied for the payment of the Improvements will be collected in amounts not <br /> less than five percent (5%) in excess of the annual principal and interest requirements of the <br /> Bonds. If the money on hand in the Bond Fund should at any time be insufficient for the <br /> payment of principal and interest then due, this City shall pay the principal and interest out of <br /> any fund of the City, and such other fund or funds shall be reimbursed therefor when sufficient <br /> money is available to the Bond Fund. If on February 1 in any year the sum of the balance in the <br /> Bond Fund plus the amount of taxes and special assessments theretofore levied for the <br /> Improvements and collectible through the end of the following calendar year is not sufficient to <br /> -16- <br />