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4.04. Levy of Special Assessments. The City hereby covenants and agrees that <br /> • for payment of the cost of each of the Improvements it will do and perform all acts and things <br /> necessary for the full and valid levy of special assessments against all assessable lots, tracts and <br /> parcels of land benefited thereby and located within the area proposed to be assessed therefor, <br /> based upon the benefits received by each such lot, tract or parcel, in an aggregate principal <br /> amount not less 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 parcel of land, <br /> due to any error, defect or irregularity in any action or proceeding taken or to be taken by the City <br /> or this Council or any of the City's officers or employees,either in the making of such <br /> assessment or in the performance of any condition precedent thereto, the City and this Council <br /> hereby covenant and agree that they will forthwith do all such further acts and take all such <br /> further proceedings as may be required by law to make such assessments a valid and binding lien <br /> upon such property. The Council presently estimates that the special assessments shall be in the <br /> aggregate principal amount of$ payable in not more than 15 installments, the first <br /> installment to be collectible with taxes during the year 2000, and that deferred installments shall <br /> bear interest at the rate of not less than and hundredths percent ( %) per <br /> annum from the date of the resolution levying said assessment until December 31 of the year in <br /> which the installment is payable. <br /> 4.05. 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. For the purpose there is hereby levied upon all of <br /> . the taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the <br /> tax rolls prepared in each of the following years and collected with other taxes in the following <br /> years and amounts as follows: <br /> Levy Collection <br /> Year Year Amount <br /> 1999 2000 $ <br /> 2000 2001 <br /> 2001 2002 <br /> 2002 2003 <br /> 2003 2004 <br /> 2004 2005 <br /> 2005 2006 <br /> 2006 2007 <br /> 2007 2008 <br /> 2008 2009 <br /> 2009 2010 <br /> 2010 2011 <br /> 2011 2012 <br /> 2012 2013 <br /> 2013 2014 <br /> • <br /> -17- <br />