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and located within the area proposed to be assessed therefor, based upon the benefits <br /> received by each such lot, tract or parcel, in an aggregate principal amount not less <br /> • than twenty percent (20%) of the cost of the Improvements. In the event that any <br /> such assessment shall be at any time held invalid with respect to any lot, piece or <br /> parcel of land, due to any error, defect or irregularity in any action or proceeding <br /> 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 <br /> condition precedent thereto, the City and this Council hereby covenant and agree <br /> that they will forthwith do all such further acts and take all such further proceedings <br /> as may be required by law to make such assessments a valid and binding lien upon <br /> such property. The Council presently estimates that the special assessments shall be <br /> in the aggregate principal amount of $183,750 payable in not more than 15 <br /> installments, the first installment to be collectible with taxes during the year 1995 <br /> and that deferred installments shall bear interest at the rate of not less than Seven and Seven- <br /> percent (7.70%) per annum from the date of the resolution levying said <br /> assessment until December 31 of the year in which the installment is payable. <br /> 4.05. Ad Valorem Taxes. The full faith and credit and taxing powers of <br /> the City are irrevocably pledged for the prompt and full payment of the principal of <br /> and interest on the Bonds as the same become respectively due. For the purpose <br /> there is hereby levied upon all of the taxable property of the City a direct, annual ad <br /> valorem tax, which shall be spread upon the tax rolls prepared in each of the <br /> following years and collected with other taxes in the following years and amounts as <br /> • follows: <br /> Levy Collection <br /> Year Year Amount <br /> 1994 1995 $38,587 <br /> 1995 1996 34,058 <br /> 1996 1997 38,127 <br /> 1997 1998 36,646 <br /> 1998 1999 35,103 <br /> 1999 2000 33,528 <br /> 2000 2001 37,171 <br /> 2001 2002 35,260 <br /> 2002 2003 33,312 <br /> 2003 2004 36,578 <br /> 2004 2005 34,268 <br /> 2005 2006 37,166 <br /> 2006 2007 34,473 <br /> 2007 2008 31,732 <br /> 2008 2009 34,204 <br /> -13- <br />