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Improvements not financed hereby; provided that the City Council shall, prior to <br /> the delivery of such additional bonds, levy or agree to levy by resolution sufficient <br /> additional special assessments and ad valorem taxes, if any, which, together with <br /> other moneys or revenues pledged for the payment of said additional obligations, <br /> will produce revenues at least five percent (5%) in excess of the amount needed to <br /> pay when due the principal and interest on all bonds payable from the Bond Fund. <br /> The additional special assessments, ad valorem taxes and moneys or revenues so <br /> pledged, levied or agreed to be levied shall be irrevocably appropriated to the Bond <br /> Fund in the manner provided by Minnesota Statutes, Section 475.61. <br /> 4.04. Levy of Special Assessments. The City hereby covenants and <br /> agrees that for payment of the cost of each of the Improvements it will do and <br /> perform all acts and things necessary for the full and valid levy of special <br /> 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 <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 $235,790 payable in not more than 15 <br /> installments, the first installment to be collectible with taxes during the year 19 <br /> and that deferred installments shall bear interest at the rate of not less than <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 in the Bonds as the same become respectively due. For thL- 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 /> * Seven and seventy hundredths <br /> • -13- <br />