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4.03. Additional Bonds. The City reserves the right to issue additional bonds payable <br />from the Bond Fund as may be required to finance costs of the Improvements not financed <br />hereby, provided that the City Council shall, prior to the delivery of such additional bonds, levy <br />or agree to levy by resolution sufficient additional special assessments and ad valorem taxes, if <br />any, which, together with other moneys or revenues pledged for the payment of said additional <br />obligations, 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. The <br />additional special assessments, ad valorem taxes and moneys or revenues so pledged, levied or <br />agreed to be levied shall be irrevocably appropriated to the Bond Fund in the manner provided <br />by Minnesota Statutes, Section 475.61. <br />4.04. Levy of Special Assessments. The City hereby covenants and agrees that for <br />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 <br />any such assessment shall be at any time held invalid with respect to any lot, piece or parcel of <br />land, due to any error, defect or irregularity in any action or proceeding taken or to be taken by <br />the City 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 $303,464 payable in not more than 15 installments, the first <br />installment to be collectible with taxes during the year 2017, and that deferred installments shall <br />bear interest at the rate provided in the proceedings therefor from the date of the resolution <br />levying said 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 the City are <br />irrevocably pledged for the prompt and full payment of the principal of and interest in the Bonds <br />as the same become respectively due. For the purpose there is hereby levied upon all of the <br />taxable property of the City a direct, annual ad valorem tax, which shall be spread upon the tax <br />rolls prepared in each of the following years and collected with other taxes in the following years <br />and amounts as follows: <br />0 <br />