Laserfiche WebLink
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 $177,523 payable in not more than 15 <br /> installments, the first installment to be collectible with taxes during the year 1998, <br /> and that deferred installments shall bear interest at the rate of not less than seven <br /> percent (7.00%) per annum from the date of the resolution levying said assessment <br /> 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 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 /> 1997 1998 $44,267 <br /> 1998 1999 51,793 <br /> 1999 2000 55,536 <br /> 2000 2001 53,772 <br /> 2001 2002 51,966 <br /> 2002 2003 55,368 <br /> 2003 2004 53,219 <br /> 2004 2005 51,021 <br /> 2005 2006 54,027 <br /> 2006 2007 51,481 <br /> 2007 2008 54,106 <br /> 2008 2009 51,161 <br /> 2009 2010 53,451 <br /> 2010 2011 55,425 <br /> 2011 2012 51,854 <br /> • -16- <br />