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• Levy Collection <br /> Year Year Amount <br /> 1995 1996 $50,389 <br /> 1996 1997 62,213 <br /> 1997 1998 60,113 <br /> 1998 1999 63,242 <br /> 1999 2000 60,832 <br /> 2000 2001 63,625 <br /> 2001 2002 60,869 <br /> 2002 2003 63,337 <br /> 2003 2004 65,497 <br /> 2004 2005 67,314 <br /> 2005 2006 63,560 <br /> 2006 2007 64,988 <br /> 2007 2008 66,048 <br /> 2008 2009 66,770 <br /> 2009 2010 67,153 <br /> The foregoing tax levies are such that if collected in full they will produce at least <br /> five percent (5%) in excess of the amount needed to pay when due the principal of <br /> and interest on the Bonds. This tax shall be irrevocably appropriated to the Bond <br /> • Fund as long as any of the Bonds are outstanding and unpaid; provided that the City <br /> reserves the right and power to reduce the levies in the manner and to the extent <br /> permitted by Minnesota Statutes, Section 475.61. <br /> 4.06. Full Faith and Credit Pledged. The full faith and credit of the City <br /> are irrevocably pledged for the prompt and full payment of the principal of and the <br /> interest on the Bonds, and the Bonds shall be payable from the Bond Fund in <br /> accordance with the provisions and covenants contained in this resolution. It is <br /> estimated that the special assessments and ad valorem taxes levied and to be levied <br /> for the payment of the Improvements will be collected in amounts not less than <br /> 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 <br /> for the payment of principal and interest then due, this City shall pay the <br /> principal and interest out of any fund of the City, and such other fund or funds shall <br /> be reimbursed therefor when sufficient money is available to the Bond Fund. If on <br /> October 1 in any year the sum of the balance in the Bond Fund plus the amount of <br /> taxes and special assessments theretofore levied for the Improvements and <br /> collectible through the end of the following calendar year is not sufficient to pay <br /> when due all principal and interest become due on all Bonds payable therefrom in <br /> said following calendar year, or the Bond Fund has incurred a deficiency in the <br /> manner provided in this Section 4.06, a direct, irrepealable, ad valorem tax shall be <br /> levied on all taxable property within the corporate limits of the City for the purpose <br /> -14- <br />